Treasury had "one day" to review Solyndra loan

The Treasury Department's review of Solyndra's $535 million federal loan guarantee was "rushed" through in about one day in March 2009, "based on an expedited review request from DOE so that a press release could be issued," according to a Treasury inspector general report that gives further evidence of the early Obama administration's eagerness to announce progress in funding clean energy.  The report, issued Tuesday, also quotes internal Treasury documents that portray the Energy Department as being under pressure to get the loan agreement out the door.  “DOE says that their hands are tied on this issue,” the audit quotes one Treasury email as saying, discussing one detail of the financing terms. “They are under pressure to complete a deal.” Another internal Treasury email said that “the train really has left the station on this deal.” The report also found that DOE didn't consult with Treasury on the terms and conditions of the loan deal before or during the Energy Department's own review process, including the review of Solyndra's credit worthiness...more