Tuesday, September 1, 2015

Solyndra Lied to Get Loan

The article left me with a sinking feeling:

"Solyndra misrepresented facts to get loan, report says" by Kevin Freking Associated Press  August 27, 2015

WASHINGTON — 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 Obama’s 2009 economic stimulus package.

The company’s failure soon after receiving the loan guarantee probably will cost taxpayers more than $500 million. Critics cite it as an example of wasteful spending under the economic 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. 


No criminality anywhere, of course. It's all a le$$on learned (rough one for taxpayers).

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.

In the end, however, the inspector general said the actions of the Solyndra officials ‘‘were at the heart of this matter.’’

‘‘In our view, the investigative record suggests that the actions of certain Solyndra officials were, at best, reckless and irresponsible or, at worst, an orchestrated effort to knowingly and intentionally deceive and mislead the department,’’ the IG’s report said.

We get that from all quarters over here in AmeriKa.

Miles Ehrlich, counsel for the company’s former CEO, Chris Gronet, disputed the findings.

‘‘Solyndra executives were completely truthful and accurate in their representations during this loan process, ’’ Ehrlich said in a statement provided by his law office.


All's not well in Solarville?

Finally, a ray of light.... 

Solar Stimuloot Went to Goldman Sachs

.... better put on some sunglasses then.