The P-BO’s energy secretary unwittingly makes the perfect case why government dopes shouldn’t be investing tax payer money in the markets. After all the evidence to the contrary, Steven Chu still insists that the P-BO’s boys did their due diligence before chucking half a billion dollars down the Solyndra crapper. Chu said:
We were very thorough in the application of loan at the time. In the end of 2008, the beginning of 2009, we asked outside people to give us second and third opinions. What was unanticipated was that the market for the prices of solar modules really plummeted.
Yeah, really, who knew markets could plummet? Markets don't plummet, ever, but especially when the US government is nearly 15 trillion dollars in debt, and there is clueless buffoon in the WH. You couldn’t seriously expect them to see that one coming. Who knew the Chinese would be using prison labor to make solar panels at one half the cost Solyndra could produce them? You just can’t expect government bureaucrats to think that the Chinese would ever cheat to give themselves an advantage.
When asked about audits that indicated that Solyndra was on its financial death bed, Chu shrugged.
I was not aware of the audit instantly at that time, became aware of it later. And so what has happened during this period is we have a very good loan people, and they tried to, you know, what are the best projections, going forward, and how do you monitor progress of the loan? Certainly, any new company in the process of constructing a new factory that would be more efficient, more highly roboticized to be competitive would be burning through cash.
Perfect! He didn’t know. A company is “burning through cash” (aka your tax dollars) to build a gazzillion dollar plant to produce solar panels at twice the cost the Chinese are making them for in a warehouse with a dirt floor, and dip$h!t “was not aware” there were problems. And yet, he maintains that they did their due diligence before crapping your money away.
Idunno, doesn’t make sense to me. How can you say you did your due diligence when you’re down half a bill? How can you say you did what was required to protect the tax payer dollars when those dollars are gone, and there is exactly ZERO to show that the money ever existed? How about a bit of honesty? Hey Steve, take a line from NY Jets Head Coach, Rex Ryan, “That was dumbest f&^king move ever.”
How about an econ 101 line of questions:
Q: How much does the industry charge for panels?
A: $3.
Q: How much will you charge?
A: $6.
Get out, and don’t come back until you can get cost per panel down to $2.50
There is more “due diligence” in those two questions than 3 years of Steve Chu’s Inspector Clouseau like vetting of the Solyndra deal.
This was all political. If it turned out, great. If not, well so sad too bad. Luckily, it wasn’t our money. When asked about the politics of the BS loan, Chu amazingly said:
I was not aware and certainly no decision we made in the loan program had anything to do with who is investing in this company. There were people like George Kaiser, who have been associated with the Democratic Party…But certainly, at my level and the people I was talking to, we were not aware of either the Democrat or Republican backers.
So once again Clouseau/Chu was “not aware.” It must have been in March. He was busy getting his NCAA basketball bracket together. Ahh, but he was aware of Kaiser. But not aware of backers who happened to be Demo-Dope or Republican - except for Kaiser who was a big Demo-Dope supporter.
What Chu should have admitted is that government – especially this current bunch of nit wits – has no business using tax dollars to pick winners and losers. And ask yourself this, would this bunch of brain dead numbskulls ever have considered a loan to promote clean energy that actually works like coal, oil fracking or nuclear power? In a world - NO! Two words for emphasis – Hell NO!
Steven Clouseau/Chue admits he is “unaware” (aka: asleep at the wheel, derelict of his duty, incompetent etc.) of the embarrassing details of the Solyndra loan. Yet he, like the @$$bag who hired him, won a Nobel Prize. Add AlGore to the mix, and it’s proof positive that you are better off asking for advise from your barber or the guy who pumps your septic tank than anyone who has ever visited Sweden to pick up a prize.
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