Front Page
NMJ Search
International
Islamist Terrorism
Government & Politics
National & Local
The Fifth Column
Culture Wars
Editorials
Analysis
Archive
NMJ Radio
Constitutional Literacy
Islamofascism
Progressivism
Books
NMJ Shop
Links, Etc...
Facebook
Twitter
Site Information
About Us
Contact Us
  US Senate
  US House
  Anti-Google




Because of loan restructuring, taxpayers won’t be repaid before the private investors who poured $75 million into Solyndra. The Calif. Democrat Party is listed among the creditors.
Social Bookmarking
Print this page.
For Unknown Reason, Calif. Democrat
Party Is Among Solyndra Creditors

The Washington Times
Out of the hundreds of out-of-work employees, vendors, investors and other creditors in the bankruptcy of government-backed solar-panel maker Solyndra LLC, one name stands out: the California Democratic Party.

Why California Democrats would be creditor to a company that received more than a half-billion dollars in federal loans to build a solar-panel plant isn’t clear. Even party officials say they’re not sure.

The California Democratic Party’s communications director, Tenoch Flores, said the organization was not owed “any funds in any form” by the California-based company. He said he was unclear why the party would be listed as a creditor in Solyndra’s bankruptcy filing.

According to campaign-finance records, Solyndra donated $7,500 to the California Democratic Party in October 2010. It’s legal in California for corporations to make donations. But that doesn’t explain why the company would identify the Democratic Party as a creditor in its bankruptcy filing a year later.

A Solyndra spokesman did not respond to messages seeking more details about the filing.

Solyndra’s spending habits are under sharp scrutiny after it fired more than 1,000 employees, filed for bankruptcy this month and had its offices raided by the FBI.

Just two years ago, the company received federal loan guarantees of more than $500 million, money it burned through but hasn’t repaid. Because of a subsequent loan restructuring, taxpayers won’t be repaid before the private investors who poured $75 million into the company earlier this year as it tried to stay afloat.

The Washington Times reported last week that law firms that took credit for helping to push through the federal loan package were paid millions of dollars reported through the federal Recovery Act.

The same month Solyndra donated to the California Democrats, the company also contributed $1,000 each to three California state Assembly candidates, according to data from the National Institute on Money in State Politics. But none of these Democratic candidates appears as a creditor in the bankruptcy filing.

The state Democratic organization was identified in a document called a “creditor matrix.” It’s a standard filing in bankruptcy cases, where the debtor provides an alphabetical list of the names and addresses of all creditors. In the Solyndra case, the list runs more than 100 pages.

In an affidavit along with the court filing, the company’s chief executive, W.G. Stover Jr., swore under penalty of perjury that that creditor list was true and accurate to the best of his knowledge and that the information came from a review of the company’s books and records.

Beyond being listed as a creditor, the state Democratic Party’s ties to Solyndra aren’t clear, but a fuller picture could emerge as the bankruptcy case unfolds. What is clear, based on public records, is that despite its well-known business failings, Solyndra was no novice when it came to politics.

Read Full Article

Editor's Note: Who says Chicago-style Democrat politics isn't alive and well and flourishing all across this great nation of ours?







Opinions expressed by contributing writers are expressly their own and may or may not represent the opinions of The New Media Journal, BasicsProject.org, its editorial staff, board or organization.  Reprint inquiries should be directed to the author of the article. Contact the editor for a link request to The New Media Journal.  The New Media Journal is not affiliated with any mainstream media organizations.  The New Media Journal is not supported by any political organization. The New Media Journal is a division of BasicsProject.org, a non-profit, non-partisan 501(c)(3) research and educational initiative.  Responsibility for the accuracy of cited content is expressly that of the contributing author. All original content offered by The New Media Journal and BasicsProject.org is copyrighted. Basics Project's goal is the liberation of the American voter from partisan politics and special interests in government through the primary-source, fact-based education of the American people.

FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance a more in-depth understanding of critical issues facing the world. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to:http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.


The Media Journal.us © 1998-2012    Content Copyright © Individual authors
A Division of BasicsProject.org
Powered by ExpressionEngine 1.70 and M3Server