Thursday, August 27, 2015

Solyndra Misrepresented Facts to Get Loan Guarantee

A four-year investigation has concluded that officials of the solar company Solyndra misrepresented facts and omitted key information in their efforts to get a $535 million loan guarantee from the federal government. Solyndra was the first company to get federal loan guarantees under a program that was created in 2005 and expanded by President Barack Obama's 2009 economic stimulus package. The company's failure soon after receiving the loan guarantee likely will cost taxpayers more than $500 million. Republicans and other critics cite it as an example of wasteful spending under the stimulus program. The report by the Energy Department's inspector general was released Wednesday. It's designed to provide federal officials with lessons learned as it proceeds to grant billions of dollars in additional loan guarantees. The inspector general found fault with the department, describing its due diligence work as "less than fully effective." The report also said department employees felt tremendous pressure to process loan guarantee applications...more

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