|10-14-2011, 11:38 AM||#1|
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Join Date: Apr 2005
Location: Boulder, the bastion of communism.
Treasury Officials' Testimony Fuels GOP Concerns Over Solyndra
And it just keeps getting worse....
WASHINGTON – Treasury Department officials testified Friday that they've never in their careers seen the government handle a loan quite like the Energy Department handled the $528 million in taxpayer dollars that was lent to failed solar firm Solyndra.
Newly released emails show that the Treasury Department was concerned that the loan restructuring, approved earlier this year, could violate federal law.
At a tense hearing on Capitol Hill, two Treasury officials acknowledged that the government's restructuring of the loan earlier this year was unusual, if not unprecedented. Through that process, Solyndra investors, not taxpayers, were put at the front of the line for recovering money in case of bankruptcy.
"Recent emails ... clearly show that numerous members of the Obama administration from the most senior levels of the West Wing down to the career professionals at (the Office of Management and Budget) and (Department of Energy) knew that Solyndra was a bad bet that was destined to fail," Stearns said.