I wrote about the solar panel manufacturer Solyndra last week; "Government Investment Disaster in the Works"
I highlighted all of the negatives that the company was facing.
It was pretty clear to me that that company was facing trouble. But I had no idea that they would file Chapter 11 the very next day. (Sometimes you just get lucky
I also made note of some scuttlebutt that George Kaiser (Oklahoma oil billionaire) was involved with Solyndra. I have been looking for a confirmation of this. 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 Tulsa World
filed a story Re the Kaiser connection earlier today. (What better place to get the news than a home town paper).
Quotes from the TW article:
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.
So the family foundation was the source of the money that got Solyndra going. But George Kaiser tried to distance himself from this very ugly story. A quote from a Kaiser "spokesperson":
"George Kaiser is not an investor in Solyndra and did not participate in any discussions with the U.S. government regarding the loan".
Interesting that Kaiser is doing his level best to distance himself from the stink. But it does not work for me:
George Kaiser is chairman of BOK Financial Corp. and owner of Kaiser-Francis Oil Co. Argonaut is headed by Steve Mitchell, who also served on Solyndra's board of directors.
So Kaiser wants us to believe that the Family Foundation he runs invested some $300mm of the families "excess cash" and he did not really know about it. The guy who is running the family's investments (Steve Mitchell) is also sitting on the board at Solyndra. And we are supposed to believe that George Kaiser was just a passive investor?Not a chance.
We have Mr. Kaiser on the record on this.