Who is Frances I. Nwachuku?
Does the name Frances Nwachuku ring any bells?
Yeah, probably not. But Frances is the...well, guess "point man" isn't PC, so...point "person" who represented the federal Department of Energy in its negotiations concerning...wait for it...that fantastic, now-bankrupt green company, Solyndra, as it sought additional federal money to...well, we're not sure what they really wanted your money for, but we're sure they wanted it.
Oh boy, did they ever want it.
A little background will help: After getting roughly half a Billion dollars of loan guarantees--i.e. loans backed up by YOU, the taxpayer--Solyndra was still losing money hand over fist. To stay in business, it needed more money.
The choices were to either get it from private investors, or from...the brain trusts at Obama's Department of Energy.
Hmmm....let's see here...
You need to know something here: To government negotiators, getting the best possible deal for taxpayers is about number gazillion on their list of priorities. It's far, far outweighed by "What does my boss want to happen?" Which is entirely driven by "Does the President like the people who who are looking for the money?"
Which is driven by, "Have the applicants given big bucks to the preezy's campaign?"
In this case the biggest of the private investors just happened to be a major fundraiser ("bundler") for Chicago's most famous community organizer.
The private investors were initially rebuffed, so being good business minds they said they were resigned to folding the company. But of course, having a 'green' company that had already sucked down half a billion taxpayer dollars declare bankruptcy would make the administration look...uh...less than stellar. So the DOE's deputy negotiator--Frances Nwachuku--made an unprecedented (because totally illegal) offer: She suggested that if the private investors would put up another $75 million, the DOE would give the company another $95 million in guarantees. But in addition--and this was the crucial departure--the government would agree to "subordinate" its claims to the private investors.
If you're unfamiliar with this term, it means that in the event the company declared bankruptcy the private investors could recover their entire investment before the taxpayers recovered a dime.
If you were a secret observer to the negotiations, at this point you'd be looking in the parking lot to see what color Ferrari the private investors were giving to Frances.
Because this agreement was flatly illegal.
Flatly. Illegal.
Let me make that more clear: In every other venture where the gummint gives money or guarantees to a private firm, the deal is that the taxpayers get their money back before the private investors.
Not this time.
Needless to say, the private investors eagerly accepted this sweetheart deal.
Perhaps Frances didn't know that the deal she was offering violated U.S. law. I don't know. What we do know (courtesy of a recent report from the House of Representatives) is that only after she offered the unprecedented deal--and the private investors accepted--did the govt start its study of the deal, which again was illegal.
But astonishingly, it still went through.
Lord, it's almost like the Obama administration knows it can do anything--i.e. illegal acts--and they're guaranteed to get away with it. It's almost like he saw Slick Willy get clean away with perjury and thought, 'Hey, if they didn't take out the Slickmeister they ain't even gonna take me on!'
Oh, and one more little detail: The head DOE negotiator was normally Jonathan Silver. It may be significant that Silver did not attend the crucial meetings, leaving Frances to represent the taxpayers.
But of course Frances was completely qualified to represent taxpayers in tough negotiations with private Obama donors: She had years of experience with big banks, and graduated from...the University of Nigeria.
In some parallel universe a prosecutor has given Frances immunity, and has asked her to explain--under oath, and penalty of perjury--how she came up with her illegal and unprecedentedly generous offer to the Solyndra investors.
She can't plead the Fifth because she's been given immunity.
The nation is glued to their TV sets as Frances explains the instructions she was given.
And by whom.
Unfortunately, in our universe no one except po' bloggers will ever ask her jack-shit.
Justice is gone--Eric Holder tells congress to fuck off, and has his boss make the preposterous claim of Executive Privilege--this after Obozo claimed he knew nothing about Operation Fast and Furious. The Constitution has been shredded. The nation stopped being a nation of laws in January, 2009.
I have no idea what the future holds. Though I am not optimistic, I have not given up. But I am very grateful that I don't have any children--because I would be ashamed to hand them the ghastly mess we now find ourselves in as a nation.
If this makes no sense to you, go in peace and don't give it a second thought. Enjoy life. I wish you and yours the best.
Oh, and if you're one of my Democrat relatives who believes everything critical of Obama comes from Faux News (and thus must necessarily be false), the source here is a report from the House Energy and Power Subcommittee. Click on the 3rd link, titled "The 'No more Solyndras' Act" for the full report. Read page 4 carefully.
End transmission.
Yeah, probably not. But Frances is the...well, guess "point man" isn't PC, so...point "person" who represented the federal Department of Energy in its negotiations concerning...wait for it...that fantastic, now-bankrupt green company, Solyndra, as it sought additional federal money to...well, we're not sure what they really wanted your money for, but we're sure they wanted it.
Oh boy, did they ever want it.
A little background will help: After getting roughly half a Billion dollars of loan guarantees--i.e. loans backed up by YOU, the taxpayer--Solyndra was still losing money hand over fist. To stay in business, it needed more money.
The choices were to either get it from private investors, or from...the brain trusts at Obama's Department of Energy.
Hmmm....let's see here...
You need to know something here: To government negotiators, getting the best possible deal for taxpayers is about number gazillion on their list of priorities. It's far, far outweighed by "What does my boss want to happen?" Which is entirely driven by "Does the President like the people who who are looking for the money?"
Which is driven by, "Have the applicants given big bucks to the preezy's campaign?"
In this case the biggest of the private investors just happened to be a major fundraiser ("bundler") for Chicago's most famous community organizer.
The private investors were initially rebuffed, so being good business minds they said they were resigned to folding the company. But of course, having a 'green' company that had already sucked down half a billion taxpayer dollars declare bankruptcy would make the administration look...uh...less than stellar. So the DOE's deputy negotiator--Frances Nwachuku--made an unprecedented (because totally illegal) offer: She suggested that if the private investors would put up another $75 million, the DOE would give the company another $95 million in guarantees. But in addition--and this was the crucial departure--the government would agree to "subordinate" its claims to the private investors.
If you're unfamiliar with this term, it means that in the event the company declared bankruptcy the private investors could recover their entire investment before the taxpayers recovered a dime.
If you were a secret observer to the negotiations, at this point you'd be looking in the parking lot to see what color Ferrari the private investors were giving to Frances.
Because this agreement was flatly illegal.
Flatly. Illegal.
Let me make that more clear: In every other venture where the gummint gives money or guarantees to a private firm, the deal is that the taxpayers get their money back before the private investors.
Not this time.
Needless to say, the private investors eagerly accepted this sweetheart deal.
Perhaps Frances didn't know that the deal she was offering violated U.S. law. I don't know. What we do know (courtesy of a recent report from the House of Representatives) is that only after she offered the unprecedented deal--and the private investors accepted--did the govt start its study of the deal, which again was illegal.
But astonishingly, it still went through.
Lord, it's almost like the Obama administration knows it can do anything--i.e. illegal acts--and they're guaranteed to get away with it. It's almost like he saw Slick Willy get clean away with perjury and thought, 'Hey, if they didn't take out the Slickmeister they ain't even gonna take me on!'
Oh, and one more little detail: The head DOE negotiator was normally Jonathan Silver. It may be significant that Silver did not attend the crucial meetings, leaving Frances to represent the taxpayers.
But of course Frances was completely qualified to represent taxpayers in tough negotiations with private Obama donors: She had years of experience with big banks, and graduated from...the University of Nigeria.
In some parallel universe a prosecutor has given Frances immunity, and has asked her to explain--under oath, and penalty of perjury--how she came up with her illegal and unprecedentedly generous offer to the Solyndra investors.
She can't plead the Fifth because she's been given immunity.
The nation is glued to their TV sets as Frances explains the instructions she was given.
And by whom.
Unfortunately, in our universe no one except po' bloggers will ever ask her jack-shit.
Justice is gone--Eric Holder tells congress to fuck off, and has his boss make the preposterous claim of Executive Privilege--this after Obozo claimed he knew nothing about Operation Fast and Furious. The Constitution has been shredded. The nation stopped being a nation of laws in January, 2009.
I have no idea what the future holds. Though I am not optimistic, I have not given up. But I am very grateful that I don't have any children--because I would be ashamed to hand them the ghastly mess we now find ourselves in as a nation.
If this makes no sense to you, go in peace and don't give it a second thought. Enjoy life. I wish you and yours the best.
Oh, and if you're one of my Democrat relatives who believes everything critical of Obama comes from Faux News (and thus must necessarily be false), the source here is a report from the House Energy and Power Subcommittee. Click on the 3rd link, titled "The 'No more Solyndras' Act" for the full report. Read page 4 carefully.
End transmission.
posted by SF at
6:56 PM
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