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 law firm 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?
Solyndra founder Chris Gronet to move on (click here)
Silicon Valley / San Jose Business Journal
Date: Saturday, August 20, 2011, 8:02am PDT Last Modified: Monday, August 22, 2011, 5:47am PDT
Solyndra LLC disclosed in a blog post on Friday that its founder and former CEO Chris Gronet would transition to an adviser and consultant role, "pursuing new opportunities and challenges in clean-tech."
The brief announcement didn't specify details of Gronet's new role nor any financial arrangements it may entail.
The Fremont solar power company has been under fire from opponents of Pres. Barack Obama's energy policies, held up as an example of a failed effort to fund clean-tech energy alternatives....
Chris Gronet was an exceptionally talented guy. There was no technical flaw in the solar industry he could not over come. So, by every measure Solyndra was suppose to surpass expectations. The investment by the USA Energy Department was not misguided it was exploited.
...In December 2009, Solyndra filed an initial public offering to raise an unspecified amount of other people’s money to continue to finance its nonsensical business plan, including the build-out of its second production facility and to pay off the Argonaut loan. Goldman was the IPO’s lead underwriter; Morgan Stanley was the only other underwriter listed on the SEC filing, called an S-1....
...What was atypical was that the amended filing also contained a “going concern” qualification from the company’s auditors, PricewaterhouseCoopers. “There can be no assurance that, in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all,” according to the amended S-1....
I didn't get the name exactly correct, now did I? Memory didn't serve me well and today perhaps memory didn't serve Romney well. I really do dislike politicians that hide the truth about hopeful lending by the American people to an industry abandoned as frivolous compared to the petroleum industry which is literally destroying the benevolent troposphere of Earth. But, alas, Earth is not a Romney crony.
So, goes the lies and cult-ure of Wall Street and Willard Mitt Romney.
Oh, one other thing, how is Howard Hamm working out as the energy advisor for good, ole' Mitt? Oil guy, ya know? Not into solar, wind and stuff like that.
Oh, one other thing, how is Howard Hamm working out as the energy advisor for good, ole' Mitt? Oil guy, ya know? Not into solar, wind and stuff like that.
