Bush Administration Voted Against Solyndra Loan

By DontLikeYou,  Newser User

Posted Sep 14, 2011 3:50 PM CDT

(User Submitted) – During a recent ABC News interview, Obama White House officials attempted to deflect criticism about their half-billion dollar loan to Solyndra by pointing out that the Bush administration was the first to consider loaning them money. What they failed to mention is that the Bush administration refused Solyndra's loan request.

Internal Office of Budget and Management memos said of Solyndra, "the risk rating for the project sponsor [Solyndra] … seems high". Analysts outside of the OMB had also been calling Solyndra a bad investment for months during this same period.

Peter Lynch, a New York-based solar energy analyst, told ABC News it took only a cursory glance through Solyndra's prospectus to recognize a problem with their numbers.

"It's very difficult to perceive a company with a model that says, well, I can build something for six dollars and sell it for three dollars," Lynch said. "Those numbers don't generally work. You don't want to lose three dollars for every unit you make."

Read the full article.

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  (AP)
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