President Obama visited the solar company Solyndra on May 26, 2010 to tout his $535 million loan guarantee. On August 31, 2011, Solyndra announced it was filing for bankruptcy and laying off 1,100 employees.
535 MILLION LOST! TAX PAYERS MONEY DOWN THE DRAIN! (ACUALLY IN THE POCKETS OF OBAMAS FUNDRAISER BUDDY)
The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.
Newly released emails show that the Obama administration was worried about the financial health of a troubled solar energy company even as officials publicly declared the company in good shape. An email from a White House budget official to a co-worker discussed the likely effect of a default by Solyndra Inc. on President Barack Obama's re-election campaign.
Under terms of the February loan restructuring, two private investors — Argonaut Ventures I LLC and Madrone Partners LP — stand to be repaid before the U.S. government if the solar company is liquidated. The two firms gave the company a total of $69 million in emergency loans. The loans are the only portion of their investments that have repayment priority above the U.S. government.
Argonaut is an investment vehicle of the George Kaiser Family Foundation of Tulsa, Okla. The foundation is headed by billionaire George Kaiser, a major Obama campaign contributor and a frequent visitor to the White House. Kaiser raised between $50,000 and $100,000 for Obama's 2008 campaign, federal election records show. Kaiser has made at least 16 visits to the president's aides since 2009, according to White House visitor logs.
Madrone Partners is affiliated with the Walton family, descendants of Wal-Mart founder Sam Walton.
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