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

Jump to content

Toggle shoutbox NYJETSFAN BANTER

azjetfan Icon : (15 April 2015 - 08:48 PM) I understand why. What I'm saying is if you take a jab people will jab back. Have you heard that saying " dont throw rocks when you live in a glass house?"
ROBJETS Icon : (15 April 2015 - 08:49 PM) The way you understand things if I call you an idiot about not wanting to trade for a high end qb its no different from me disrespecting your family. Thats what Im getting from you. So the way you see things everything is equally personal
azjetfan Icon : (15 April 2015 - 08:50 PM) From complete strangers on an Internet forum? Yes. Man up
azjetfan Icon : (15 April 2015 - 08:51 PM) Nod the debate was if he is a "high end" player. I thought he was well above average but not worth a 6th overall pick
ROBJETS Icon : (15 April 2015 - 08:55 PM) Not worth my time to even acknowledge anymore. Just going to ignore you like I do Mr. Jet. You have a lot of mental growing up to do.
azjetfan Icon : (15 April 2015 - 08:57 PM) That's funny coming from a guy who went butt f*** crazy a couple hours ago
azjetfan Icon : (15 April 2015 - 08:57 PM) Meanwhile you can't seem to respect that others opinions are different than yours
azjetfan Icon : (15 April 2015 - 08:59 PM) You are emotionally weak. You went through some serious shit growing up and you can't adjust. You take it out on your keyboard.
azjetfan Icon : (15 April 2015 - 09:00 PM) When someone challenges your immaturity you have a complete crazy freak out and act like a girl on her first period
azjetfan Icon : (15 April 2015 - 09:00 PM) Hence the "go wipe your pussy and man up comment
Mr_Jet Icon : (15 April 2015 - 10:16 PM) Please Rob, leave my name out of your little bitchfest.
ROBJETS Icon : (15 April 2015 - 11:46 PM) My bad. You have been respecting my request to you I had a while backI made to you by us not commenting to each other to keep peace between us. I was totally in the wrong for bringing your name up at all and into an argument with member that has issues. I got furious furious with a child. I should've just ignored him like I do the other immature kids on some game forums and sites I belong to. Wont happen again. My apologies for bringing your name into it Mr. Jet.
azjetfan Icon : (16 April 2015 - 07:04 AM) Dude.... Get back on your meds.
blk_orion Icon : (16 April 2015 - 07:47 AM) WTF? Really???
blk_orion Icon : (16 April 2015 - 07:48 AM) Now back to our regular scheduled program......
HarlemHxC814 Icon : (16 April 2015 - 08:08 AM) Lol that escalated quickly
azjetfan Icon : (16 April 2015 - 10:24 AM) Rex is chirping again.
azjetfan Icon : (16 April 2015 - 10:26 AM) He said he is going to try and kick the Shit out of the Jets
azjetfan Icon : (16 April 2015 - 10:26 AM) http://sports.yahoo....l8xBHNlYwNzcg--
azjetfan Icon : (16 April 2015 - 10:26 AM) I still like the guy. He's entertaining
Jetsfan115 Icon : (16 April 2015 - 01:25 PM) i miss rex. love his demeanor
Jetsfan115 Icon : (16 April 2015 - 01:26 PM) i'd be happy if he kicks the shit out of miami and NE every year
Jetsfan0099 Icon : (16 April 2015 - 09:56 PM) I
Jetsfan0099 Icon : (16 April 2015 - 09:56 PM) I'm excited for the new coaching staff
Jetsfan0099 Icon : (16 April 2015 - 09:56 PM) Rex wsa fun, but he was too much with the defense instead of the entire football team
Jetsfan0099 Icon : (16 April 2015 - 09:57 PM) also he didn't always hold players accountable. I think Bowles will make the team more disciplined.
santana Icon : (17 April 2015 - 02:50 AM) I don't have any faith in bowles
azjetfan Icon : (17 April 2015 - 08:15 AM) “San Diego Chargers will ultimately make a deal with the Tennessee Titans for the number two overall pick. As part of that trade, the Chargers will send the number 17 overall pick and Philip Rivers, just as a start, for the number two pick.”
azjetfan Icon : (17 April 2015 - 08:15 AM) Damn... Who called it? This guy.
azjetfan Icon : (17 April 2015 - 08:16 AM) http://national.sunt...s-mariota-trade
MikeGangGree... Icon : (17 April 2015 - 10:13 AM) So we would now lose out on maroita and rivers
MikeGangGree... Icon : (17 April 2015 - 10:13 AM) Ain't that super
Jetsfan115 Icon : (17 April 2015 - 01:39 PM) do we make a trade for AP?
santana Icon : (17 April 2015 - 02:41 PM) I believe the rivers stuff is all speculation
Jetsfan0099 Icon : (17 April 2015 - 03:38 PM) So a top ten qb and the 17th pick for the 2nd overall as a start? Makes sense
Jetsfan0099 Icon : (17 April 2015 - 03:39 PM) So Many smokescreens this time of year
Jetsfan115 Icon : (17 April 2015 - 04:08 PM) only 2 more weeks before we find out. draft day will be exciting
Jetsfan115 Icon : (17 April 2015 - 04:09 PM) my money is we'll take a pass rushing OLB
Jetsfan0099 Icon : (17 April 2015 - 08:08 PM) Yup, unless they trade up.
azjetfan Icon : (Yesterday, 07:36 PM) Just spent two w
azjetfan Icon : (Yesterday, 07:36 PM) hours in a fitting booth for my new irons.
azjetfan Icon : (Yesterday, 07:37 PM) going with Ping G25
azjetfan Icon : (Yesterday, 07:37 PM) 4-pw
santana Icon : (Today, 02:36 AM) Nice
santana Icon : (Today, 02:38 AM) My mizunos are still in Va I need to fly them down. Tired of borrowing clubs
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: 3,129
  • 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: 7,489
  • 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: 7,927
  • 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: 23,750
  • 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
Get it done MT
Posted Image
0

#5 User is offline   SecondHandJets Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 7,489
  • 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: 3,644
  • 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