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....
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.....
Money launderers will do that.
Republicans cite as wasteful a program that was created in 2005?
When do the civil/criminal suits begin?
The $500 mill should be deducted from the Energy Dept. budget ..... when departments totally waste taxpayer money like this, there should be some sort of repercussion if there isn’t going to be jail time for those who are responsible. Since the government was complicit & they “should” spend OUR money wisely, they should bear responsibility in a way that they will feel. IF the department can’t function with such a cut, then they should close up shop.
I know of several cases from past years whereby those who falsified federal documents for loans and grants who spent time in a federal prison. And their infractions were for far less than this case.
So, who is going to jail?