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Chairman of House Oversight and Government Reform Committee explains why he wants more investigations on stimulus-fueled loans approved by DOE
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And raises doubts if you think Solyndra was a onetime disaster for American taxpayers.
You're wrong.
Dead wrong.
There is new information tonight.
It appears at this -- crisis that is costing taxpayers more than 500 million dollars may only be the tip of the Obama administration -- -- Now CBS news is reporting that maybe twelve more disasters ready to blow up and that's a -- -- 500 million dollar bill to taxpayers is going to ultimately look like chump change.
This next one collectively if they -- go belly up could cost you six point five billion dollars.
Also today the White House does -- document dump it released new documents about -- and there's a reason document dump is done late in the afternoon on Friday.
They don't want anyone including you to notice it.
Kotchman dare I -- chair of the house oversight and got reform committee -- is.
-- is certain let me talk first about this document dump -- a -- Friday afternoon -- -- -- -- every single administration we honestly we brace ourselves about five minutes to five in the city.
Tell me -- get a chance -- be briefed them when you know the documents yet whether there's anything intent did -- give us.
Pause as to why it was done on Friday afternoon.
Well it's always done it Friday afternoon if there's something in there that they wanna hide as you said -- -- particularly when you have a three day holiday weekend.
We're not going to be able to effectively communicate.
Until Tuesday.
Our people are going over it right now.
The in the indication really is that what we're dealing with -- is a White House that was intimately aware of what was going to happen.
Blow by blow if you will.
And and communicating it -- what are the things that that bothers me the most is.
That said they were more -- concerned about whether news of cylinders layoffs rhetoric about before the mid term elections or not.
Then they were about whether or not they're planned to.
To finance.
Companies like this even if they weren't viable.
Was a good what are not and that's a lot of what as you alluded to is now coming out with a six point five billion.
Of these other loan guarantees.
And and -- I know it's important to talk about the money but you have to also talk about whether or not.
These were favoritism.
And another was even if these loans don't default in some cases they were inappropriate long -- and we have it in writing out.
That kind of spent Ivan the benefit of the doubt on the fair -- and I'm having a problem -- -- incompetence.
-- -- say -- I don't I don't and that means an -- president generally -- you know IPO because there's still people in the government working with this money in a lot of people America we're working hard to pay their taxes and -- these dumb -- dumb projects -- -- finance at this incompetence.
I'm manual and -- -- -- I love the look on favoritism rising it's appalling that we have such a high level of incompetence.
That this happens and originated let me tell us a report tonight from the hill.
Which says it -- document dump it says it.
The emails show senior White House -- discussing the need to coordinate messaging with the Energy Department and others ahead -- -- liberal layoffs occurred in early November 2010.
Now according messaging -- to call that Catholic girls school -- I get -- story straight so that the nuns didn't catch it you know the whole idea you know they they -- code words when they and they are still something really is going wrong and the promise the people gonna suffer a the American taxpayer prepares.
Well actually but you know this is what happens with people like Carol Browner and others.
Who are political entities and who -- obviously there for political purposes they're there to protect the presidents and his party's elections and -- elections.
Now you know that happens at every administration but it doesn't usually happen at this level and you don't -- in addition to the dump.
Obviously we're looking at these individual loans and fighting some very frightening things one -- them for example is how Harry Reid.
Insured not the jobs were created -- blue mountain is as good it may be called toward Nevada geothermal.
But in fact that it isn't solvent company with loans that had been called in due.
Got a new loan guarantee which was simply moving eighty million dollars of the 98 from.
Right in the door and right out the door to their previous creditor no jobs are created they simply paid off alone.
But you know I'm looking I'm looking at that -- the Nevada geothermal and yeah -- that it was already in economic trouble and receive 98 point five million an energy loan guarantee you know I suppose that.
In the fact that there's no private dead venture capitalists which -- another discussion another day.
I'm no private venture capitalists want to donate money so apparently the government does Padilla you say -- you say it's political favoritism maybe it is I'm this I'm.
I want to give the benefit of the doubt just say they're so I'm confident that's terrifying another one that CBS reported SunPower.
Being good day twelve point five.
Billion dollar loan guarantee it last -- -- round and this happened after a French oil company took over I I don't why we're helping in this French oil company would -- this federal laundry and I mean as it ski analysts say it this this money in the end you know who are these people okay Kenya's loans.
Well amid a good example in the case of blue mountain the Nevada the -- -- -- geothermal this is one that.
Harry Reid was touting personally but more importantly this is one in which.
Very very clearly Stephen -- all the secretary's own signature appears on the conditional guarantee.
And if you read the guarantee it says that eighty million out of the 98 point five is going right into a previous loan that's in default now.
This was stimulus money let's not call -- loan guarantees because they were loan guarantees under stimulus there was a justification of hundreds of jobs temporary -- -- permanent.
You don't create any jobs when you simply put eighty million and move it.
Being -- loan guarantee and move it to a previous loan.
It was it back filling and insolvent loan yields also created and the secretary sided himself.
I it is so profile only incompetent.
At best and fast.
And and the problem is is that there are a lot of people who have the authority to make these loans are still we -- in -- of who they are and that's what's so disturbing that.
In -- it's actually astounding the amount of money -- says.
That's.
That's just wasted on us but I cousin thank you outlook forty come back to Washington served.
Welcome thank you and then I'll -- Bain capital's track record against the administration favorably any time.
Well I don't like it and then that one what they -- -- about Bobby gate is that when later in the.
