Posted on 09/09/2011 7:49:12 AM PDT by sunmars
Officials from the Department of Energy have for months been sitting in on board meetings as "observers" at Solyndra, getting an up-close view as the solar energy company careened towards bankruptcy after spending more than $500 million in federal loan money.
Word of the Energy Department's unusual arrangement came as federal agents on Thursday converged on the California headquarters of the failed solar company, focusing fresh attention on the first corporate beneficiary of President Obama's stimulus program to create new clean energy jobs.
The company, which closed its doors last week and laid off 1,100 workers, has been a subject of an ongoing series of stories by the Center for Public Integrity's iWatch News in collaboration with ABC News.
Questions about the loan have been simmering for months. In 2009, the Energy Department put Solyndra's application on a fast-track for approval, and announced the award with great fanfare. The generous terms of the government loan included the lowest interest of all the green projects benefitting from Energy Department help, iWatch News and ABC News found.
And as part of the deal, the Energy Department agreed that if the company went bust, private investors could recoup their losses before the government. Republicans in Congress called the investment "a bad bet" and said it "put taxpayers at unnecessary risk."
(Excerpt) Read more at abcnews.go.com ...
they have Fast and Furious well beat down, and this one will get a token blurb in passing as well
please God, don't let anyone assassinate Obama and give him instant hero status , let him get demolished in the next election and go down to the pits of hell and the ash heap of history with all the other tyrannical dictators
So far, who has taken the fall for Fast and Furious? One guy moving to another job?
Thinking of snitching? The regime will make a deal with you.
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