NYJetsFan.com Forums: Obama Makes Bad $535 Million Loan - NYJetsFan.com Forums

Jump to content

Toggle shoutbox NYJETSFAN BANTER

New York Jets owner, Woody Johnson, named US ambassador to the UK
santana Icon : (02 January 2017 - 02:19 PM) texans coach? i doubt he gets fired
santana Icon : (02 January 2017 - 02:19 PM) but he would be ideal if the jets were to flush bowles out
santana Icon : (02 January 2017 - 04:36 PM) http://www.nj.com/je...trol_of_je.html
azjetfan Icon : (05 January 2017 - 09:54 PM) Sean Payton will get another HC gig. Obrien would be good.
azjetfan Icon : (09 January 2017 - 11:18 PM) Howard from Alabama seems legit. #88 TE
azjetfan Icon : (09 January 2017 - 11:20 PM) Williams the WR from Clemson looks like they are out to get him. He has taken some huge hits
vjdbbq Icon : (10 January 2017 - 07:12 AM) We'll take Williams in the first round .
Chadforpresi... Icon : (10 January 2017 - 10:48 AM) I'd love Howard in the 2nd round if he's still there. I like Williams a lot as well, but I just don't see WR being big enough of a need, and there should be better talent on the board at 6
Jetsfan115 Icon : (10 January 2017 - 07:21 PM) Raiders OC Musgrave not expected to return to OAK. what do you think about getting him? he did wonders with the oakland offense this year
Chadforpresi... Icon : (10 January 2017 - 07:39 PM) Definitely an appealing choice given with his history of progressing Carr. We need someone with a track record of grooming young QBs
MikeGangGree... Icon : (12 January 2017 - 12:36 PM) I want Watson now! after what he did Monday night I'm sold on him at QB. He moved the ball all night on Alabama and after hurts scored that TD he just told his team "Lets end this"
Jetsfan115 Icon : (12 January 2017 - 06:31 PM) An Ohio prosecutor says he wants to know what punishment Cincinnati Bengals player Adam "Pacman" Jones faces from the NFL before deciding how to proceed over Jones' latest arrest, Dan Sewell of the Associated Press reports..

Hamilton County Prosecutor Joe Deters tells WKRC-TV he's asking "what is the normal" for a player with multiple offenses and who's been suspended before.

An NFL spokesman said on Thursday that Jones' case is "under review" and declined to comment further.

Jones was jailed Jan. 3 on charges he head-butted police and spit on a nurse after his arrest for assault. Authorities say he was so combative he had to be placed in a restraint chair.

Jones says he anticipates the charges will be dismissed.
Jetsfan115 Icon : (12 January 2017 - 06:32 PM) we wont get watson. he's going 1st overall to the browns
azjetfan Icon : (12 January 2017 - 09:06 PM) Is Watson a product of Clemson's staff and supporting cast? Taj Boyd also put up some decent numbers if I remember correctly but he couldn't even make a scout team in the NFL.
azjetfan Icon : (12 January 2017 - 09:11 PM) From what I have read (although limited) he is not the highest ranked QB in the draft.
azjetfan Icon : (12 January 2017 - 09:11 PM) "No quarterback in this draft -- not Mitch Trubisky, not Watson, not DeShone Kizer -- is considered a sure thing. The folks at Scouts Inc. rank Trubisky, Watson and Kizer as the 21st, 38th and 46th prospects on their big board, respectively." ESPN
azjetfan Icon : (12 January 2017 - 09:12 PM) If we can get a decent return for Richardson we may be able to make a move into the mid teens to early 20s if the Brass really likes Watson.
azjetfan Icon : (12 January 2017 - 09:13 PM) Personally I don't think the jets have a clue on who they will take. We still have to hit FA and manage our roster
azjetfan Icon : (12 January 2017 - 11:46 PM) Jets to interview Broncos assistant Studesville for OC
Jetsfan115 Icon : (13 January 2017 - 01:28 PM) Why? seems like a weird choice
Jetsfan115 Icon : (13 January 2017 - 01:29 PM) Leonard Williams replacing Khalil Mack in Pro Bowl
Chadforpresi... Icon : (13 January 2017 - 09:49 PM) I'm not buying Watson, even after that championship game. Dude threw too many picks in his day
Chadforpresi... Icon : (13 January 2017 - 09:49 PM) I'm really curious to see what we get for Richardson, but I have a bad feeling his value is at an all time low between his crap season and bad attitude
azjetfan Icon : (14 January 2017 - 12:16 AM) I agree. He is a first round talent but a fourth round headache. We will be lucky to get a 2nd
Chadforpresi... Icon : (14 January 2017 - 08:41 AM) Yeah precisely. 2nd rounder would be a huge stretch. 3rd or 4th is more likely
vjdbbq Icon : (14 January 2017 - 02:18 PM) Send Sheldon someplace he will never see the playoffs ; like Jacksonville ; then he will have time to find da ho's .
azjetfan Icon : (14 January 2017 - 07:25 PM) R Sherman is getting torched by the Falcons.
vjdbbq Icon : (16 January 2017 - 09:37 AM) Pats vs Pitt - root for injuries
Jetsfan115 Icon : (16 January 2017 - 12:36 PM) GB-ATL game is gonna be a hell of a shootout. that throw rodgers made on 3rd and 20 with 12 seconds left in a tied game was ridiculous. 35 yards rolling out to his left a perfect placed ball on the sideline.
azjetfan Icon : (16 January 2017 - 10:50 PM) Winters resigned to 4 year deal. $7 million per year
Chadforpresi... Icon : (16 January 2017 - 10:51 PM) Seems like a slightly steep price but overall cool with it, he's turned into a good player and is still young. Just needs to stay healthy.
Jetsfan115 Icon : (17 January 2017 - 04:12 PM) seems like a good deal. they were saying he could have earned over 8 million in the open market
vjdbbq Icon : (18 January 2017 - 08:12 AM) Where's Rob ?
vjdbbq Icon : (18 January 2017 - 08:12 AM) Is he looking for a new ass ?
vjdbbq Icon : (18 January 2017 - 08:12 AM) :saythat:
vjdbbq Icon : (18 January 2017 - 08:13 AM) :trink39:
Jetsfan115 Icon : (18 January 2017 - 01:32 PM) 4 years 29 mil 15 mil guarenteed. so 7.25mil a year for winters. a nice bargain. he took a hometown discount. seems like a good guy. well done winters and mac
Jetsfan115 Icon : (18 January 2017 - 04:33 PM) Jets hire Dennard Wilson as defensive backs coach
Jetsfan115 Icon : (19 January 2017 - 04:01 PM) Trump to name Jets' owner Woody Johnson U.K. ambassador
vjdbbq Icon : (19 January 2017 - 06:04 PM) Maybe Woody will take the Jets with him to London . PLEASE PLEASE PLEASE
Jetsfan115 Icon : (20 January 2017 - 11:13 AM) Mark Gastineau says he has dementia, Parkinson's disease and Alzheimer's disease
vjdbbq Icon : (Yesterday, 07:54 AM) f***ing Pats again
vjdbbq Icon : (Yesterday, 07:54 AM) :sterb003: Tom Brady
santana Icon : (Yesterday, 03:00 PM) If the pats manage to win again I hope they cow tip goodell right at the podium
Jetsfan115 Icon : (Yesterday, 06:00 PM) in 2 weeks i'm gonna be the biggest falcons fan for a day LMAO
Resize Shouts Area

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

Obama Makes Bad $535 Million Loan http://news.yahoo.com/blogs/lookout/exactly-happened-goverment-solyndr

#1 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 3,203
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 15 September 2011 - 05:23 PM

Quote

The big story marring President Obama's jobs tour Wednesday is the $535 million loan his administration doled out to Solyndra, a solar panel company that has just gone belly-up, leaving taxpayers on the hook.

President Barack Obama visited the facility in May 2010, and said it was "leading the way toward a brighter and more prosperous future." But only a month later, the company laid off 100 employees and cancelled its plans for a public stock offering. Two weeks ago, it filed for Chapter 11 and fired 1,000 workers. FBI agents promptly raided the company's California offices.

So what exactly happened? And how big will the fallout be for Obama?

The accusation

Republicans on the House and Energy Commission are accusing the Obama administration of ignoring multiple warning signs that Solyndra was a bad bet. The Commission lays out its case against the administration's handling of the loan in a report released Wednesday, following a months-long investigation.

Under the Bush administration, the Department of Energy rejected Solyndra for a loan in early 2009, worrying that the company didn't have good long-term prospects. Yet only two months later, Obama's newly appointed Energy Secretary Steven Chu announced the government would give the company a $535 million loan, funded with money from the stimulus. Last year, government accountability investigators criticized the White House for scheduling a groundbreaking at a Solyndra plant before the Energy Department had even finished filing all its paperwork. "This deal is NOT ready for prime time," a White House budget analyst wrote only nine days before the agreement was announced.

At issue are two main things. One, emails obtained by the Center for Public Integrity show that White House officials asked the Department of Energy to make a decision on the Solyndra loan so that they would know whether they could schedule President Obama for a visit to the facility to publicize the loan. Republicans say this is evidence that the White House pressured the Energy Department, or used undue influence, to approve the loan before they knew whether it was a good bet. Republicans also mention that a big private backer of the deal, Oklahoma billionaire George Kaiser, also raised money for Obama's 2008 campaign.

The second accusation is that once the loan went through, the Obama administration ignored warning signs that the company was failing and then refinanced the loan in a way that left taxpayers twisting in the wind. A few days before the groundbreaking on the new Solyndra facility in September 2009, a Department of Energy official completed an analysis that concluded the company would run out of cash by September of 2011--a forecast that turned out to be right on the mark.

But it wasn't until last February that the government decided Solyndra was about to default, and refinanced the company's original loan with the help of $75 million from private investors. As part of the deal, the government agreed that if Solyndra ever went bankrupt, it would have to pay back the $75 million to investors first, ahead of disbursing any money back to the taxpayers.

Center for Public Integrity reporter Ronnie Greene told The Lookout that Republican members of the subcommittee suggested Wednesday that cutting such a deal was illegal, in violation of a provision of the Clean Air act.

Jeffrey Zients, deputy director of the Office of Management and Budget, defended the restructuring at the hearing Wednesday, arguing that it was less costly to taxpayers than liquidation or any other option would be.

The White House's defense

White House spokesman Jay Carney said Wednesday that the White House did not try to accelerate the approval process for the loan in any improper way. "What the emails make clear is there was urgency to make a decision on a scheduling matter. It is a big proposition to move the president or to put on an event and that sort of thing so people were simply looking for answers about whether or not people could move forward," Carney told reporters. "It had nothing to--and there is no evidence to the contrary--nothing to do with anything besides the need to get an answer to make a scheduling decision," he said.

Democrats on the panel, meanwhile, tried to deflect blame to the Solyndra executives themselves, arguing that company officials misled them about Solyndra's financial situation in July.

"I'm perplexed how they can be in my office in July telling me things are looking better and two months later filing for bankruptcy," Rep. Diana DeGette (D-Colo.), the top Democrat on the committee's oversight panel, said, according to The Hill.

The FBI won't say why it raided Solyndra's offices, and later searched executives' homes.

The top Energy Department and Office of Management and Budget officials at the panel said the Bush administration had also looked into giving the company money and that all such investments are risks. Zients, of the Office of Management and Budget, stressed that an independent credit rating agency and experts had examined the company before it was approved for the loan.

"Some of America's most sophisticated professional investors collectively invested nearly a billion dollars in the company after conducting extensive due diligence of their own," Jonathan Silver of the Energy Department testified.

Potential fallout?

The most obvious consequence of the Solyndra fiasco is that the government is going to lose some cash. According to the Washington Post, taxpayers will pick up the tab for the loan if Solyndra can't repay it. "The Energy Department could seek repayment in court, but receiving more than a nominal amount is unlikely because of the company's depleted cash and assets," the Post reports.

The legal implications of the case are less clear. Since the FBI won't disclose the reasons for raiding Solyndra's offices, the nature of the agency's investigation is unclear. Democratic lawmakers have suggested that the company misrepresented its financial situation to Congress.

Meanwhile, Republican lawmakers suggested that the February refinancing of the loan providing for private investors to be paid back before the government may be illegal. But that's far from certain, according to Greene.

In the short term, the controversy has spurred calls to roll back or regulate Obama's green jobs program. Sen. David Vitter (R-La.) floated legislation Wednesday to require all renewable energy companies that received a loan from the U.S. government in the past two years to undergo an audit, the Hill reported.
...
.

Pagination.
.
Previous
Will Fed announce new stimulus push next week?
Downturn paradox: Minorities hit harder, but more satisfied
Next
.

Posted Image
0

#2 User is offline   SecondHandJets Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 7,493
  • Joined: 28-November 05
  • Gender:Male

  • NFL Team:

  • MLB:

Posted 15 September 2011 - 11:58 PM

What does Obama know about making money? He went from being a student to academia to politics. The only shocking part about it is that it was only half a billion.
0

#3 User is offline   santana Icon

  • I'm batman
  • Icon
  • Group: Admin
  • Posts: 8,004
  • Joined: 03-June 05
  • Gender:Male
  • Location:Washington DC
  • Interests:Keeping this place from breaking... and titties.

  • NFL Team:

  • MLB:

Posted 16 September 2011 - 12:38 AM

Quote

The top Energy Department and Office of Management and Budget officials at the panel said the Bush administration had also looked into giving the company money and that all such investments are risks. Zients, of the Office of Management and Budget, stressed that an independent credit rating agency and experts had examined the company before it was approved for the loan.

"Some of America's most sophisticated professional investors collectively invested nearly a billion dollars in the company after conducting extensive due diligence of their own," Jonathan Silver of the Energy Department testified.


If this holds up to be true I don't get what the big deal is
535 mil is a lot of money to invest but these investments when they work out will drive the country forward

Seems like solyndra didn't hold up their end and is a good sign why business in America is suffering
Even after a cash infusion those fuckers couldn't get their shit together
Nyjetsfan.com Jets Fan Forum and Chat
0

#4 User is offline   Jetsfan115 Icon

  • Assistant Head Coach
  • Icon
  • Group: Assistant Admin
  • Posts: 23,913
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cali

  • NFL Team:

  • MLB:

Posted 17 September 2011 - 08:29 PM

View Postsantana, on 15 September 2011 - 10:38 PM, said:

If this holds up to be true I don't get what the big deal is
535 mil is a lot of money to invest but these investments when they work out will drive the country forward

Seems like solyndra didn't hold up their end and is a good sign why business in America is suffering
Even after a cash infusion those fuckers couldn't get their shit together


its cause the people at the top (ceo, vp, president, cfo, controller, etc) are greedy and take huge salaries for no reason. there is no reason a vp should make more then 30k a year more then the person below them. but they give themselves a 5 mil a year salary for vanity and it drains money from the company
0

#5 User is offline   SecondHandJets Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 7,493
  • Joined: 28-November 05
  • Gender:Male

  • NFL Team:

  • MLB:

Posted 20 September 2011 - 08:00 PM

http://www.zerohedge...cfo-plead-fifth

When the FBI raids your offices, it's not because you gave yourself a big bonus.
0

#6 User is offline   NJAzrael71 Icon

  • Formerly FlyHi
  • Icon
  • Group: Members
  • Posts: 3,665
  • Joined: 06-August 05
  • Gender:Male
  • Location:NJ

  • NFL Team:

  • MLB:

Posted 30 September 2011 - 06:30 PM

It's just a shame that Obama can't be charged with anything regarding this. He basically gave away 535 million after being told it's a bad bet. BUT....since it was funded by the stimulus package he went even further and had it hidden in there claiming the money was goignt o the American taxpayers. Really? Sounds to me like some old college buddies got a nice payday from Obama.
I will not be forgotten. This is my time to shine. I've got the scars to prove it. Only the strong survive.

When someone annoys u, it takes 42 muscles in ur face 2 frown. BUT, it only takes 4 muscles 2 extend ur arm & b!tch-slap that mother@*?!&! upside the head!!
0

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users