September 20, 2011 |
Rep. Darrell Issa (R-Vista), chairman of the House Oversight Committee, said that he plans to launch an investigation into government loan programs, in response to the implosion of solar equipment maker Solyndra, which got a $535-million federal loan guarantee in 2009. Solyndra was the first recipient of a loan guarantee under a program authorized by the Bush administration in 2005 and beefed up under President Obama's stimulus act. But in the last few weeks, the company has shuttered its operations, laid off nearly all of its 1,100 workers and filed for Chapter 11 bankruptcy protection.
September 15, 2011 |
The Treasury Department has opened an inquiry into the role one of its units played in granting a $535-million federal loan guarantee to solar equipment maker Solyndra, which collapsed into bankruptcy 10 days ago. Once heralded by the Obama administration as the kind of innovative manufacturer that could help revive the economy, Solyndra laid off nearly all its 1,100 workers at the end of August and ceased operations. After it filed its Chapter 11 Bankruptcy Court petition, the FBI raided its offices in Fremont, Calif., and the homes of its executives.
September 8, 2011 |
Federal agents executed a search warrant at the Northern California headquarters of solar panel manufacturer Solyndra Inc., which filed for bankruptcy protection this week despite receiving $535 million in federal stimulus loan guarantees. The FBI and Department of Energy's Office of Inspector General confirmed that their agents were involved in the raid Thursday at Solyndra's offices in Fremont but declined to discuss what they were investigating. FBI spokesman Peter D. Lee said documents related to the search had been sealed.
September 2, 2011
When Solyndra, a Bay Area maker of industrial solar panels, announced plans to file for bankruptcy protection Wednesday, it wasn't just a blow for the company's 1,100 laid-off employees or the investors who have pumped millions into the venture. It called into question the Obama administration's entire clean-energy stimulus program. Solyndra was the first company to be awarded a federal loan guarantee under the stimulus, worth $535 million. Taxpayers are likely to end up on the hook for much if not all of that amount, a highly embarrassing development for President Obama because he was among the company's biggest cheerleaders.
September 1, 2011 |
The California solar panel manufacturer that received a high-profile $535-million Energy Department loan guarantee said it was ceasing operations, laying of 1,100 workers and preparing to file for bankruptcy protection. Solyndra of Fremont, Calif., said it had been rocked by stifling global economic conditions and faced heavy competition from Chinese firms that were undercutting it on costs. It was quite a fall from late 2009, when Solyndra received a $535-million federal loan guarantee as part of the $787-billion economic stimulus package.
February 28, 2011
No federal gold for the Golden State Re "Robbing California of energy," Opinion, Feb. 23 Sen. Dianne Feinstein (D-Calif.) berates the House for cutting tens of billions of dollars of funding that would have gone to California businesses for projects in the field of renewable energy. As the senator explains, these funds would serve as loan guarantees for various industries that would then create thousands of jobs. What she fails to explain is that if these industries have so much potential, why are they unable to find private funding that would "invest in the future" and reap a fortune at the same time?
February 23, 2011 |
The House of Representatives this week approved legislation that irresponsibly eliminates a key Energy Department loan guarantee program that is helping grow California's renewable energy industry and creating jobs across Southern California. Before I get into the particulars, here's the bottom line: By rescinding about $2 billion in Recovery Act funds and loan authority, the House has jeopardized some $40 billion of private industry investment in clean energy. Twenty-four California companies have applied for a total of $16.2 billion in loan guarantees that would bring tens of thousands of jobs to California, firmly establishing an industry of the future in our backyard.
February 12, 2011 |
A new federal loan program signed into law five months ago to help small businesses refinance the mortgages on their buildings could help save thousands of firms. If only the program could get started. Businesses can't apply for the loans or even determine if they qualify for them until the Small Business Administration releases rules for the program. The wait is not only problematic for stressed businesses, it's also eating up time. As passed by Congress, the program runs for two years ?
October 4, 2010 |
After months of frustration and delays, small-business owners in Southern California are finally getting long-awaited loans to hire new workers and expand their operations. Money for loans backed by the Small Business Administration, but held up for weeks in Congress, is on its way. Just days after President Obama signed a $30-billion-plus package of incentives for small businesses, Southland bankers, bureaucrats and borrowers are scrambling to nail down the final details and get the money flowing.
July 28, 2010 |
Plans for a massive expansion of clean energy in California are being jeopardized by federal foot-dragging, according to state officials who say that more than 20 nearly shovel-ready solar and wind projects are being held up by the U.S. Department of Energy. Seven major solar-mirror projects — enough to provide power to 3 million Southern California homes — along with plans for at least a dozen wind-turbine and solar-panel complexes have been cleared or almost cleared by state authorities and the U.S. Department of Interior.