Solyndra Probe Highlights White House Budget Analysts Knowing Loan Was Bad Risk

I know, I know, you’re shocked!

(The Hill) A GOP report shows that White House budget analysts had concerns about the financial risks of the Energy Department’s early 2011 restructuring of the federal loan for Solyndra, the solar panel company that collapsed last August, according to a news account.

The Washington Post obtained portions of the House Energy and Commerce Committee’s upcoming report on their lengthy probe of the Obama administration’s support for Solyndra, which cratered last year after receiving a $535 million Energy Department loan guarantee in 2009.

The investigation finds that senior White House Office of Management and Budget (OMB) officials didn’t discourage the Energy Department from revamping the loan agreement despite the concerns from OMB analysts, the Post reports.

The House GOP report shows that an OMB analyst calculated that millions of taxpayer dollars might be saved by cutting the government’s losses, closing the company and selling its assets, according to the Post.

Yeah, but Team Obama had to push his “green” energy and reward campaign contributors, but mostly reward campaign contributors.

The GOP report also shows that while career OMB staff members circulated e-mails warning of the risks of revamping the loan, senior OMB officials – including then-OMB chief Jack Lew, who is now President Obama’s chief of staff – didn’t discourage the Energy Department from proceeding.

And guess who Team O is blaming?

“OMB spokeswoman Moira Mack said the agency’s career staff members, who were responsible for calculating the cost of the proposed restructuring, ultimately determined that the Energy Department’s approach was reasonable, considering the information available at the time.”

Great. Blame the people who said the loan was extremely risky, a bad deal, subordinated taxpayer interests, and was bound to fail.

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3 Responses to “Solyndra Probe Highlights White House Budget Analysts Knowing Loan Was Bad Risk”

  1. […] the failed solar company Solyndra, but they dumped our tax dollars into the company anyway. I know, you’re shocked. The Hill has the details:The Washington Postobtained portions of the House Energy and Commerce […]

  2. […] Solyndra Probe Highlights White House Budget Analysts Knowing Loan Was Bad Risk […]

  3. Gumball_Brains says:

    Unfortunately, by the time the Repubs, or anyone who has the cajones to demand justice and accounting, nothing will be able to be done about it. And, thus, the corruption will continue.

    With Boehner remaining in charge, and the same weak Repubs in control next year in the House, I don’t see much changing.

    We still have the lightbulb ban. They have yet to reign in the EPA or Dept of Energy. They have not done anything about gas prices or fuel-type mandates.

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