Lis Smith, a spokesman for President Barack Obama's reelection campaign, touted Solyndra by saying the failed energy company that received federally backed loans has been "widely praised as successful and innovative."
In March 2009, Energy Secretary Steven Chu announced a $535 million conditional loan guarantee to Solyndra — making it the first to receive a loan since the 2005 program began. At that point, administration officials pushed for the DOE to hasten its final decision on approving the loan so Vice President Joe Biden could announce it on a planned trip to California. The loan was funded with stimulus money and formally announced in September 2009," the Washington Post explains.
The DOE learned in December 2010 that Solyndra could not make its loan payment, in violation of itsfederal loan deal. Solyndra executives had been privately warning administration officials that the firm was at risk of liquidation.
Yet in February 2011, the department restructured the loan, with some investors agreeing to provide Solyndra $75 million more in financing. ...
In August 2011, the company filed for bankruptcy.