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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (626831)	9/3/2011 5:28:31 PM
From: joseffy	Respond to of 1586065

Investigators Probe White House Role in Massive Energy Loan to Solyndra .................................................................................................................................................. By MATTHEW MOSK and RONNIE GREENE ABC NEWS and iWATCH NEWS Sept. 2, 2011 abcnews.go.com Excerpt: House investigators said they have uncovered evidence that White House officials became personally involved in an Energy Department review of a hot-button $535 million loan guarantee to the now-failed California solar company Solyndra. The allegation surfaced in a letter House Energy Committee Chairman Fred Upton (R-Mich.) sent to the White House Thursday night, saying he planned to accelerate efforts to understand an investment deal that may have left taxpayers out half a billion dollars. "We have learned from our investigation that White House officials monitored Solyndra's application and communicated with [Department of Energy] and Office of Management and Budget officials during the course of their review," the letter says. Thursday's letter, which calls on the White House to turn over correspondence between administration officials, Solyndra and its investors, presents the most pointed suggestion that the White House had direct involvement in the financing. "How did this company, without maybe the best economic plan, all of a sudden get to the head of the line?" Upton told ABC News in an interview this week. "We want to know who made this decision ... and we're not going to stop until we get those answers." White House officials have said in interviews that they did not intervene in the Solyndra deal or others benefiting companies backed by supporters of the president. Yet the administration, from Obama to the Department of Energy, has very publicly praised the loan guarantee. In 2009, the Obama administration hailed the Solyndra loan as the first in a series of federal infusions for "green energy" firms that held the potential to clean up the environment and create jobs. But earlier this week, Solyndra abruptly closed its doors, announced it would file for bankruptcy and laid off more than 1,100 workers. While Energy Department officials steadfastly vouched for Solyndra -- even after an earlier round of layoffs raised eyebrows -- other federal agencies and industry analysts for months questioned the viability of the company. Peter Lynch, a longtime solar industry analyst, told ABC News the company's fate should have been obvious from the start. "Here's the bottom line," Lynch said. "It costs them $6 to make a unit. They're selling it for $3. In order to be competitive today, they have to sell it for between $1.5 and $2. That is not a viable business plan." snip Republicans in Congress have raised questions for months about the Energy Department's decision to make Solyndra the poster-child for the green energy loan program. They expressed concern that so much federal money was headed to a company whose key investor was George Kaiser, an Oklahoma billionaire who raised more than $50,000 for Obama's 2008 presidential campaign. Since May, Kaiser has declined interview requests. Full Story