Bankrupt Obama Stimulus Darling Raided By Feds

Tyler Durden's picture

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. Because as Bloomberg reports, as of a few hours ago, the company's headquarters was raided by the Feds. While at this point they are certainly looking for signs of criminal malfeasance by management, it won't be long before they put two and two together and decided to analyze the logic behind the funding, and why it is that an Obama-favored person will get his money out first while US taxpayers will likely suffer a total wash.

From Bloomberg:

Solyndra LLC, the bankrupt solar- panel maker that was backed by the Obama administration, is being raided by the Federal Bureau of Investigation today, an agency spokeswoman said.

 

“We’re executing a search warrant jointly” with the Department of Energy inspector general “regarding an investigation,” FBI spokeswoman Julie Sohn said of the raid at the company’s Fremont, California, headquarters offices and plant. Sohn said she couldn’t provide details about the investigation.

 

The company, whose $535 million federal loan guarantee was criticized by Republicans, filed bankruptcy on Sept. 6, six days after shutting down its factory and firing 1,100 people.

 

Former Solyndra employees sued the company, claiming it failed to give the warning required under federal law before shutting down and firing them. 

 

Solyndra said it failed because it couldn’t compete with foreign manufacturers funded by their foreign governments. The U.S. Federal Financing Bank, owned by the U.S. Treasury Department, is the company’s biggest lender, according to court papers.

Something tells us that the word Solyndra will see precisely zero mentions in a word cloud of Obama's speech tonight.

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trampstamp's picture

dam... speechless

BaBaBouy's picture

The Bummah ... Shit Starts Hittin' The Fan, Bitchez ...

weimdog's picture

Conveniently, the offices were raided just as a congressional investigation was to begin on Wednesday.

http://abcnews.go.com/Blotter/solyndra-congress-calls-hearing-loan-conne...

"Senate investigators have begun seeking answers from the administration about the deal" Now they can't talk because of an "on-going investigation". How convenient.

 

 

Hephasteus's picture

You can't have injustice without mopolized securing of the evidence.

Federal Beureu of Covering Ass is working as intended.

DoChenRollingBearing's picture

Hahaha!

Rush Limbaugh now just talked about Solyndra and Obama.  Say what you want, he has a LARGE audience.

Stop the corruption!  Get on this story State Run Media!

MsCreant's picture

Hey sweetie!

Ask and ye shall receive.

ABC has the story

FBI Raids 'Connected' Energy Firm Solyndra

http://abcnews.go.com/Blotter/fbi-raids-connected-energy-firm-solyndra/s...

Skid Marks's picture

Not to worry, Eric Holder is on the job. Nobody gets prosecuted.

MsCreant's picture

Place Holder! More like he is in the job than on it, but I hear ya!

XitSam's picture

Be sure to shred those documents once you've seized them, boys.  We can't have anything that connects this to Obama.  Consult the SEC shredding guidelines if you need to.

Spirit Of Truth's picture

Indeed, note how the FBI told Iowa State in Ames to destroy its massive Anthrax archive in early-October 2001 just as the Anthrax bioterrorism event got underway.

http://www.nytimes.com/2001/11/09/us/nation-challenged-inquiry-experts-s...

WTF was that? Those Anthrax samples were crucial forensic evidence for tracing the source of the Anthrax attacks and the FBI knew it would be overseeing the investigation.  So why would elements in this organization order such crucial evidence to be destroyed from the start?

If you think Bruce Ivins was behind the 2001 Anthrax mailings, dream on.

Then there's the whole SEC covering up Wall Street crimes bit pointed out by Matt Tiabbi last month:

http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817

Sorry....a bit off topic, but my guess is that we will see the same sort of malfeasance here since Obama is one of "those people" at the pinnacle of U.S. power that are part of our own undoing and he is, in this sense, untouchable:

http://thespiritoftruth.blogspot.com/2011/04/welcome-to-my-world-obama-r...

http://thespiritoftruth.blogspot.com/2011/04/madelyn-dunham-connection-obamas-ct.html

The evidence will dissappear accordingly.

Freddie's picture

Raided to make sure all incriminating evidence is destroyed.

BaBaBouy's picture

Boy... We Used To Think: "Nobody Could Be Worse Than Bush, Right ?" ...

 

Well...

weimdog's picture

It was obvious to anyone paying attention that Obama would be worse than Bush.

Au_Ag_CuPbCu's picture

Agreed, and Jimmy Carter owes Obummer many thanks....just sayin.

karzai_luver's picture

yeah, owebama is bush wthout the humor.

 

A fiesty criminal is fun , but this drab and dreary Owebama takes all the fun out of the rampant criminality on display in this wasteland.

 

Shameful's picture

Every new president will be worse than the last, it's about the only thing in this world one can count on.  And it's not the president is worse per se, but the agenda must roll forward.

SheepDog-One's picture

The FBI cant destroy the records and emails of Obamas DISMAL approval ratings.

Hephasteus's picture

Oh come on now. That whole 3 or 4 weeks of President obama's approval ratings moved sharply up past 50 percent period that the mainstream media was forking out was hilarious. Greenshoots version 3 beginning of the summer. Before natural disasters started befalling everyone.

kill switch's picture

Until the headline reads...

FEDS RAID GOLDMAN SUCKS, CITI, JPM THIS IS ALL BS NOISE TO KEEP THE SHEEP THINKNG THE FEDS ARE LEGIT....HAHAHAHAHA

 As for OBAMA memory hole in 10 seconds,  PACKERS TONIGHT!!!

Fox Moulder's picture

Cleansing the files for Obummer.

dwdollar's picture

That was my first thought. Of course the official story will be "Obama getting to the bottom of this regrettable circumstance" or something similar. Throw another person under the bus to hell. That's the only thing Obama is good at.

SheepDog-One's picture

Sterilize it how? We already know all about it.

SoCalBusted's picture

Creating and setting up the scapegoat

andybev01's picture

The devil's in the details.

The details are in the shredder.

jm's picture

Maybe somebody is trying to get rid of the POS in the White House.  We can hope. 

SheepDog-One's picture

Exactly right. The Obummer is becoming quite an unpopular albatross puppet of the central banksters...the charade that 'oh no, everyone really likes him' is played out big time. Its crunch time, and I dont even doubt the stories that what the banksters really need now is a good JFK part II right now.

Oh regional Indian's picture

All true SD, but man they have that guy well trained. HE can work some NLP, voice-witchcraft magic on a crowd like a magician.

My ex-wife, a generally smart lady, sent me pictures of th eAmerican Get together in PAris the night he was elected. Teras of joy runnign down their collective, rather dumb faces, like they had seen the messiah and it was him. 

That deep a belief is hard to lose. It's like th efall of Tiger Woods, which I believe was a test run (public/black population reaction) for the fall of Messama!

V

HEY AMERICA!

andybev01's picture

Dude; I think you accidentally turned off spell-check'.

I will counter that snide remark with this; I truly enjoy your writing and look forward to your blog posts in my email :-)

MyKillK's picture

They are going to paint this as a greedy rich guy stealing money from the company and ruining it. No way they'll touch Obama on this.

Almost Solvent's picture

My thoughts exactly - Obama is trying to get in there first and "lose" what needs to be lost fast.

cynicalskeptic's picture

 Look at Halliburton - no bid military contracts (with soldiers dying in shoddily constructed facilities and paying a fortune for crappily done serveces), exemptions from the Clean Water Act for fracking compounds and far more.  Considering that the company was headed for bankruptcy courtesy of asbestos claims - courtesy of an acquisition made under CEO Cheney - they've sdone VERY well.   AS did Dick - who kept all his shares and options.

When things like those go uninvestigated, you know that the law doesn't apply to the favored few at the top - no matter what party.   

ANd BTW - Obama 'mmoved on' - no investigations into ANYTHING done under W's tenure despite clear violations of law...never moind the missing billions and war profittering and shoddy products (like body armor). 

Use of Weapons's picture

If you've the mind for it, look into the employment strategies used by US contractors on bases for civilians. Then compare & contrast for Dubai.

Its a slightly more friendly version of the same game: start with Filipino hair dressers caught in contracts... with added sexual abuse thrown in for good measure.

sun tzu's picture

No-bid contracts aren't that rare. Halliburton got no-bid contracts in Bosnia under Clinton too. I'm not saying the W administration wasn't corrupt, but this constant bashing of Halliburton is ridiculous. How much would you charge to drive a fuel tanker in Iraq or Afghanistan? Those guys are paid $200K or more per year and that wouldn't be enough for me and in my opinion, we shouldn't even be occupying those countries.

As far is Cheney keeping all his Halliburton stock and options, that's an outright lie. It was widely reported by every news outlet when Cheney liquidated his HAL shares. If you have any information that he kept his shares and options, bring it forth. I'm no fan of the neocons Bush and Cheney, but don't bring that ignorant bullshit here. 

NotApplicable's picture

So, a joint FBI, DoE Inspector General raid?

Sounds like Chu is trying to tie up some loose ends and clear his name while running interference for Obummer.

nestle's picture

So this is why the result from those stimulus went MIA....

GolfHatesMe's picture

Way to Effin Go Bruce!  Nice!

EvlTheCat's picture

Bruce, and others like you, give the profession of journalism integrity.  Thank you!

centerline's picture

Pass the beer nuts. This is starting to get good.

Stax Edwards's picture

Lightning Strikes Twice BK!  White on rice I tell you.

apberusdisvet's picture

The incriminating Emails will disappear, the books will be cooked after the fact and then presented; the bank accounts will be "frozen" for 50 years.

Holder's stick save of Obama

BK's article picked up by others; getting wide coverage in the alternate media; but nothing in the MSM, except a brief reference by FOX on the green job disaster meme, but not on the corruption.

SheepDog-One's picture

We already know Obama funneled $535 million sweetheart loan to them and the no strings attached conditions, I dont know what you people are talking about with 'theyll erase all that'. Um, we already know it...what is it now 5 year old rules apply? If you cover your eyes with your hands, youre invisible?

Oh regional Indian's picture

Very funny SD, made me laugh!

You are stating the obvious. Naked Emperor. No Caveat. No Empty Or!

V

cynicalskeptic's picture

Cheney - Halliburton....... any questions?   

sun tzu's picture

Cheney isn't president and Halliburton didn't get a $535mm taxpayer loan to make solar panels. Nice to try save your Messiah though. Charge Cheney with something and let him and Barry share a prison cell