September 15, 2011 |
The Obama administration ignored "red flags" about failed Northern California solar panel manufacturer Solyndra, rushing through a $535-million loan guarantee for the company in 2009 and improperly restructuring the deal last winter in a failed attempt to boost the economy and the green energy industry, House Republicans said. A House Energy subcommittee released internal administration documents Wednesday showing a push to finish work on the loan package in mid-2009 so that Vice President Joe Biden could announce it. And lawmakers spent four hours grilling two administration officials about the decision to risk so much taxpayer money on Solyndra's uncertain technology.
September 14, 2011 |
Executives of beleaguered solar equipment maker Solyndra Inc. canceled their Wednesday appearance before a congressional investigative committee at the last minute, citing the demands of a complicated bankruptcy and a federal investigation they face. Solyndra got a $535-million loan as part of the U.S. stimulus package in late 2009 and was held up by the Obama administration as a powerful example of the kind of innovative manufacturing that would revive the economy. But in the last few weeks, the Fremont, Calif., company has closed shop, laid off most of its 1,100 workers, filed for Chapter 11 bankruptcy protection and had its offices and executives' homes raided by the FBI. The House Energy and Commerce Committee will hear testimony from administration officials about the government's loans to Solyndra.
September 13, 2011 |
Solar energy equipment maker Solyndra Inc., reeling from a recent bankruptcy filing and FBI raids last week on its Bay Area office and executives' homes, faces a public and probably embarrassing reckoning before a House subcommittee. The hearings Wednesday are the latest step by the House Energy and Commerce Committee and its oversight arm to push an investigation it launched in February into the Energy Department's decision to give Solyndra a $535-million loan guarantee under the American Recovery and Reinvestment Act. The committee wants to explore, in particular, questions about whether the loan from the $787-billion stimulus fund was granted because of Solyndra's financial ties to a major Democratic fundraiser, George Kaiser.
September 12, 2011 |
Bankruptcy. FBI raids. General ignominy. For the benighted solar energy company and stimulus loan recipient, Solyndra, the next stop in its vale of tears will be a hearing this Wednesday in Washington held by a House Energy and Commerce subcommittee. For the Record, 12:46 p.m. Sept. 12: An earlier version of this online article stated that Solyndra got a $535-billion loan guarantee from the Energy Department in 2010. The correct number is $535 million, as was also mentioned in the article.
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 |
House Republicans are pressing forward with a probe into a $535-million loan guarantee to a California-based solar panel manufacturer, charging that the Obama administration may have improperly awarded the loan to a company whose major investor was a bundler for Obama's 2008 presidential campaign. The company, Solyndra Inc., announced earlier this week that it will file for bankruptcy, putting 1,100 employees out of work and likely leaving taxpayers on the hook for much of the massive loan.
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.
September 4, 2009 |
A Fremont, Calif., company that makes solar panels will receive a $535-million federal loan guarantee, allowing it to finish the first phase of construction of a factory, a government official said. The loan guarantee for Solyndra Inc. is to be made by the Energy Department as part of the $787-billion economic stimulus package. The expansion is expected to create as many as 3,000 construction jobs and 1,000 long-term jobs. The news is welcome for Fremont, a Bay Area city of 215,000 that was stung recently when Toyota Motor Corp.