Today's BarackOn Deal For Obama's VC Buddies by bluepastry Blog entry

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by bluepastry

Today's BarackOn Deal For Obama's VC Buddies

teve Spinner And Steve Westly Are Back Doing What They Do Best - Bundling Millions Of Dollars For Obama While Obama Helps Look Out For Their Bottom Lines

Date: 4/28/2012 3:20:00 PM ( 12 y ) ... viewed 2339 times

resident Barack Obama Is Assembling A Cast Of Tech Industry Bigwigs To Rake In Campaign Cash From Silicon Valley." (Michelle Quinn, "Obama Campaign Enlists Tech Bigwigs," Politico, 1/25/12)
Technology For Obama Meets Today In San Francisco. (BarackObama.com, Accessed 1/26/12)

Technology For Obama Includes Members Steve Westly And Steve Spinner Who Were "Involved In The Solyndra Debacle." "Called Technology for Obama, the committee co-chairs include Marc Benioff of Salesforce.com, Jeremy Stoppelman of Yelp and LinkedIn's co-founder Reid Hoffman. Sean Parker, who co-founded Napster and was Facebook's original president, is on the committee, as is Craigslist's Craig Newmark. The list includes a number of venture capitalists, including former California Treasurer and gubernatorial candidate Steve Westly, and Steve Spinner, who was involved in the Solyndra debacle." (Michelle Quinn, "Obama Campaign Enlists Tech Bigwigs," Politico, 1/25/12)

STEVE SPINNER PROMOTED SOLYNDRA TO GET A $535 MILLION LOAN DESPITE BEING REQUIRED NOT TO DISCUSS THE COMPANY

Steve Spinner's Linkedin Profile Describes Him As A "Technology Executive And Investor" In The San Francisco Bay Area Focusing On Venture Capital & Private Equity. (Steve Spinner, Linkedin, Accessed 1/13/11)
Spinner Has Raised At Least $1 Million For Obama Between 2008 And 2012. (Center For Responsive Politics, Open Secrets, Accessed 12/13/11)

Spinner Monitored The Energy Department's "Green" Loan Guarantees. "Steve Spinner, who helped monitor the Energy Department's issuance of $25 billion in government loan guarantees to renewable energy projects, was one of Obama's top fundraisers in 2008 and is raising money for the president's 2012 reelection campaign." (Matea Gold And Stuart Pfeifer, "Obama fundraiser linked to loan program that aided Solyndra," Los Angeles Times , 9/16/11)
"'Steve Spinner Acted As A Liaison Between The Recovery Act Office And The Loan Programs Office,' Energy Department Spokesman Damien Lavera Said In A Statement Friday." (Matea Gold And Stuart Pfeifer, "Obama Fundraiser Linked To Loan Program That Aided Solyndra," Los Angeles Times , 9/16/11)

Spinner Was "Actively Involved" In Solyndra's Loan Despite A Promise To Recuse Himself From The Deal. "Emails released last week show that Spinner was actively involved in a $528 million federal loan for Solyndra Inc., despite pledging to recuse himself because his wife's law firm represented the company." (Matthew Daly, "Solyndra Loan Figure Raises $500k For Obama," The Associated Press, 10/14/11)
"Emails Show Spinner Pushed For A Prompt Decision On The Solyndra Loan As His Wife's Law Firm Was Representing The Company." (Peter Nicholas and Tom Hamburger, "Solyndra-Linked Fundraiser Still Boosting Obama Campaign," Los Angeles Times, 10/24/11)
Steve Spinner: "I Have OVP And WH Breathing Down My Neck On This." "'How hard is this? What is he waiting for?' wrote Steven J. Spinner, a high-tech consultant and energy investor who raised at least $500,000 for the candidate before being appointed to a key job helping oversee the energy loan guarantee program. 'I have OVP [the Office of the Vice President] and WH [the White House] breathing down my neck on this.'"(Matthew Mosk, "Obama Fundraiser Pushed Solyndra Deal From Inside," ABC News, 10/7/11)
Spinner Pushed For Solyndra Loan To Give A "Political Victory" To Obama. "In the lengthy email discussions that occurred in the days before the Solyndra loan closed in September 2009, Spinner emerges as a key figure in advocating for getting the deal done, apparently in an effort to score the loan as a political victory for President Obama. Many of the emails surround his efforts to coordinate plans for either President Obama or Vice President Biden to announce it as the administration's first loan approval -- one that he repeatedly notes will create clean energy jobs." (Matthew Mosk, "Obama Fundraiser Pushed Solyndra Deal From Inside," ABC News, 10/7/11)

STEVE WESTLY HAD A DIRECT LINE TO THE OBAMA WHITE HOUSE TO DISCUSS GREEN ENERGY FUNDS, WHILE RECEIVING HUNDREDS OF MILLIONS OF TAXPAYER DOLLARS FOR HIS OWN INVESTMENTS

Steven Westly Bundled For Obama In 2008, Bringing The Obama Campaign Over $500,000. (Center For Responsive Politics, Opensecrets.org, Accessed 1/26/12)
Westly Is Again Bundling For The Obama Campaign In 2012, Already Bringing In Over $500,000. Center For Responsive Politics, Opensecrets.org, Accessed 1/26/12)

Westly Served As The California Co-Chair Of Obama For President In 2008. "In the 2008 election cycle Mr. Westly served as a California co-chair and a National Finance Committee member of the Obama for America campaign." ( The Westly Group Website, Accessed 9/8/11)
"He Currently Serves On The Secretary Of Energy's Advisory Board As A Representative For The Venture Capital Industry." (The Westly Group Website, Accessed 9/8/11)

Westly Worked In Jimmy Carter's Department Of Energy And Was Considered For Secretary Of Energy In The Obama Administration. "Steve Westly, California State Controller and Obama supporter, is rumored to be on the short list to be Obama's Secretary of Energy. An early proponent of alternative energy who worked Department of Energy's Office of Solar and Conservation under Carter, Westly would be a good face for Obama's alternative energy programs." ("Obama's Secretary Of Energy: Steve Westly?," The Huffington Post, 11/30/08)

Mega-Bundler Steve Weslty E-mailed With Valerie Jarrett Warning Her Of Solyndra's Potential Political Fallout. "Steve Westly, a California venture capitalist who raised more than $500,000 for Obama's campaign, exchanged emails with Valerie Jarrett, one of Obama's closest advisers, to warn her about political fallout that could ensue if the president visited the factory being built by Solyndra." (Matthew Mosk And Ronnie Greene, "Obama on Solyndra: 'Hindsight Is Always 20/20,'" ABC News, 10/3/11)
Westly Email To Jarrett: "Could you perhaps check with [the Energy Department] to make sure they're comfortable with the company? I just want to help protect the president from anything that could result in negative or unfair press." (Matthew Mosk And Ronnie Greene, "Obama on Solyndra: 'Hindsight Is Always 20/20,'" ABC News, 10/3/11)
Westly: "If it's too late to change/postpone the meeting, the president should be careful about unrealistic/optimistic forecasts that could haunt him in the next 18 months if Solyndra hits the wall, files for bankruptcy." (Matthew Mosk And Ronnie Greene, "Obama on Solyndra: 'Hindsight Is Always 20/20,'" ABC News, 10/3/11)

Companies That Steve Westly's Firm Invests In Received Over A Half Billion Dollars In Stimulus Funds And Government Loans From Obama

Exited Investments From The Westley Group's Portfolio: Amyris Biotechnologies, China Recycling Energy Corp., Eka Systems, And Tesla Motors. (The Westly Group Website, Accessed 9/8/11)
Current Investments Include: Amonix, CalStar, CleanWell, Cooliris, EdenIQ, Enerkem, Glacier Bay, Greengate Power, Lunera Lighting, RecycleBank, Revolution Foods, Scientific Conservation, ShotSpotter, Solexel And Soladigm. (The Westly Group Website, Accessed 9/8/11)

$465 Million : Tesla Motors Received A $465 Million Loan From The Obama Department Of Energy To Produce A $50,000 Luxury Electric Sedan. "Tesla Motors has received approval for about $465 million in low-interest loans from the US Department of Energy to accelerate the production of affordable, fuel-efficient electric vehicles. Tesla will use $365 million for production engineering and assembly of the Model S, an all-electric family sedan that carries seven people and travels up to 300 miles per charge. The Model S has an anticipated base price of $49,900 after a $7,500 US federal tax credit. It has lifetime ownership costs equivalent to a conventional car with a sticker price of $35,000, thanks to the lower cost of electricity vs. gasoline and a relative lack of service and maintenance. Tesla expects to start Model S production in late 2011 in a state-of-the-art assembly plant employing about 1,000 workers. (Tesla Motors, "Tesla Gets Loan Approval From Us Department Of Energy," Press Release, 6/23/09)

$24 Million : Amyris Biotechnologies Received Over $24 Million From The Stimulus To Develop Industrial Biomass And Biofuels . ("Grants - Awards Summary; AMYRIS BIOTECHNOLOGIES, INC., Award# EE0002869," Recovery.Gov , Accessed 9/9/11)

$20 Million : Logos Technologies Received A $20 Million Stimulus Grant To Work With EdenIQ Developing Feedstock Based Ethanol Fuel. "Logos Technologies, Inc. and EdeniQ, Inc. announced today that they have been awarded a $20.4 million grant to modify and operate a pilot-scale bio-refinery plant to produce low-cost ethanol bio-fuel from cellulosic feedstock, such as corn stover and switch grass. Logos will manage the project, and EdeniQ will be responsible for the modification and operation of their existing refinery site in Visalia, CA." (Logos Technologies, "Logos Technologies And Edeniq Awarded Cellulosic Bio-Ethanol Grant From U.S. Department Of Energy," Press Release, 12/4/09)

$9.5 Million : Amonix Has Received $9.5 Million From The Stimulus. "In 2010, Amonix received $9.5 million in stimulus funding as part of the federal Recovery Act's Advanced Energy Manufacturing Tax Credit, which will lead to 269 new clean energy manufacturing jobs in Nevada and 167 new jobs in Arizona." (Amonix, "Solar Industry Leader Amonix Secures $129.4 Million In Private Equity Financing," Press Release, 4/20/10)
In January 2012, Amonix Laid Off Almost Two Thirds Of Its Work Force. "Just seven months after California-based solar power company Amonix Inc. opened its largest manufacturing plant, in North Las Vegas, the company's contractor has laid off nearly two-thirds of its workforce. Flextronics Industrial, the Singapore solar panel manufacturer that partnered with Amonix to staff the new $18 million, 214,000-square-foot plant, laid off about 200 of its 300-plus employees Tuesday." (Aida Ahmed, "Some 200 Laid Off At North Las Vegas Amonix Solar Plant," Las Vegas Sun, 1/25/12)

$2.44 Million : CalStar Products Inc. Received $2.44 Million In Tax Credits To Open A "Green" Brick Plant In Wisconsin. "CalStar Products, Inc. opened its first green brick and paver plant on Monday in the Village of Caledonia, in southeastern Wisconsin, less than 80 miles north of Chicago. . . . On Friday, CalStar was awarded a $2.44M tax credit under the Recovery Act Advanced Energy program for clean energy manufacturing projects." (CalStar Products Inc., "CalStar Products Opens Green Brick Plant," Press Release, 1/12/10)

$700,000 : RecycleBank Was Paid Over $700,000 Through The Stimulus Program As Part Of A Contract With The City Of Philadelphia To Put Radio Receivers On Recycling Bins . ("Grants - Awards Summary; Philadelphia, City Of, Award# DE-EE0000927," Recovery.gov , Accessed 10/20/10)
A Similar Program In Cleveland Fines Tracks Your Recycling Habits And Fines "Non-Recyclers" Up To A $100 . "It would be a stretch to say that Big Brother will hang out in Clevelanders' trash cans, but the city plans to sort through curbside trash to make sure residents are recycling -- and fine them $100 if they don't. The move is part of a high-tech collection system the city will roll out next year with new trash and recycling carts embedded with radio frequency identification chips and bar codes." (Mark Gillespie, "High-Tech Carts Will Tell On Cleveland Residents Who Don't Recycle ... And They Face $100 Fine," The Cleveland Plain Dealer, 8/20/10)

Revolution Foods Won A Contract To Institute A Pilot School Lunch Program In DC Public Schools. "On Monday, D.C. Public Schools took its own step in improving school food when it announced the new vendors it has selected to provide more healthful meals for two pilot programs scheduled to begin this fall at 14 D.C. elementary schools. Revolution Foods, a California-based company that serves 25 D.C. schools from a kitchen in Glen Burnie, will provide prepackaged meals at seven schools that are undergoing renovations and have no student lunchroom. DC Central Kitchen will provide made-from-scratch meals such as vegetable stir fries and homemade quiches at seven schools in Northeast Washington." (Jane Black, "D.C. Schools Names Two Vendors To Provide Healthful Meals In Pilot Program," The Washington Post, 8/3/10)