Another Popular Name Emerges In The Solyndra Scandal

Tyler Durden's picture

This scandal is rapidly becoming the gift that keeps on giving...

Solyndra Offered $535 Million Loan Guarantee by the U.S. Department of Energy


Fremont, CA, March 20, 2009 – Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005.  Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury’s Federal Financing Bank to expand its solar panel manufacturing capacity in California.


“The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee,” said Solyndra CEO and founder, Dr. Chris Gronet.   “The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates.  This expansion is really about creating new jobs while meaningfully impacting global warming.”

Designed specifically for commercial, industrial and institutional rooftops, Solyndra’s proprietary photovoltaic (PV) systems generate significantly more solar electricity per rooftop at a lower installed cost than conventional flat panel PV technologies. Further, Solyndra’s PV systems are fast and economical to install due to the simple horizontal mounting and unique air-flow properties of the solar panels. Solyndra’s panels are fully certified for U.S. and international use and have been commercially shipping since July 2008.


The guaranteed loan, expected to provide debt financing for approximately 73% of the project costs, will allow Solyndra to initiate construction of a second solar panel fabrication facility (Fab 2) in California. On completion, Fab 2 is expected to have an annual manufacturing capacity of 500 megawatts per year.  Solyndra and DOE will finalize the transaction upon completion of definitive documentation and satisfaction of certain conditions precedent.  Over the life of the project, Solyndra estimates that Fab 2 will produce solar panels sufficient to generate up to 15 gigawatts of clean, renewable electricity–enough to avoid 300 million metric tons of carbon dioxide emissions.  Further, Solyndra estimates that the construction of this complex will employ approximately 3,000 people, the operation of the facility will create over 1,000 jobs, and hundreds of additional jobs will be created for the installation of Solyndra PV systems, in the U.S.


“DOE, in consultation with independent consultants, performed a thorough investigation and analysis of our project’s financial, technical and legal strengths,” said Dr. Kelly Truman, Solyndra’s Vice President of Marketing, Sales and Business Development.  “We are proud to be the first company to pass this comprehensive review, and we would like to acknowledge the exceptional efforts of the staff of the DOE Loan Guarantee Program Office.” 


Goldman, Sachs & Co. acted as exclusive financial advisor to Solyndra in connection with this loan guarantee application.

Anywhere you look... Goldman has already been there.



And in tangential news, attached is the just filed engagement letter with which a bankrupt Solyndra will retain Imperial Capital at the cost of $150,000 per month (this is cash that is immediately leaving the estate, thus minimizing recoveries to US taxpayers), a $1 million confirmation fee, a $1 million sale fee (the two are not exclusive), a 1%/3%/5% financing fee (i.e., Imperial arranges follow through financing, although good luck with that), and so on. In other news, should this bankruptcy stretch for more than the usual 1 year period from filing to emergence, US taxpayers will be on the hook for another roughly $3 million, in order to hire a banker whose ultimate value added will be an "orderly" liquidation of the company. What is amusing is that $150k/month was the going rate when bankruptcy firms still had business, and it was a competitive field, unlike now, when even a $10 million debt side assignment gets pitchbooks from Greenhill, Lazard, Rothshild and Blackstone. Perhaps the judge on the case will be so kind to show some fiduciary responsibility when it comes to disbursing taxpayer capital to retain a useless advisor.... even more so that Imperial somehow believes that it should not even be subject to an expense "(including, without limitation, reasonable attorneys’ fees, travel, lodging and meal expenses, messenger services, duplicating services and other customary expenditures)" cap: gotta love using those G-VI jets on the taxpayer's dime.


h/t Jeff

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topcallingtroll's picture

Migrant bird homogenizers! LMFAO!

I thought greenies liked migran birds.
Apparently they like them best pureed!

nope-1004's picture

GS = Government Suckholes.

They can't do anything without the gov't in their back pocket, rigging markets and gaming the landscape.  Proof is their Alpha debacle.  Round 2 shut down because they're incompetent.

The short little bald fella running Government Suckholes is in trouble anyway, so only a matter of time.


PC Load Letter's picture

For an Obama Stimulus plan, this is actually pretty good.

"Further, Solyndra estimates that the construction of this complex will employ approximately 3,000 people, the operation of the facility will create over 1,000 jobs, and hundreds of additional jobs will be created for the installation of Solyndra PV systems, in the U.S."

That's over 4,000 jobs for $553 million. That's 4,000 more than the $787 billion stimulus plan


Goldman Hufs's picture

I love how not once in that memo did they mentino any level of demand that would justify building a second facility.  Seriously wtf.  It would be difficult to burn through that much money as quickly as they did even if it were your sole intent.  As others have mentioned this is the gift that keeps on giving.  Solyndra, thanks for stealing our tax payer money in order to bankrupt yoru company in record time.  It will truly be a pleasure paying your unemployment benefits of your 3,000 workers for the next 99 weeks.

WestVillageIdiot's picture

It is easy to burn through that much money when senior executives are taking home huge pay packages.  Where the hell was Obama's "pay czar"? 

CrazyCooter's picture

Busy payin' a taxpayer behind the woodshed?



Chuck Walla's picture

Have you seen the price of Bentleys lately??

rufusbird's picture

Makes one wonder how much foresight went into the tne new "Jobs" proposal...

Silver Dreamer's picture

All rational business decisions go out the window when you have government funding.  It's a law, not a theory.  LOL

RockyRacoon's picture

That holds true in other areas, however.  I direct your attention to the dotcom era and the fairy dust financing therein.  It's not the source of the funds that matters; the use of the funds and accountability are the mitigating factors that create a good investment.  It appears that both aspects were missing in the SolyndraGate situation.

caerus's picture

"you must GRANT THIS LOAN!"

Clint Liquor's picture

Yes, they've been there and left a familiar odor.

Cleanclog's picture

Tell tale ink stains from the vampire squid!

Time for some fried calamari scattered with salt, cracked pepper, with fresh lemon squeezed over it and then dipped in garlicky aioli.  Cannabalism never tasted so good!

narapoiddyslexia's picture

Goldman is everywhere. Goldman insinuated the time bomb we call Greece into the European Community, hiding all the while the debts that would bring down the EC.

I could fashion a scenario in which Goldman was a CIA/Israeli front organization intent on destroying the euro.

Kayman's picture


Golman and their ilk would take a pair of pliers to their Mothers gold tooth at the funeral.

Morality is not their concern.  Mortality might be.

Raymond Reason's picture

Yes, they would rather eat their own children, than part with bonuses, and they're very fond of their children...

Bwahaha WAGFDSMB's picture

Yes yes, I think you're onto something here.  Goldman can't prove they aren't a CIA/Israel front.  We must have an independent investigation to get to the bottom of this.

TwelfthVulture's picture

The CIA/Israel are Goldman fronts.


fixed it.

Kayman's picture

Goldman controls the U.S. Government and Mossad controls Goldman.

Silver Dreamer's picture

No intelligence service controls the oligarchs.  It is definitely the other way around.  The Mossad is a tool just like the CIA and the rest.

chindit13's picture

That SAT chart from yesterday becomes more clear with every comment.

narapoiddyslexia's picture

Don't include me in that SAT stuff. I went to university for 11 years, dude. Three degrees.

I only said, "I could fashion a scenario...."


That's all I said. 

Still, Greece was in fact a time bomb. And Goldman did in fact hide Greece's debt problem so as to facilitate its entry into the EC.

Goldman knew Greece was comitting what I can only call sovereign fraud [which I think of as one sovereign committing fraud on another, not everyday fraud which every extant sovereign commits against its citizens every day, esp. the US].

chindit13's picture

I'm happy to give you the benefit of the doubt and believe you were making a joke and/or being sarcastic.  Also, if you follow the thread and all the indentations, you'll see to whom my post was a response.  It wasn't you and your "constructed scenario".  It was someone who stated with authority something about which he knows nothing.

The ignorance of some posters here is sometimes amusing for the things they do not know.  The bigotry and racism, however, is never amusing.

EscapeKey's picture

Exactly how doesn't this classify as financial terrorism?

Oh I forgot. The politicians have been bought off. Totally different.

Hephasteus's picture

Anything that makes me rich is national security. Anything that makes me poor is terrorism.

DavidPierre's picture



The systems of corporate financial security, enforcement, and investigation are also under Zionist control. Despite repeated warnings, indictments, and violations of the law by A.I.G., the heads of the U.S. Treasury and Federal Reserve Bank called for the U.S. 

taxpayer to bail-out these corrupt and criminal enterprises.

The key player in this huge and historic bail-out was Ben Shalom Bernanke, a dedicated Zionist who spent summers working for a well-known Jewish criminal who controlled elections in Dillon, South Carolina.

Maurice Greenberg, the disgraced head of the criminal A.I.G. and chairman and CEO of C.V. Starr & Co., Inc., testified before the House Oversight and Government Reform Committee hearing on "The Collapse and Federal Rescue of A.I.G. and What It Means for the U.S. Economy" in Washington, D.C. on April 2, 2009.

The Securities and Exchange Commission accused Greenberg of numerous improper accounting moves between 2000 and 2005.

The false accounting amounted to more than $5 billion and resulted in A.I.G. paying more than $1 billion in fines. Greenberg was personally fined more than $130 million in August 2009 from the SEC case and a lawsuit filed on behalf of defrauded workers in Ohio. Maurice "Hank" Greenberg, a devoted Zionist, will certainly go down as one of the greatest criminals in history. 

An immense amount of taxpayer money, some $180 billion, has been poured into the financial black hole known as A.I.G. This is roughly equivalent to taking $600 from every man, woman, and child in the United States and using it to prop up (or absorb

 the losses of) the criminal and fraudulent financial/insurance structure built by Maurice Greenberg.

The profits made by Lehman Brothers and A.I.G. have gone into private off-shore accounts, while the debts and obligations have been passed on to the U.S. taxpayer.

These companies were looted and plundered and then allowed to collapse. Once again, the rubble and costs were forced upon the American people against their will. The American public was shown to be 1,000-to-1 against the Zionist bail-out.

The fact that the first plane that hit the World Trade Center flew directly into the secure computer room of Marsh, a company run by Maurice Greenberg's son Jeffrey, is just one of the most obvious connections between these two catastrophic events.

 Ptech's dodgy enterprise software is another.


buzzsaw99's picture

don't go down the list of criminal joos or you might get junked. lulz

DavidPierre's picture

Michael Chertoff, an Israeli-American orthodox Jew and devoted Zionist, headed the criminal division of the Department of Justice from 2001 to 2003. From this position, Chertoff -- whose mother was an Israeli intelligence agent -- supervised and controlled the non-investigation and destruction of evidence of 9-11.

Michael Chertoff, an Israeli citizen and son of the Mossad, oversaw the destruction of the evidence from the demolition of the World Trade Center as the head of the criminal division of the U.S. Dept. of Justice.

The Zionist-controlled media promoted the preposterous and unproven theory that Osama Bin Laden and his twenty hijackers had carried out the attack from their headquarters in Afghanistan. The United States went to war against the Taliban regime in Afghanistan based on unproven allegations and false evidence as the real evidence of mass murder was furtively being shipped to various Asian ports where it was destroyed in smelters.

Larry Silverstein and Frank Lowy received huge pay-outs from the insurance companies. The American people and U.S. taxpayers were left with a pile of incredibly hot rubble and an immense price tag which continues to grow with the passage of time. Seven years later, to the exact day, two immense pillars of the financial world collapsed in a strikingly similar fashion. These two columns were Lehman Brothers bank and the American International Group (A.I.G.), managed and controlled for decades by the very same Maurice R. Greenberg.

Like the twin towers, both companies were thought to be too large and powerful to simply collapse, but collapse they did. By September 11, 2008, these companies seemed to have lost both their foundations and core columns and were in a state of free fall. Investors pulled their money, and global panic ensued. Like the Twin Towers, both Lehman and A.I.G. were Zionist-controlled organizations.



Syrin's picture

What other groups are you bigoted against?  You beat your wife and kids or just your pets?

Jendrzejczyk's picture

Is D.P quoting facts, lies or half truths?

buzzsaw99's picture

half truths in that he left off a boat load of names.

AldousHuxley's picture

After the undie-bomber attempt on Christmas 2009, Former Homeland Security secretary Michael Chertoff (dual Israeli/US citizen and co-author of the USA PATRIOT Act) went on a media tour promoting the use of these scanners, without disclosing that he was getting paid by Rapiscan, one of the two companies currently contracted by TSA to take a nude picture of you at the airport.


Michael Chertoff = Chertoff Group = Rapidscan = TSA full body scanner

High Plains Drifter's picture

i would like to know who it was that got that useful idiot underwear bomber on board that plane in amsterdam.  that couple from chicago that were doing all of the talking have been silent now for a long time...........hmmmm

I Got Worms's picture

I heard that couple on a radio show months ago. I recall them saying that they were first ignored by the FBI and other agencies, then were harrassed so much by gov't officials for their comments when they wouldn't keep quiet, that they were leaving the USA and expatriating somewhere. Maybe they are sitting on a beach in Panama?

geekgrrl's picture

No doubt this was all planned. Certainly the Patriot Act was written well in advance, and the climate of fear following 9/11 was the perfect pretext for getting it implemented.

But what about choosing not to fly as a form of resistance? No passengers = no need for flights = no need for security. It's not exactly rocket science, but TSA only exists because travellers have been putting up with the invasion of their liberties. I haven't flown since 2002, and I plan to keep that record going.

Partly tongue-in-cheek here, but I'd much rather have a con-artist detector than a full-body scanner.

Silver Dreamer's picture

I refuse to fly now too.  Fuck that.  No asshat is going to molest my daughter.

geekgrrl's picture

Good for you!

It has always struck me as crazy that parents are now regularly forcing their children to get intrusive pat-downs - or worse - millimeter-wave scans. What are these people thinking? 

Rick64's picture

I'll add one Rahm Emanual whose father was a member of the terrorist organization Irgun.

High Plains Drifter's picture

justifiable discussion is not about bigotry. do you mind if someone discusses the facts of the situation?   if this was europe or canada or australia, many of us would be in prison already for talking about this stuff. they want to do that here. they have been trying to get hate laws passed. every year they try to get these laws passed so to squelch all discussion on the internet and anywhere else. 

DavidPierre's picture

"I see all the signs of another holocaust in the making"... in GAZA!


Raymond Reason's picture

US blacks could end up taking some heat also, before this is all over.   

LarryDallas's picture

Enough already with the ridiculous anti-Semitic bullshit. So many people on ZH have such insightful things to say and too frequently discredit themselves by getting sidetracked by this crap.

Junk me if you want...whatever. I'm a lapsed Catholic for what it's worth. But enough already, please.

SuperRay's picture

the only group extant that has convinced people that they can't criticize or judge them.    

LarryDallas's picture

Well if the following doesn't call into question the sanity of the poster, I just don't know what to say...

"The fact that the first plane that hit the World Trade Center flew directly into the secure computer room of Marsh, a company run by Maurice Greenberg's son Jeffrey, is just one of the most obvious connections between these two catastrophic events."


Criticize and judge all you want. I do it too. But my point is that the notion of the vast Zionist conspiracy is somewhat far-fetched and conveniently ignores that the Jews haven't exactly had what I would call an easy run over the years. Jeez...

DavidPierre's picture

When asked ten years ago what the 9/11 attack meant for relations between the United States and Israel, Benjamin Netanyahu, replied, "It's very good.... it will generate immediate sympathy."

AldousHuxley's picture

anti-goyism > anti-semitism


I agree Jews haven't had an easy run, but that's no excuse for making money off of holocaust. Jews are the new masters and they are brutal, cruel, corrupt as any. Time for regime change. that means getting rid of bad zionists amongst Jews, but Jews protect their own.


We will see who is the racist group when palestine submits their bid for statehood and only US and Israel will say no.


Criticize Israel first!

Founders Keeper's picture

Hi LarryDallas.

Pierre's sanity has long been absent.

I agree with you about the vast Zionist conspiracy.  It's just everyday bigotry against Jews cloaked as some sort of high-minded, self-informed, can't-fool-me, counter-contrarian theory. 

If it walks like a duck and....



Raymond Reason's picture

The problem with bigotry is: by the understood but unarticulated definition, Jews and blacks are incapable of it.