SOLYNDRA –”Green Technology” Business Raided by FEDS

September 8, 2011 -  After just eight days from closing their doors and issuing pink slips to an  estimated 1100 employees,  the offices of Solyndra in Fremont, California were raided by the FBI.  When the  bankrupt solar manufacturing plant received more than $610 million in federal loan guarantees, suspicions were raised as to why federal loans for Solyndra appeared to be fast tracked in 2010 by the Obama Administration.

At the request of the Inspector General within the U.S. Department of Energy and assistance from the FBI, a team of investigators was granted a search warrant Thursday in order to acquire specific items from the Solyndra facilities.  This raid came on the same day President Obama was to make a nationally televised speech to address the nation’s unemployment crisis.  The assumption is “green jobs” and/or alternative energy plants will continue to be mentioned as key recipients of  Federal  funds.

When Obama visited Solyndra in May of 2010, he touted it as a wonderful example of the Recovery Act and green energy promotion.  The company operated in part with initial loans of $535 million from the U.S. Department of Energy in addition to $1.1B from private investors.  Therefore, the company went through more than $1.6 Billion in roughly 3 years.

Interesting enough, over a year ago, a House investigative committee led by Darrell Issa (R)-CA, issued a subpoena for Solyndra’s financial records to which the company never complied.

Some have begun referencing the FBI raid as “Kaiser Gate”…why?  One private investor, George Kaiser, was a major “contributions bundler” for the 2008 Obama presidential campaign and found to be on the White House visitor log along with Solyndra executives. during 2009.  In a statement issued by the head of Kaiser’s foundation, they deny any involvement with Mr. Kaiser and Solyndra, even though he is listed as the organizer for 16 out of 20 visits by Solyndra to the White House.

Ironically, Energy Secretary, Steven Chu, announced funding for yet another California solar production facility just days before the announcement of Solyndra’s bankruptcy.   Chu proudly announced $852M in loan guarantees for Genesis Solar and their vigorous plant construction and future operations.

Adding the failed loan guarantees to Solyndra and new Federal loans approved for Genesis Solar, the Department of Energy will have invested more than a billion and a quarter of taxpayer dollars into these two firms.  Many would argue the insanity of continuing to waste dollars on solar projects . . . doing the same thing over and over again and expecting a different result.