Monday, March 26, 2012

Documents Show Obama Administration Fully Aware of Solyndra Failures

The disgrace of a continued acceptance of a lack of a real energy policy from the Obama administration doesn't seem to bother them. In deep denial that there is a problem, those working for Obama's re-election are regularly dispatched to the talk shows and spout off the standard stuff - oil and gas is of the past and we must do all we can for green energy production.

Green energy? That's fine. But to claim that progress will be made in time to make a real difference any time soon in our energy demands is silly. And downright cynical. The Obama is totally in the camp that demands the destruction of the oil and gas industry in our nation and to think otherwise is just wrong. Now that he is up for re-election, and quite arrogantly expecting his re-election, Barack Obama is attempting to re-write history.

Even David Gregory on Meet the Press fact checks Plouffe on the swing state campaigning of President Obama on energy production:

It is a sham that Obama had anything to do with the short segment of the pipeline running from Oklahoma to the Gulf coast of Texas. The work was scheduled to be underway by June of this year and no presidential signature was needed. The northern part of the Keystone Pipeline, though, is what the president had a hand in and he took a pass on it. How's that for his proclaimed support of an all of the above approach to energy production?

His green energy pet projects are failing miserably. The poster child for throwing good taxpayer money after bad is still Solyndra. The administration would like to distance itself for this decision and lay the blame elsewhere - a usual ploy from President Obama when things go wrong - but documents delivered in Friday afternoon document dumps show a different story:

Several key White House offices were involved with the Obama administration’s messaging plans and other preparations as the collapse of the taxpayer-backed solar company Solyndra was imminent, newly released documents show.

The latest White House documents delivered to House Republicans on Friday again highlight the extent to which senior administration officials braced for the fallout as Solyndra – a company President Obama had personally visited – was about to go under.

Now we learn that nearly one-third of the pet projects of this administration awarded taxpayer money - in the billions of dollars - are on a watch list for troubled projects.

The Department of Energy has placed nearly one-third of its clean-energy loan portfolio on an internal "watch list" for possible violations of terms or other concerns, according to a copy of the list obtained by The Wall Street Journal, highlighting how such concerns have spread beyond the now-bankrupt Solyndra LLC.

The redacted copy, released in response to a Freedom of Information Act request by the Journal, showed that as of Feb. 29 there were 10 projects on the watch list out of 32 loans and loan guarantees made to electric-vehicle and renewable-energy companies.

.The department declined to name the companies on the watch list, saying information about specific loans is confidential. It wasn't clear how much funding the 10 projects received.

Overall, the clean-energy loan program has doled out roughly $8.3 billion, according to a Jan. 31 report by Herb Allison, a former Treasury Department official and Wall Street executive who was commissioned by the White House to review the program after Solyndra's bankruptcy filing.

Loans get placed on the watch list because they have been "identified as higher risk," Mr. Allison said in his report. Reasons for making the list include breaching loan terms, falling behind on agreed-upon performance milestones and being part of "an industry or market sector experiencing challenging market conditions," the report said.

It's no coincidence that those seeking large government (taxpayer) loans are also big contributors to Barack Obama's political career. Remember that when the president chastises anyone else for applying crony capitalism in politics.

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