Another $535 Million Obama Ripoff

Posted February 24th, 2011 by Iron Mike

Would this gentle-looking Harvard MBA rip you off for $535 Billion?  George Kaiser is an Oklahoma oil man and banker.  And he’s a friend of Mister Obama.  A good friend.  A VERY good friend.  In 2008 he maxed out his $2,300 personal donation and bundled another $50K for the new MEssiah.  At the time Hillary was furious.  He was supposed to be her friend.

 Kaiser also owns a solar panel company in California – Solyndra, Inc.  Obama was so impressed with the venture he made a plant visit this past May.  Let me tell you just a little about recent events at Solyndra. 

Remember when Obama first took office in 2009?  Suddenly we had “a crisis” and the solution would be a hurriedly drafted “Stimulus Bill” – a mere $787 Billion – that would guarantee that “unemployment would stay under 8%?   Reasonable people [Republicans] objected, but Nancy Pelosi and Harry Reid pushed it through.  We of course borrowed the cash from the Chinese.

Solynda Headquarters - the $535 Million money pit

Solyndra got $535 Million to build a new plant to make photovoltaic solar panels.  The Governator and Energy Sect. Steven Chu came to turn shovels in September ’09.  3000 shovel-ready construction jobs!  Followed by “1000 green jobs!” 

No sooner had the new plant been built however, when bad news started leaking out.  The day after the mid-term elections [the Republican sweep] Solyndra said it would close it’s older plant – and lay off 175 workers.  

It seems they have a significant problem

The toughest competition for Solyndra has been manufacturers based in China, whose photovoltaic panels cost less to buy and make and whose products focus on technology that is more established in the market.

Who would have thunk something made in China would be competitive with something built in a brand-new taxpayer-funded California plant?

But as recently as last November, Solyndra was assuring the market that they were still enjoying heavy demand for every panel they could make.  Hmmmm.  Isn’t that the same time Devens-based Evergreen Solar said they were moving their taxpayer funded jobs to China.

Now comes fresh news that the Republican 112th Congress will look at Solyndra’s books.  Early reports are of waste, fraud, and having never made a profit.  Maybe the tip-off was last year when they canceled their IPO. Could the jailing of Bernie Madoff have scared George Kaiser?  

So Obama got his photo-op, justified another flight on Air Force One, – and you’re stuck with the bill.

How long do you think it will be before Solyndra moves it’s manufacturing operation entirely to China?

How much do you think Kaiser will bundle for Obama next year?

Did I mention that Kaiser’s personal wealth is estimated at $12 Billion? 

 $12 Freakin’ Billion!

If he really believed in this solar panel thing, he could have easily built the plant with his own money.  But by taking the “Stimulus” money, he was repaid the money he contributed to the Obama 2008 Campaign.  Nifty huh?

Do you begin to see a pattern?  [You’re not supposed to notice.]

   /s/  Iron Mike
   Old Soldier, – Still Good for Parts!

2 Responses to “Another $535 Million Obama Ripoff”

  1. Tom Gilroy

    Repaid for his contribution!! Do the math, $535M/$52.3K is equivalent to a factor of 10.2M. What a fantastic ROI. Bernie Madoff would be jealous. If this had been a good investment and Mr. Kaiser was willing to take the risk against his considerable wealth the taxpayers would have been spaired, but Obama’s slush fund was used to pay off his contributors and the public sector unions. Obama makes Bernie Madoff like a two bit criminal.

  2. Rabid Republican

    The Clintons has similar luck with investments during their administration… oh, wait, that wasn’t for a donor, it was profit for them. Never mind.