September 22, 2011

As Its Execs Say They’ll Take the Fifth, AP Calls Solyndra an ‘Embarrassment’

Let’s note the likely reason why what Julia Seymour observed earlier today is the case — namely, that network news reports have taken to calling the Solyndra situation an “embarrassment.”

The use of that term probably dates back to September 16, which is as far as I can tell the first time the Associated Press filed a beyond-perfunctory report about now-bankrupt Solyndra, the beneficiary of over $500 million in Energy Department loan guarantees. In January, the government also gave Solyndra’s principal investors preferential treatment in advance of what was a clearly inevitable bankruptcy. Tuesday evening, the AP’s Mattew Daly went to the E-word again:

Solyndra execs to plead 5th at House hearing

Two top executives at a bankrupt California solar energy company say they will invoke their Fifth Amendment rights and refuse to answer questions when they appear at a House hearing on Friday.

Solyndra Inc. Chief Executive Officer Brian Harrison and Chief Financial Officer W.G. Stover sent letters to the House Energy and Commerce Committee on Tuesday informing them of their plans to remain silent. The Associated Press obtained copies of the letters, which cite an ongoing criminal investigation by the FBI.

Harrison and Stover said they still plan to appear before the committee, which is investigating a $528 million loan Solyndra received from the Energy Department in 2009.

Republican leaders of the House energy panel said they were dismayed that Harrison and Stover had reneged on earlier promises to testify.

… The company’s implosion and revelations that the administration hurried Office of Management and Budget officials to finish their review of the loan in time for a September 2009 groundbreaking have become an embarrassment for President Barack Obama.

Maybe folks here have different remembrances, but I don’t recall any other instance where company execs, labor leaders, government officials, or others have taken the Fifth because they were “embarrassed.”

This is probably as good a time as any to remind everyone that Solyndra goes far beyond an “embarrassment.” Andy McCarthy at National Review made that quite clear on Saturday (bolds are mine):

The Solyndra debacle is not just Obama-style crony socialism as usual. It is a criminal fraud.

… Solyndra … was using its government loans as a springboard to go public. When the sale of securities is involved, federal law criminalizes fraudulent schemes, false statements of material fact, and statements that omit any “material fact necessary in order to make the statements made … not misleading.”

… That’s exactly what President Obama did on May 26, 2010, with his Solyndra friends about to launch their initial public offering of stock.

As president, Obama had a fiduciary responsibility to be forthright about Solyndra’s grim prospects — in speaking to the American taxpayers whose money he had redistributed, and to the American investors who were about to be solicited for even more funding.

… The president looked us in the eye and averred that, when it came to channeling public funds into private hands, “We can see the positive impacts right here at Solyndra.”

The word for such schemes is fraud.

It isn’t Solyndra that’s the embarrassment. It’s the pathetic reporting of the Solyndra scandal by the establishment press.

Cross-posted at NewsBusters.org.

Share

3 Comments

  1. Send the SOB to Jail.

    Comment by Greg — September 22, 2011 @ 7:52 am

  2. http://barnhardt.biz/index.cfm

    THERE MUST BE A RECKONING (PART 1)
    POSTED BY ANN BARNHARDT – SEPTEMBER 21, AD 2011 10:13 AM MST
    The Obama regime has brought the entire planet to critical mass. A triangular imploding collapse appears imminent on the financial front as Keynesian theory coupled with the Cloward-Piven strategy enter their final destructive phase; the military front as Obama’s reformed islamic Caliphate prepares to finish what Hitler started and undo the victories of Charles Martel at Tours and King Jan Sobieski at Vienna; and the cultural front as marriage has been all but destroyed, sodomy is celebrated, and pedophilia is fast-tracked for normalization and decriminalization.
    In the midst of this, Obama the man-myth is also imploding. Democrats and the leftist media, including the editorial page of the Chicago Tribune, are now openly calling for Obama to NOT run for re-election in 2012. On the right there are calls for impeachment, but mostly for Obama’s sound defeat in November 2012. Most people are in total agreement that Obama should be retired to Hawaii, one way or another, no later than January 20, 2013. And that is a huge problem.

    No society can survive without a firm foundation of justice upon which to anchor itself. Without a foundation of justice, there can be no law, or rule of law. Without the Rule of Law, power and freedom become pure functions of brute force, and morality, societal integrity, financial integrity and true charity, which is to say LOVE in all its forms and contexts, die swift deaths. As Obama’s Manufacturing Czar, Ron Bloom said:

    “Generally speaking, we get the joke. We know that the free market is nonsense. We know that the whole point is to game the system, to beat the market, or at least find someone who will pay you a lot of money ‘cause they’re convinced that there is a free lunch. We know this is largely about power, that it’s an adults-only no-limit game. We kind of agree with Mao that political power comes largely from the barrel of a gun. And we get it, that if you want a friend, you should get a dog.”
    -Ron Bloom
    Keynote address at the 6th Annual Distressed Investing Forum, Union League Club, New York, February 27-28, 2008.

    In light of Operation Fast & Furious, the Solyndra scam and the recently-exposed LightSquared attempted subornation of perjury, along with the seeming attempts to bait a full-blown race and class civil war by the Obama regime, I am hard-pressed to think of another collection of 96 words that contain the essence of an entire philosophy with such brutal succinctness and terrifying clarity.

    We now see that Bloom meant every word literally. The Obama regime has done nothing but game the system in a quest for personal power and wealth. …

    Comment by Greg — September 22, 2011 @ 7:54 am

  3. [...] in the media is fierce. After all, Solyndra, according to the Associated Press, is an “embarrassment.” Heaven forbid that anyone in the establishment press call it what it really is: a [...]

    Pingback by BizzyBlog — September 22, 2011 @ 7:43 pm

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.