Judicial Watch • Fed Audit Confirms Govt. Corruption In Solyndra Deal

Fed Audit Confirms Govt. Corruption In Solyndra Deal

Fed Audit Confirms Govt. Corruption In Solyndra Deal

APRIL 05, 2012

The “serious concerns” of U.S. Treasury officials involving a risky $535 million infusion for a fly by night solar panel firm were ignored as the deal was fast-tracked by the Obama Administration, according to a federal audit released this week.

Bankrolled by Obama fundraiser George Kaiser, the now-defunct northern California company (Solyndra) got more than half a billion dollars from the U.S. government to promote green energy. Instead, it abruptly folded last fall, stiffing American taxpayers and laying off more than 1,000 workers. From the start, it was a controversial deal that was suspiciously rushed through for a politically-connected entrepreneur that had raised large sums for Obama.

This week a Treasury Inspector General report sheds light on the scandalous process that, not only ignored warning signs about the startup company’s viability, but also blew off the concerns of officials at the agency responsible for doling out the cash. The “loan,” which will never be repaid, was rushed through by Obama appointees at the Department of Energy (DOE) without Treasury input.  

That violated the terms of the program, which was created by the president’s disastrous stimulus. It allows the DOE to make loan guarantees to companies investing in “innovative clean technologies” but specifically requires the Secretary of the Treasury to be consulted on the terms and conditions of the loan guarantee concurrent with its review process. As of December 2011 the DOE guaranteed 28 projects totaling $16.1 billion after consulting with Treasury, the audit says. 

Evidently this did not occur with the Solyndra deal because it was expedited for a political donor. In fact, the IG report cites an electronic mail written by a Treasury official after a conference call with DOE brass, presumably to discuss the pros and cons of the huge Solyndra deal. “We pressed certain issues…but the train really has left the station on this deal.”

Judicial Watch is investigating the Solyndra scandal and has sued the Obama DOE and Office of Management and Budget to obtain records involving the deal. In September JW submitted Freedom of Information Act (FOIA) requests seeking records from both agencies, but the DOE says it’s reviewing documents in preparation for public release. The Office of Management and Budget has totally blown off the request. This indicates that the administration is on cover-up mode.

 

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  • geg713

    Unbelievable how many people are duped by this man and his administration. Real change in November will send a loud message that this BS is not wanted. Not only that, when he does lose, he retires very wealthy with taxpayer’s money and protection from the Secret Service.

  • Romeo Sirate

    And millions of brainless Americans still supports this sorry excuse for a president. What would it take for the rest of the country to realize that this man’s only purpose is to destroy America? I guess when he promised that America needs change, he was referring to the ones in our pockets. It took more than two hundred years for our country to be the greatest in the world, give this man another four years and it will be completely destroyed when his second term is over. If you people who voted for this man don’t believe it, go ahead, just don’t forget that this man could’nt give a rat’s behind about you.

  • kjs420

    I’m shocked and dismayed. How could anyone accuse this fine administration of anything less than above board, openness, integrity, and the utmost in honesty? How dare they. The Obamabinladen administration is the finest this nation will ever see. So what if he’s a total fraud, a forger and an identity thief, he’s what this nation needs right now, what an upstanding citizen.
    Excuse me while I go wash out my mouth with Lysol.




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