ObamaGate: Solyndra Files Bnkrtcy after getting $535 Million WH Fast Track Loan

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Solyndra the 'tip of the iceberg'?
Published: Sept. 15, 2011 at 9:19 AM



WASHINGTON, Sept. 15 (UPI) -- The White House deflected criticism that it put pressure on officials to get major stimulus funding through for bankrupt solar panel maker Solyndra.

The FBI and officials from the U.S. Department of Energy last week raided Solyndra's offices in San Francisco. The raid was apparently in connection with $535 million in loan guarantees from the U.S. Energy Department, though the FBI didn't offer details about the raid.

Republican critics of U.S. President Barack Obama claim e-mail messages from 2009 suggest his administration used political pressure to get the loan through to showcase his commitment to a green economy, something Obama trumpeted in his State of the Union address in January.

GALLERY: Obama tours Solyndra in California

White House spokesman Jay Carney, in statements to reports, said accelerating the process for Solyndra was part of an effort "to get an answer to make a scheduling decision."

He suggested much of the original process, meanwhile, was from policies left over from the administration of George W. Bush.

House Energy and Commerce Committee Chairman Rep. Fred Upton, R-Mich., during testimony on Capitol Hill, said he felt Solyndra might be just "the tip of the iceberg" regarding a series of stimulus funding decisions.


© 2011 United Press International, Inc. All Rights Reserved.



Read more: http://www.upi.com/Business_News/Energy-Resources/2011/09/15/Solyndra-the-tip-of-the-iceberg/UPI-70081316092757/print/#ixzz1Y2c5NtGX

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Obama admin. ignored warnings about Solyndra
AP via Yahoo! News ^ | September 15, 2011 | by Matthew Daly
Posted on September 15, 2011 8:04:12 PM EDT by Oldeconomybuyer

WASHINGTON (AP) -- The Obama administration ignored repeated warnings about a clean-energy loan program that has become an embarrassment for the White House amid the collapse of a California solar energy company that received more than $500 million in federal loans.

At least three reports by federal watchdogs over the past two years warned that the Energy Department had not fully developed the controls needed to manage the multibillion-dollar loan program that provided more than $528 million to Solyndra Inc., a now-bankrupt solar panel manufacturer.

Even as Obama praised the company's plans to hire more than 1,000 workers, warning signs were being sent from within the government and from outside analysts who questioned Solyndra's viability as a "going concern."

Emails obtained by The Associated Press show that a White House official dismissed reports about Solyndra's gloomy future. An email from Greg Nelson, a White House official who had been involved in the planning of Obama's May 2010 trip to Solyndra's headquarters, to a Solyndra executive downplayed a July 2010 news story in a trade publication that criticized the company's financial health.

"Seems B.S.," Nelson wrote.

A 2009 report by the Energy Department's inspector general warned that the DOE lacked the necessary quality control for the loan guarantee program, which was created in 2005 to support clean-energy projects that could not obtain conventional bank loans due to high risks.

In July 2010, the Government Accountability Office said the Energy Department had bypassed required steps for funding awards to five of 10 applicants that received conditional loan guarantees.

(Excerpt) Read more at finance.yahoo.com ...



Boooom!

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AP on Solyndra: WH ignored at least three watchdog reports criticizing Energy Department’s loan
Hot Air ^ | 9/15/11 | Allahpundit
Posted on September 15, 2011 10:26:16 PM EDT by Nachum

That’s not all they ignored, either. According to e-mails obtained by the AP, one White House official who helped plan Obama’s big photo op at the plant earlier this year dismissed a news story about Solyndra’s financial troubles with, “Seems B.S.” A few months earlier, the same chump ignored the alarm bells being rung by accounting firms and instead accepted at face value Solyndra’s assurances that they were doing well, writing, “Fantastic to hear that business is doing well — keep up the good work! We’re cheering for you.”

Everyone knew the company was toast. Except the people in charge of your money.

A 2009 report by the Energy Department’s inspector general warned that the DOE lacked the necessary quality control for the loan guarantee program, which was created in 2005 to support clean-energy projects that could not obtain conventional bank loans due to high risks.

In July 2010, the Government Accountability Office said the Energy Department had bypassed required steps for funding awards to five of 10 applicants that received conditional loan guarantees.

(Excerpt) Read more at hotair.com ...

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