Posted on 08/28/2015 4:43:22 AM PDT by thackney
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 U.S. government.
Solyndra was the first company to get federal loan guarantees under a program that was created in 2005 and expanded by President Barack Obama’s 2009 economic stimulus package.
The company’s failure soon after receiving the loan guarantee likely will cost taxpayers more than $500 million. Republicans and other critics cite it as an example of wasteful spending under the stimulus program.
The report by the Energy Department’s inspector general was released Wednesday....
(Excerpt) Read more at wsj.com ...
so, where has all the money gone?
poof....... it disappeared
Ultimately he ambushed himself. He doesn’t seem to understand, though, that the blood he sees on the ground comes from him.
Top leaders of Solyndra solar panel company repeatedly misled federal officials, investigation finds
http://www.washingtonpost.com/blogs/federal-eye/wp/2015/08/26/top-leaders-of-solyndra-solar-panel-company-repeatedly-misled-federal-officials-investigation-finds/
...Solyndra’s leaders engaged in a “pattern of false and misleading assertions” that drew a rosy picture of their company enjoying robust sales while they lobbied to win the first clean energy loan the new administration awarded in 2009, a lengthy investigation uncovered. The Silicon Valley start-up’s dramatic rise and then collapse into bankruptcy two years later became a rallying cry for critics of President Obama’s signature program to create jobs by injecting billions of dollars into clean energy firms....
Solyndra officials told the government in 2009, for example, that they had firm contracts to sell $2.2 billion worth of their unique cylindrical solar panels over the next five years. But behind the scenes, investigators found, Solyndra was struggling with customers who were balking at the high panel prices, arranging secret side deals to pay discounted prices and refusing to buy as many panels as they once promised.
Government officials, however, shared in some of the responsibility for the loss of the $535 million federal loan, investigators concluded in their report. Federal loan officers, feeling pressure from the White House and other senior government leaders to approve the loan, failed to notice warnings in the fine print of documents that could have alerted them to Solyndra’s shaky status, the investigative report said.
These new details come now, at the end of a four-year-long probe by the FBI and the Department of Energy’s Inspector General. Together the two offices looked at whether Solyndra officials committed a crime by making false statements to the government, primarily the Department of Energy that awarded the loan....
The report does not identify the Solyndra leaders that gave misleading information by name....
Sorry that reply was meant for the previous headline about Jorge.
Slipshod Energy Department Cited in Final Report on $500 Million Solyndra Scandal
http://www.thefiscaltimes.com/2015/08/27/Slipshod-Energy-Department-Cited-Final-Report-500-Million-Solyndra-Scandal
But the report also found that the Energy Department and other administration officials had been slipshod in overseeing the contract, missing numerous opportunities to uncover the company’s deceptive actions.
The latest findings revive the sorry saga of Solyndra, a low point in the early days of the Obama administration. Obama was blasted by Republicans for what they viewed as crony capitalism and political favoritism that cost the public dearly. The scandal also provides a cautionary tale for the president and his successor about the risks of managing large, multibillion-dollar energy initiatives without sweating the details.
Obama repeatedly cited the government loan guarantee to Solyndra as the first major step in his initiative to wean the economy off of its dependence on fossil fuels and turn to alternative sources of energy, including solar power and wind. While visiting its plant in May 2010, Obama declared that Solyndra was “leading the way toward a brighter and more prosperous future.”
But the government was left holding the bag after the company laid off 1,100 workers and filed for bankruptcy in September 2011. Republicans launched investigations. And it was subsequently revealed that Office of Management and Budget officials felt pressured to approve the loan, despite concerns about Solyndra’s financial stability.
According to the IG’s report, Solyndra’s leaders engaged in a systematic pattern of lying and deception to paint their company’s financial situation in the most positive light while hiding crucial information that might have prevented them from qualifying for the first highly coveted clean-energy loan under a program designed to spend as much as $40 billion.....
None the less, thanks for the thread bump...
;-)
Money launderers will do that.
So were are the indictments Obongo? No doubt Lynch has been ordered not to touch this.
The regime criminals in charge Im sure recieved a vig on all of this
Republicans cite as wasteful a program that was created in 2005?
it’s in the personal bank accounts of the cronies who started the damned thing....solyndra is broke, the government is broke, the cronies are out buying private islands....
From the WP link in post #4:
Earlier this year, the Department of Justice decided not to pursue criminal charges against the former Solyndra officials involved.
“The Department of Justice reviewed the evidence and elected to not pursue charges based on the Federal Principles of Prosecution, which include whether the person’s conduct constitutes a Federal offense and whether the admissible evidence will be sufficient to obtain and sustain a conviction,” Justice spokesman Peter Carr said.
Yep, Started under Bush and Obama really made it work, for him.
” and expanded by President Barack Obama’s 2009 economic stimulus package.”
Key part of it.
Small business assistance has also been abused by ole Brak too.
And anything that was merely a nuisance under Bush was used by Brak to become a catastrophe.
Just keep in mind the two edged nature of government anything and you won’t be surprised.
Democrat controlled Congress passed the National Environmental Policy Act (NEPA) in 1969. NEPA required all federal agencies planning projects bearing on the environment were compelled to submit reports accounting for the likely consequences—the now famous Environmental Impact Statements (EISs). Secondly, NEPA directed the President to assemble in his Cabinet a Council on Environmental Quality.
It took about a year for the different agencies to be combined under the EPA in Dec 1970.
When do the civil/criminal suits begin?
From the WP link in post #4:
Earlier this year, the Department of Justice decided not to pursue criminal charges against the former Solyndra officials involved.
“The Department of Justice reviewed the evidence and elected to not pursue charges based on the Federal Principles of Prosecution, which include whether the person’s conduct constitutes a Federal offense and whether the admissible evidence will be sufficient to obtain and sustain a conviction,” Justice spokesman Peter Carr said.
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