In January, an OMB staffer wanted his superiors to warn the Department of Energy of the risks of giving taxpayer money to the beleaguered company, which had told the Obama administration that if it didnt receive more cash, it would default. The optics of a Solyndra default will be bad, the OMB staffer wrote in a Jan. 31 email to a co-worker. If Solyndra defaults down the road, the optics will be arguably worse later than they would be today.
In addition, the timing will likely coincide with the 2012 campaign season heating up.
Over at the Treasury Department, Mary J. Miller, assistant secretary for financial markets, was unhappy with information coming from the Energy Department.
We are hearing increasingly dire news about Solyndra and have asked DOE for information on this with no response, Miller wrote on Aug. 16.
The next day, Miller complained that DOE wasnt providing enough information about what was happening at Solyndra.
Since July of 2010 Treasury has asked DOE for briefings on Solyndras financial condition and any restructuring of terms, Miller wrote in an email to Jeffrey Zients, deputy director for management and chief performance officer at OMB.
The only information we have received about this has been through OMB, as DOE has not responded to any requests for information about Solyndra.
Our legal counsel believes that the statute and the DOE regulations both require that the guaranteed loan should not be subordinate to any loan or other debt obligation. The DOE regulations also state that DOE shall consult with OMB and Treasury before any deviation is granted from the financial terms of the Loan Guarantee Agreement. In February we requested in writing that DOE seek the Department of Justices approval of any proposed restructuring. To our knowledge that has never happened.
Read more: White House adviser on Solyndra: '*#~@ show' - Dan Berman - POLITICO.com
Why was the loan restructured? Who in particular gained from this? Do we know names?
In addition, the timing will likely coincide with the 2012 campaign season heating up.
Over at the Treasury Department, Mary J. Miller, assistant secretary for financial markets, was unhappy with information coming from the Energy Department.
We are hearing increasingly dire news about Solyndra and have asked DOE for information on this with no response, Miller wrote on Aug. 16.
The next day, Miller complained that DOE wasnt providing enough information about what was happening at Solyndra.
Since July of 2010 Treasury has asked DOE for briefings on Solyndras financial condition and any restructuring of terms, Miller wrote in an email to Jeffrey Zients, deputy director for management and chief performance officer at OMB.
The only information we have received about this has been through OMB, as DOE has not responded to any requests for information about Solyndra.
Our legal counsel believes that the statute and the DOE regulations both require that the guaranteed loan should not be subordinate to any loan or other debt obligation. The DOE regulations also state that DOE shall consult with OMB and Treasury before any deviation is granted from the financial terms of the Loan Guarantee Agreement. In February we requested in writing that DOE seek the Department of Justices approval of any proposed restructuring. To our knowledge that has never happened.
Read more: White House adviser on Solyndra: '*#~@ show' - Dan Berman - POLITICO.com
Why was the loan restructured? Who in particular gained from this? Do we know names?