Griffith on Hannity to discuss Solyndra
By JR Hoeft | Sunday, September 18th, 2011 | PolicyRep. Morgan Griffith (R-VA09), who serves on the House Energy and Commerce Committee, was on the Sean Hannity Show to talk about Congress and its look at the solar panel company Solyndra and its interaction with the White House.
“There clearly appears to be that there was a rush to judgement in the administration,” said Griffith regarding how many green energy jobs Solyndra would create and a dismissive attitude towards those who said “maybe we ought to hold off.”
Griffith was not ready to make any accusations or indictments, but he certainly said that “it looks bad.”
Listen to Griffith being interviewed by Sean Hannity on the show:
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Conservative to the core; liberal with his opinion! J.R. has been involved in politics for over a decade and has worked on several campaigns in Hampton Roads. He has served on the Executive Committee of the Republican Party of Chesapeake and the Central Committee of the Republican Party of Virginia. He is also the director of “Blogs United” in Virginia. E-mail J.R.. Follow J.R. on Twitter.
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One Response to "Griffith on Hannity to discuss Solyndra"
George Kaiser is an important link in this story. He is also a very big fund-raiser for Obama. He is often referred to as a “Bundler”. In this case that means he encouraged/pushed others to put up money for the big O’s campaign.
The bankruptcy filing indicates that Argonaut Ventures, an investment arm of the Tulsa-based foundation, holds almost 39 percent of Solyndra’s parent, 360 Solar Degree Holdings Inc.
Okay, so who is behind Argonaut Ventures?
In an emailed statement to the Tulsa World, a representative of the George Kaiser Family Foundation said the organization made the investment through Argonaut.
There is one very slippery fact that I am wondering about. It has to do with subordination. This a legal issue on who gets paid first in a bankruptcy. In all cases the equity is last on the list. But that is not the situation with Solyndra/Kaiser. From Bloomberg:
In February, Solyndra and its lenders reorganized the company’s debts, putting the U.S. loan behind $69.3 million owed to other lenders, including an affiliate of Solyndra’s biggest shareholder, Argonaut Ventures.
This kind of stuff is not supposed to happen. The equity interest of the Kaiser family got a preference as to the right of repayment from Solyndra. Kaiser got in front of the line. He got in front of the US Government’s $528mm IOU from Solyndra. Kaiser got in front of the interests of the American taxpayer. There had to be some very serious arm-twisting going on in the background to achieve this feat.
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