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. It is designed to provide federal officials with lessons learned as it proceeds to grant billions of dollars in additional loan guarantees. The inspector general found fault with the department, describing its due diligence work as “less than fully effective.” The report also said department employees felt pressure to process loan-guarantee applications.
In the end, however, the inspector general said the actions of the Solyndra officials “were at the heart of this matter.”
“In our view, the investigative record suggests that the actions of certain Solyndra officials were, at best, reckless and irresponsible or, at worst, an orchestrated effort to knowingly and intentionally deceive and mislead the department,” the report said. (emphasis was mine)Read the rest HERE.
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