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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.....