Treasury Department: Solyndra’s Loan Guarantee ‘Was Rushed’

Posted by on Apr 04, 2012 at 10:32 am

No wonder Obama wants to do anything but talk about his failures. He’s declared war on the Supreme Court, women, men, America and anything decent, just so we’d be distracted from his astonishing lack of integrity and ability to follow the law.

So why is it any surprise that he was ram through Solyndra’s loan guarantee before it could be properly reviewed? Heck, he was never vetted so why should a payoff to donors be vetted?

The U.S. Treasury Department was given one day to complete its review of the government’s $535 million loan guarantee to Solyndra LLC, the bankrupt solar-panel manufacturer, to accommodate an Energy Department press release, according to a Treasury audit.

While Treasury staff say they had enough time to review the loan, internal e-mails cast doubt on whether staff suggestions to provide a partial instead of a full guarantee were addressed by the Energy Department, the Treasury’s Inspector General’s Office said today in the report.

“Treasury’s consultative role was not sufficiently defined, the consultation that did occur was rushed and no documentation was retained as to how Treasury’s serious concerns with the loan were addressed,” the audit said.

Solyndra, heralded by President Barack Obama as proof that “the promise of clean energy isn’t just an article of faith,” filed for bankruptcy in September, days before the FBI raided its headquarters in Fremont, California. The company received a $535 million loan guarantee under the Energy Department’s Loan Guarantee Program in September 2009 that was funded by the Treasury’s Federal Financing Bank, a government corporation created by Congress in 1973.

An Energy Department spokesperson wasn’t immediately available for comment.

The Energy Department didn’t consult the Treasury on the terms and conditions of the loan transaction before or during Energy’s review. The Treasury’s review happened after its staff was told by the Office of Management and Budget that the Energy Department was ready to make a conditional commitment to Solyndra, the report said.

The Energy Department sent a draft press release to the Treasury on March 18, 2009, “announcing Solyndra’s conditional commitment planned for issuance later that afternoon,” the report said. The Treasury requested more time for review and later agreed with the Energy Department’s request to expedite the review by March 19, 2009, “so that the press release could be issued on the morning of March 20, 2009,” the report said.

If only we had a functioning Justice Department to launch a criminal probe.

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One Response to “Treasury Department: Solyndra’s Loan Guarantee ‘Was Rushed’”

  1. Blue Hen on 4/04/12 at 11:52 am

    The Treasury department is run by a tax cheat. The Energy department is run by a genius who can’t even lie well ( “I want $8 gas. My boss just told me that i don’t”) and the Justice department is run by a Clinton era whore lawyer. But i repeat myself. And this involving a loan that the Bush administration refused to grant.