UltimateHoboW/Shotgun
09-30-2011, 09:11 PM
http://www.bloomberg.com/news/2011-09-29/fbi-said-to-be-probing-solyndra-for-possible-accounting-fraud.html
The FBI is investigating Solyndra LLC for possible accounting fraud and the accuracy of financial representations made to the government, according to an agency official.
The FBI is examining possible misrepresentations in financial statements, according to the FBI official, who requested anonymity because the investigation is continuing.
Solyndra, which made cylindrical-shaped solar panels, filed for bankruptcy protection on Sept. 6 and fired about 1,100 workers with little notice, about two years after winning a $535 million U.S. loan guarantee from the Energy Department.
The company’s offices in Fremont, California, were raided by Federal Bureau of Investigation agents on Sept. 8. The Justice Department hasn’t said why Solyndra is being probed.
http://blog.heritage.org/2011/09/30/morning-bell-the-solyndra-legacies/
The Obama Administration has been knee-deep in scandal after green energy “model” Solyndra went bankrupt less than two years after receiving a $500 million loan guarantee from the federal government. Now, they are up against another controversy.
Days before a recent deadline, the Department of Energy brazenly approved two additional loans for more than $1 billion for solar energy projects in the Obama Administration’s green jobs program. The latest ill-fated ventures include a $737 million loan guarantee to Solar Reserve for a 110-megawatt solar tower on federal land in Nevada and a $337 million guarantee for Mesquite Solar 1 to develop a 150-megawatt solar plant in Arizona.
Loan guarantees like these are destined to fail, because they are either granted to companies that could not remain viable without them or because the loan was supported by political connections; or both. This round of loans includes the latter—just as it appears Solyndra was aided.
http://www.cnbc.com/id/44723203
The U.S. Department of Energy said it plans to push ahead with as much as $5.3 billion in potential additional alternative energy loans by Friday, despite Republican complaints the money is going out too quickly to untested firms.
That comes against a backdrop of increasing political controversy overthe ill-fated loan recipient Solyndra, the company whose bankruptcy has prompted questions of who inside the Obama Administration knew of the company’s weak financial position and why they continued to pour taxpayer money into it.
The DOE has made seven conditional commitments for additional funding by the time the loan guarantee legally expires on Sept. 30. So far, it has made 23 loans totaling $11.2 billion, said a spokesman.
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The FBI is investigating Solyndra LLC for possible accounting fraud and the accuracy of financial representations made to the government, according to an agency official.
The FBI is examining possible misrepresentations in financial statements, according to the FBI official, who requested anonymity because the investigation is continuing.
Solyndra, which made cylindrical-shaped solar panels, filed for bankruptcy protection on Sept. 6 and fired about 1,100 workers with little notice, about two years after winning a $535 million U.S. loan guarantee from the Energy Department.
The company’s offices in Fremont, California, were raided by Federal Bureau of Investigation agents on Sept. 8. The Justice Department hasn’t said why Solyndra is being probed.
http://blog.heritage.org/2011/09/30/morning-bell-the-solyndra-legacies/
The Obama Administration has been knee-deep in scandal after green energy “model” Solyndra went bankrupt less than two years after receiving a $500 million loan guarantee from the federal government. Now, they are up against another controversy.
Days before a recent deadline, the Department of Energy brazenly approved two additional loans for more than $1 billion for solar energy projects in the Obama Administration’s green jobs program. The latest ill-fated ventures include a $737 million loan guarantee to Solar Reserve for a 110-megawatt solar tower on federal land in Nevada and a $337 million guarantee for Mesquite Solar 1 to develop a 150-megawatt solar plant in Arizona.
Loan guarantees like these are destined to fail, because they are either granted to companies that could not remain viable without them or because the loan was supported by political connections; or both. This round of loans includes the latter—just as it appears Solyndra was aided.
http://www.cnbc.com/id/44723203
The U.S. Department of Energy said it plans to push ahead with as much as $5.3 billion in potential additional alternative energy loans by Friday, despite Republican complaints the money is going out too quickly to untested firms.
That comes against a backdrop of increasing political controversy overthe ill-fated loan recipient Solyndra, the company whose bankruptcy has prompted questions of who inside the Obama Administration knew of the company’s weak financial position and why they continued to pour taxpayer money into it.
The DOE has made seven conditional commitments for additional funding by the time the loan guarantee legally expires on Sept. 30. So far, it has made 23 loans totaling $11.2 billion, said a spokesman.
:strong: