How Solyndra used misrepresentations to secure loan guarantee that cost tax payers millions

Washington Free Beacon:
A years-long investigation into the Department of Energy’s support for the bankrupt solar company Solyndra faults DOE officials, contractors, and the company itself for the department’s eventual loss of hundreds of millions of taxpayer dollars steered to the firm.

The DOE’s inspector general on Wednesdayreleased the results of the investigation. It was undertaken in conjunction with the Department of Justice, which, the report reveals, decided early this year not to pursue any criminal charges in the matter.

Solyndra received a $535 million stimulus-backed DOE loan guarantee as part of the Obama administration’s early push for renewable energy subsidies. The company filed for bankruptcy in 2011 and laid off 1,100 employees, eventually costing taxpayers more than $500 million.

The company became a symbol of opposition to the administration’s green energy subsidy programs. Critics said its investors’ political connections had helped it to obtain taxpayer money despite obvious problems with its business.

Wednesday’s report, from DOE’s inspector general, notes these concerns, but says that the political factors supporting Solyndra’s government assistance were not examined during the investigation.
...
The report was released about the same time Obama was touting "investment" in green energy and making false statements about opponents of these boondoggles.   He is still pushing inefficient energy despite the corruption shown in deals like Solyndra.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t...
Read more

Is the F-35 obsolete?

Headline USA: Pentagon Fires Back after Musk Calls Its Most Expensive Project ‘Obsolete’ 'Yeah, as I'm sure you can appreciate, Mr. Musk is, currently, a private citizen, I'm not going to make any comments about what a private citizen may have to say about the F-35....'   ... ... Drones appear to be replacing jets for many operations.  The Russia-Ukraine war is an example of that.  Drones are often hard to detect and can be used for intelligence operations as well as for attacking enemy targets.  It would not surprise me to see drones engaging other drones in combat.  They also cost much less than manned fighters.  
Read more