Thursday, September 8, 2011

"FBI Raids 'Connected' Energy Firm Solyndra"

From ABC News:
The FBI has confirmed to ABC News that federal agents are conducting a search this morning at the offices of Solyndra, the now-bankrupt California solar power company that received $535 million in federal loans under a green energy program touted by President Obama.
President Obama at Solyndra.
President Obama at Solyndra.

The raid is part of a joint operation between the FBI and the Department of Energy's Office of Inspector General, Public Affairs Specialist Peter D. Lee said Thursday morning. Lee said he could not disclose the reason for the raid because the matter is under seal. Karen Sulier, a spokeswoman for the Department of Energy's inspector general's office, confirmed its part in the probe.

Beginning in March, ABC News, in partnership with the iWatch News/the Center for Public Integrity, was first to report on simmering questions about the role political influence may have played Solyndra's selection as the Obama administration's first loan guarantee recipient. Federal auditors had flagged the loan, saying some applicants had benefitted from special treatment.

One of the lead private investors in Solyndra was an Oklahoma billionaire who served as an Obama "bundler," raising money during the 2008 presidential campaign.

The bundler, George Kaiser, has declined to comment. His firm, Argonaut Ventures and its affiliates have been the single largest shareholder of Solyndra, according to SEC filings and other records. The company holds 39 percent of Solyndra's parent company, bankruptcy records filed Tuesday show....MORE
In order, the folks who have been most on top of this story have been Greentech, earth2tech, Climateer Investing and ABC.
For some reason ZeroHedge is writing:
After breaking the story of Solyndra's shady taxpayer funded practices (which were not enough to stave off bankruptcy, and yet another confirmation that government stimulus in the form of subsidies is virtually always an epic failure), Bruce Krasting subsequently delved into the one entity that somehow had managed to get priority interest to subordinated government loans to the tune of $528 million in government funding: Argonaut Ventures, and specifically one George Kaiser who just happens to be a material fund-raiser for the president. And while it is not known yet whether the embedded improprieties in this peculiar relationship will end Obama's chances for reelection, things are starting to stink....
On the Obama/Kaiser-Solyndra connection, Barron's was the first place I saw it, July 10, 2010.
So much for breaking the story.
On the delving he quotes Bloomberg:
In February, Solyndra and its lenders reorganized the company’s debts, putting the U.S. loan behind $69.3 million owed to other lenders, including an affiliate of Solyndra’s biggest shareholder, Argonaut Ventures.
Highlighting something in red isn't exactly getting the 'scoop'.
Odd behavior.
See also:
Solyndra: I Forgot to Mention the Company was Also Backed by One of President Obama's Largest Campaign 'Bundlers' (GS; WMT)

"...Epitaph For Solyndra"

Your Tax Dollars at Work: Goldman-backed "Solyndra shutters manufacturing, lays off workforce; plans to file for Chapter 11 bankruptcy" (GS)
Some of our earlier posts on Solyndra:

June 27, 2011 
Solyndra’s Solar Loan From DOE Under Investigation
Nov. 3, 2010 
"Solyndra Spells Disaster for DOE Loan Guarantee Program"
June 18, 2010 
Solar upstart Solyndra mothballs IPO plans (Funny what a 'Going Concern" Letter will Do) GS
April 6, 2010 
"The Daily Start-Up: Auditor Questions Solyndra’s Viability" (Going Concern Warning) GS; FSLR
Dec. 23, 2009 
What is Solyndra’s Cost Per Watt? (SOLY; FSLR; TSL)
June 4, 2009 
Goldman Sachs and the Solar Land Rush (FSLR; GS)