Republican presidential candidate, (click here) former Massachusetts Gov. Mitt Romney holds a news conference outside the Solyndra manufacturing facility, Thursday, May 31, 2012, in Fremont, Calif. (AP Photo/Mary Altaffer)
But, Romney only represents a 'Wise Man After the Fact' no different than the other investment companies. The Solyndra 'deal' was brokered by the company where the former Secretary of the Treasury, Paulson was once CEO. That's right. The entire mess that is Solyndra was brokered by Goldman Sachs. I am sure the former Governor of Massachusetts remembers the monies he obtained at Bain to broker deals. Well, this one was no different. As a matter of fact, it was Goldman Sachs that was underwriting the Solyndra IPO which when it was deemed unworthy by Price-Waterhouse. Interesting, isn't it?
Let's look at the facts and why it is easy to find half-truths in Romney's rantings.
...The company (click here) has said it intends to auction off its assets as quickly as possible, in part with the help of former Massachusetts governor William Weld, a partner in the McDermott, Will & Emery, where he charges $895 an hour.
On Sept. 8, the Solyndra plot thickened again, when the FBI raided the company’s offices in connection with an investigation by the Department of Energy’s inspector general. And last week Solyndra executives pleaded the Fifth Amendment during their congressional hearing.
You would think that this kind of dicey situation would be one that a savvy Wall Street player like Goldman Sachs would know to avoid. Surely, you would think, Goldman would have some sort of internal credit committee that would put its foot down and insist that Goldman’s reputation was too important to be mixed up with a company with both an arrogant management team and a questionable business plan. (Solyndra’s advisers on the Treasury loan, including Goldman, split some $10 million in fees, according to a filing Solyndra made about the loan.)
You would also think the firm’s reputation police would put the kibosh on Solyndra, too. But Goldman, which Solyndra credited as the “exclusive financial adviser” on its Treasury loan application, kept the firm as a client through thick and thin....
The story goes on and I am sure most people can discern the fact that money was at play and having an endorsement for a government loan from a well established Wall Street investment firm where a former Secretary of the Treasury still resides over its dealings was a safe venture for the USA Energy Department. After all, this was Hank Paulson the savior of the banking world and his investment company, and on top of that they were going to be underwriting the IPO, so what was more safe than that? I mean when Solyndra was looking for funds it was just a matter of time by those involved before an IPO would bring it the monies it needed to get serious about a much larger footprint in the solar industry.
No one is going to convince me that cheap solar imports from China wasn't a factor, it was. And to President Obama's credit, he has placed surcharges on those imports. That action alone by President Obama would never have occurred under the previous administration. Not with the such affections for China as Mr. Bush's brother had and the deep abiding relationship Paulson sought while US Treasury Secretary with China. China was safe to carry out any insult to the American workforce it wanted and the profitability of American companies.
I mean let's get real here.
What was equally as interesting is how the Founder of Solyndra was this really talented guy called, Chris Gronet and all of a sudden he just moves on in his career.
Odd, isn't it?