WASHINGTON, DC – Today, the House of Representatives will vote on the Energy and Commerce Committee’s “No More Solyndras Act,”
H.R. 6213. The legislation was authored by full committee Chairman Fred
Upton (R-MI) and Oversight and Investigations Subcommittee Chairman
Cliff Stearns (R-FL), drawing upon the lessons of the committee’s investigation
into the Department of Energy’s (DOE’s) $535 million loan guarantee to
Solyndra, the California solar panel manufacturer that ultimately went
bankrupt last September.
Here are some of the startling facts discovered during the committee’s investigation into the Obama administration’s highly touted stimulus “success story”:
1) The White House ignored its own experts’ warnings.
The administration was warned that Solyndra was a bad bet from the beginning. One Obama administration Office of Management and Budget (OMB) employee wrote in an email in March of 2009 that the Solyndra “deal is NOT ready for prime time.” Another DOE employee prophetically warned that Solyndra would be out of cash in September 2011 – the exact month that the company was raided by the FBI and its doors were shuttered.
2) Solyndra’s rushed approval was for a previously scheduled press event.
Documents obtained by the committee show the White House rushed to approve the loan in spite of the warning signs to coincide with the press event for Solyndra’s groundbreaking. An e-mail between OMB staff noted, “Given the time pressure we are under to sign-off on Solyndra, we don’t have time to change the model…” As scheduled, Vice President Biden appeared via satellite at the groundbreaking ceremony just days later and touted Solyndra’s ability to create “permanent jobs.”
Read more: http://energycommerce.house.gov/blog/ten-lessons-solyndra-failure
Here are some of the startling facts discovered during the committee’s investigation into the Obama administration’s highly touted stimulus “success story”:
1) The White House ignored its own experts’ warnings.
The administration was warned that Solyndra was a bad bet from the beginning. One Obama administration Office of Management and Budget (OMB) employee wrote in an email in March of 2009 that the Solyndra “deal is NOT ready for prime time.” Another DOE employee prophetically warned that Solyndra would be out of cash in September 2011 – the exact month that the company was raided by the FBI and its doors were shuttered.
2) Solyndra’s rushed approval was for a previously scheduled press event.
Documents obtained by the committee show the White House rushed to approve the loan in spite of the warning signs to coincide with the press event for Solyndra’s groundbreaking. An e-mail between OMB staff noted, “Given the time pressure we are under to sign-off on Solyndra, we don’t have time to change the model…” As scheduled, Vice President Biden appeared via satellite at the groundbreaking ceremony just days later and touted Solyndra’s ability to create “permanent jobs.”
Read more: http://energycommerce.house.gov/blog/ten-lessons-solyndra-failure
No comments:
Post a Comment