Obama Rushed Solyndra Loan
Congressional investigation says OMB had misgivings
By Kevin Spak, Newser User
Posted Sep 14, 2011 7:06 AM CDT
Barack Obama heads inside to deliver a speech after meeting with construction workers building a new Solyndra solar panel factory May 26, 2010 in Fremont, California.   (Getty Images)

(Newser) – The White House pressed the Office of Budget and Management to speed up its approval of a $535 million loan to now-bankrupt solar panel maker Solyndra, so that Joe Biden could announce it at a September 2009 groundbreaking for the company’s new factory, according to emails that Republican congressional investigators passed to the Washington Post. In the emails, the White House repeatedly asks when the review will be completed, while the OMB expresses concern about Solyndra’s finances.

“We have ended up with a situation of having to do rushed approvals on a couple of occasions (and we are worried about Solyndra at the end of the week),” an official complains in one email. In another, one complains that “There isn’t time to negotiate.” The White House acknowledges that it had a “quite active interest” in when the OMB could reach a decision, but stresses that it didn’t try to sway the decision itself.

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Showing 3 of 46 comments
DieselDaWg
Sep 14, 2011 11:10 PM CDT
The bill of goods about the propensity of "green" jobs has been a boondoggle at best, and at its worse, money laundering for the Obama election campaign. Solyndra was to be Obama/Potemkin village showing how well his green jobs program was working. It only had to last until after the 2012 election; too bad it couldn't stand up on its own, let alone, with goverment crutches. Solyndra is an apt metaphor for the last 3 years: a waste of money, crony corruption, and no comprehension how real businesses operate. The Food Stamp Admininstration is as bankrupt in every way as this Potemkin business.
Tis_I
Sep 14, 2011 9:29 PM CDT
If you do your homework - you find that this whole thing started with Bush and the fairy tales that the Rethugs have concocted about this whole thing is so full of B.S. The plan was also partially backed by the Walton's (Wal-Mart). Hey - look into for yourself. This whole political situation is whacked.
serfinWI
Sep 14, 2011 1:43 PM CDT
Politicians don't make highly risky investments with tax dollars for huge monetary gains.