POWER FAILURE: Loose Solyndra Oversight Was “Regular” for Stimulus Energy Loans
April 4, 2012
Loose Solyndra Oversight Was “Regular” for Stimulus Energy Loans
New Audit Shows Treasury Department Was Given Just One Day to Review the Solyndra Loan to Make Way for a PR Campaign
New Audit Shows Treasury Department Was Given Just One Day to Review the Solyndra Loan to Make Way for a PR Campaign
President Obama Insists Solyndra Went Through The Same Review Process As All Stimulus Energy Loans:
“Obama has defended the Solyndra loan, which had been the poster child of the administration’s green jobs push, telling ABC News last month that ‘hindsight is always 20/20.’
“‘It went through the regular review process, and people felt like this was a good bet,’ he said.”
(Devin Dwyer, “For Sale: Banner That Greeted Obama at Solyndra,” ABC News’ Political Punch Blog, 11/2/11)
If That’s True, Then Taxpayers Should Be Very Worried That Solyndra Is Simply The First Of Many Stimulus Busts At Their Expense:
“The U.S. Treasury Department was given one day to complete its review of the government’s $535 million loan guarantee to Solyndra LLC, the bankrupt solar-panel manufacturer, to accommodate an Energy Department press release, according to a Treasury audit.
“While Treasury staff say they had enough time to review the loan, internal e-mails cast doubt on whether staff suggestions to provide a partial instead of a full guarantee were addressed by the Energy Department, the Treasury’s Inspector General’s Office said today in the report.”
(Alison Vekshin, “Solyndra’s Loan Guarantee ‘Was Rushed,’ Treasury Audit Says,” Bloomberg, 4/3/12)
Loose Solyndra Oversight Was “Regular” for Stimulus Energy Loans http://ow.ly/a4Gzw #powerfailure
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