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What a, uh, surprise. The solar company touted by Obama as a wonderful example of “green tech” that recently went under and took $535 million worth of taxpayer money with it has been raided by the FBI:

FBI agents armed with search warrants descended Thursday morning on bankrupt solar company Solynrda.

The investigation comes after a request by the Department of Energy’s inspector general, FBI spokesman Peter Lee told NBC Bay Area News.

Agents arrived at Solyndra at 7a.m. and were examining the factory. Solynrda has a skeleton crew of 100 workers on the scene, who are closing the factory down.

“It’s been an interesting [two weeks]” says Solyndra spokesperson Dave Miller, referring to both the bankruptcy and the FBI raid. “I don’t know what they’re looking for… but I haven’t seen them take anything.”

Solyndra filed for bankruptcy last week, shocking both workers and the Obama administration, which had given the startup $535 million in low interest loans.

Coincidentally, Solyndra execs had a cozy relationship with the White House:

According to White House visitor logs, between March 12, 2009, and April 14, 2011, Solyndra officials and investors made no fewer than 20 trips to the West Wing. In the week before the administration awarded Solyndra with the first-ever alternative energy loan guarantee on March 20, four separate visits were logged.

George Kaiser, who has in the past been labeled a major Solyndra investor as well as a Obama donor, made three visits to the White House on March 12, 2009, and one on March 13. Kaiser has denied any direct involvement in the Solyndra deal and through a statement from his foundation said he “did not participate in any discussions with the U.S. government regarding the loan.”

But the countless meetings at the White House seem hardly coincidental. Kaiser, in fact, is responsible for 16 of the 20 meetings that showed up on the White House logs.
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As TheDC previously reported, Solyndra officials, including Kaiser himself, donated hundreds of thousands of dollars to Barack Obama.

Cue Drebin:

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Solyndra was part of Obama’s first terrific jobs plan. He’s announcing another tonight, and I’m sure the money will be spent as wisely and ethically as it was on the first one.

The Solyndra trail shouldn’t be difficult for the FBI to track — just “follow the money.” I’m pretty sure I know where that will lead if anybody dares go that far.

House Republicans smelled a rat back in July.

Related trivia: Two anagrams of Solyndra are “dry loans” and “nary sold.”

Update: From Verum Serum, here’s a video that was on the White House blog praising the Solyndra “success story.” If “success” is defined by “taxpayers fleeced, Obama re-election campaign enriched,” then yes, a success it was:

Comments

14 Responses to “FBI Raids Obama’s Pet ‘Green’ Project”

  1. Dexter_Alarius on September 8th, 2011 4:56 pm

    If the name of the company is an acronym, I know what SOL stands for.

  2. joyannaadams on September 8th, 2011 5:29 pm

    So..uh…WHERE did all that money go?

  3. SignPainterGuy on September 8th, 2011 6:54 pm

    Of course it was a resounding success, the taxpayers got fleeced and the co. principals and the dems made out like bandits.

    As for the FBI raid, it`s likely to grab all incriminating evidence to maintain the cover-up !

    The Obama "Kiss of Death" rides again !

  4. Pasadena Phil on September 8th, 2011 7:17 pm

    The reason they pulled back their IPO was because their auditors issued a an unqualified opinion about Solyndra's financial condition that declared their doubts about the company ability to survive as a going concern. Here is GAAP wording on the duty of the auditor to assess and report on the client company's ability to continue operations:

    The Going-Concern Assumption in Generally Accepted Auditing Standards

    SAS 59 requires an auditor to evaluate conditions or events discovered during the engagement that raise questions about the validity of the going-concern assumption. An auditor who concludes that substantial doubt exists about the entity’s ability to continue as a going concern and who is not satisfied that management’s plans are enough to mitigate these concerns is required to issue a modified (but unqualified) report.

    That the company had their loan application expedited by the White House despite this audit opinion and without proper vetting by Dept of Energy is a blaring siren of serious wrong doing. I too would like to know what happened to the $535 million.

  5. Pasadena Phil on September 8th, 2011 7:25 pm

    I don't see any reason to suspect a cover-up with this raid. As the link Doug provided reveals, it was the Republicans who called attention to this a couple of months ago and the raid is probably the follow up on their request. The auditors are also at risk here and I doubt very much that they would destroy their own audit files. And then there are the bank statements. As a recovering accountant (I'm still in remission but getting better every day, thanks for asking), I have a hard time seeing how the wrong doing could be covered up.

    Looks to me more like they were looking for something in particular, other than files, since they didn't take anything according to the reports. Something isn't right here.

  6. SignPainterGuy on September 8th, 2011 8:11 pm

    My most heart-felt hopes for a full recovery, P.Phil ! ;-)

    Rush mentioned the cover-up angle today, just echoed that. It seems likely that, with so many WH visits on record, some evidence would exist of collusion …… and NO, I don`t have the utmost confidence in the FBI to be entirely open and honest about their dealings involving the Obama WH. What`s to make them any more apt to be faithful to their chartered / sworn
    mission when we`ve seen so many other fed. agencies performing so poorly in that respect ?

    Honestly, I hope the FBI DOES perform their job as they should !

  7. Granny55 on September 8th, 2011 9:17 pm

    Follow the money, follow the money, follow the money…… Repeat….Follow the money, follow the money, follow the money. So Simple.

  8. Granny55 on September 8th, 2011 9:20 pm

    Now that the Repeater In Chief has started his repeat speech from ___________(fill in the blank), I am now on my 2nd batch of canning pickles. I am also taking a sip off the old wine bottle as I imagine how many times he says/repeats ________________ (fill in the blank). Those pickles should be pretty damn potent by the time we get to crack a jar.

  9. SignPainterGuy on September 8th, 2011 9:49 pm

    I caught the last of the campaign speech. I realized that if I just listen to his words without thinking, I can be just like a libidiot and believe he actually means it !

    History has taught me to think about it though ! I don`t believe any of it !

  10. Doug on September 8th, 2011 10:41 pm

    I missed it due to a thing at my son's school, but I just read as much of a transcript as I could manage… it was exactly what everybody expected because this is a one-note president. Funny how the "plan" went from $300 billion to $450 billion in just about four days. At this rate it'll be a trillion dollar plan by the end of next week, and Maxine Waters will be able to rejoice.

  11. SignPainterGuy on September 8th, 2011 10:49 pm

    Thanks for the visual of Mad Max(ine) rejoicing ! I just sat down to a big bowl of chili to watch the game. That sour face forced into smiles and laughter ….,.. eeewwwww !!!

  12. Turbo on September 8th, 2011 11:54 pm

    Finally!! Sheesh. NOW track down where all the trillions actually went from Porkulous 1 and 2..

  13. Granny55 on September 9th, 2011 9:21 pm

    I would guess that the $532 million perhaps went towards new homes and perks for the execs. Like I said – follow the money.

  14. Truth And Common Sense − “Rut-Row Shaggy.” There trouble afoot. FBI raids Obama’s favorite solar panel company. on September 14th, 2011 9:36 am

    [...] that even under the Holder DOJ there are good cops (and prosecutors) doing good things.  Now the proof in the pudding will be when and if the Feds actually arrest someone for [...]

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