Will it turn out worse than Solyndra?:
As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing.
The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.
In happier times, the firm had been celebrated as a harbinger of the future. The political connections it enjoyed were the fruit not only of well-placed contributions but of a self-imposed ideological mission: It was going to deliver cheap energy in amazing ways. Top executives had dismissed accounting irregularities. The normal rules, it was said, did not apply.Read more
The spectacular collapse of Solyndra has all of the trappings of an epic Washington scandal, with serial revelations of embarrassing and potentially improper White House machinations to secure a $535 million federal loan guarantee for a startup company with dubious prospects of success. The sudden bankruptcy of the Fremont, California, manufacturer of solar panels—after it was feted as a model creator of “green jobs” by President Obama and Vice President Biden—has already featured FBI raids, contentious congressional hearings, and demands for a special prosecutor to investigate.Read more
Washington Examiner: " Solyndra exec on board with $737m loan gaurantee"Read more
The Wall Street Journal reports today that the Department of Energy has approved loan guarantees for two solar energy projects:
One deal, a $737 million loan guarantee for Solar Reserve LLC, paves the way for construction of the 110-megawatt Crescent Dunes Solar Energy facility, which will use an array of mirrors to focus the sun's heat and power a steam generator.Read more
Despite the repeated attempts to wish away the Solyndra scandal, it appears to be getting bigger. Today, the Los Angeles Times informs us key White House personnel raised concerns the Department of Energy loan program that gave Solyndra $535 million was poorly conceived and managed long before the solar panel manufacturer's bankruptcy:Read more
To find a metaphor for the failed Obama presidency, look no further than Solyndra. Before it went bankrupt, the solar panel manufacturer was more than the recipient of a $535 million loan guarantee from the federal government. It was the model for the White House effort to put the American economy on a “new foundation.”Read more
Over at Reason, Tim Cavanaugh observes that the few defenses being mounted for loaning failed solar company Solyndra $535 million in stimulus funds are really, really wanting.Read more
The Los Angeles Times opened up a new front in the Solyndra scandal on Friday (and there are too many fronts to count at this point), reporting that Steve Spinner, another prominent Obama donor, served as a top official in the Energy Department program that made the half-billion dollar loan to the now bankrupt solar panel maker. In Spinner's defense, he did recuse himself from the decision to grant the loan—because his wife works at a law firm that represented Solyndra.Read more
We may be witnessing a perfect Washington moment. For most of the workweek, attention has been focused on the collapse of a solar energy company that had received economically dubious–and politically motivated–subsidies of some $500 million. On Sunday, the city’s football franchise, the Redskins, will play a game the organization is calling the “Solar Bowl.”Read more
The Washington Post reports that the stimulus-backed Department of Energy loan guarantee program, which financed green energy companies like the failed solar energy start-up Solyndra and three projects for the Abengoa corporation, has created far fewer jobs than the Obama administration projected:Read more
Two big stories are out tonight on the blossoming scandal involving failed solar panel company and stimulus funds recipient Solyndra. First, the Washington Post reports that the White House pressured the Office of Management and Budget (OMB) to speed up the approval process for Solyndra's $535 million loan:Read more
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