Despite a warning from Solyndra's own accountants at PricewaterhouseCoopers that the company's business model was suspect and raised "substantial doubt about its ability to continue as a going concern," President Obama visited the company and gave it a glowing endorsement as a government-picked winner alongside electric cars and high-speed rail.
Despite its spotty business record, Solyndra was the first recipient of green stimulus cash in the form of a $535 million guaranteed loan. The loan not only escaped serious scrutiny, according to the Government Accountability Office, but also was — despite denials by White House officials — fast-tracked by an administration that monitored every step in the process.
Last Thursday, House Energy Committee Chairman Fred Upton, R-Mich., sent a letter to the White House asking for all correspondence among administration officials, Solyndra and its investors. "We have learned from our investigation that White House officials monitored Solyndra's application with (Energy Department) and Office of Management and Budget officials during the course of their review," the letter says.
Wednesday, September 07, 2011
From Investors Business Daily comes this editorial on SolarGate. One can only wonder why the MSM (main stream media - or lame street media depending on whether or not you're a fan) doesn't bother to report how a failing company was able to get half a billion dollars from the government:
Posted by Maggie Thurber at 12:31 PM