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Solyndra e-mails: Dept. of Energy was poised to approve $469 million for firm (second massive loan)
Washington Post ^ | Wednesday October 5, 2011 | Carol D. Leonnig
Solyndra e-mails: Dept. of Energy was poised to approve $469 million for firm - The Washington Post
The Obama administrations Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the companys financial situation was growing more dire.
The Energy Department was actively pushing to provide the second loan guarantee to the troubled solar-panel manufacturer in April and May 2010, when Solyndras auditors warned the company was in danger of closing due to its rapidly mounting debts and expenses, according to complete e-mails just released by a House committee investigating the original loan.
White House career staffers, who had first raised concerns in the fall of 2009 about the Department of Energy providing Solyndra with its first taxpayer-backed loan of $535 million , wrote e-mails in gallows humor in April 2010 about the prospect of giving Solyndra more money. That spring, industry analysts were publicly questioning how the Silicon Valley startup could so quickly be running out both the federal loan and $933 million in private capital.
Apparently the loan size for Phase II is $469 million, one Office of Management and Budget analyst wrote of DOE seeking a second loan for Solyndra. The analystss name was not released by the committee. Ive been told we should expect the see that project soon for conditional commitment.
Another joked: Possible to close and default on one before closing on a second??? Could be a new record.
The agency didnt shelve the idea for a second loan until October 2010, a Department of Energy spokesman has confirmed. That was the month that Solyndra executives and investors first warned the department that the company was facing the threat of having to liquidate without emergency cash.
(Excerpt) Read more at washingtonpost.com ...
Washington Post ^ | Wednesday October 5, 2011 | Carol D. Leonnig
Solyndra e-mails: Dept. of Energy was poised to approve $469 million for firm - The Washington Post
The Obama administrations Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the companys financial situation was growing more dire.
The Energy Department was actively pushing to provide the second loan guarantee to the troubled solar-panel manufacturer in April and May 2010, when Solyndras auditors warned the company was in danger of closing due to its rapidly mounting debts and expenses, according to complete e-mails just released by a House committee investigating the original loan.
White House career staffers, who had first raised concerns in the fall of 2009 about the Department of Energy providing Solyndra with its first taxpayer-backed loan of $535 million , wrote e-mails in gallows humor in April 2010 about the prospect of giving Solyndra more money. That spring, industry analysts were publicly questioning how the Silicon Valley startup could so quickly be running out both the federal loan and $933 million in private capital.
Apparently the loan size for Phase II is $469 million, one Office of Management and Budget analyst wrote of DOE seeking a second loan for Solyndra. The analystss name was not released by the committee. Ive been told we should expect the see that project soon for conditional commitment.
Another joked: Possible to close and default on one before closing on a second??? Could be a new record.
The agency didnt shelve the idea for a second loan until October 2010, a Department of Energy spokesman has confirmed. That was the month that Solyndra executives and investors first warned the department that the company was facing the threat of having to liquidate without emergency cash.
(Excerpt) Read more at washingtonpost.com ...
