Solyndra: Loan Guarantee Review ‘Rushed’

A new report is certain to fuel attacks from Republicans, who say the Obama administration didn’t vet the company properly.

DOEThe Treasury Department’s March 2009 review of the Energy Department’s $535 million loan guarantee for the solar company Solyndra was “rushed” and it’s not clear whether Treasury’s concerns were fully addressed, the department’s internal watchdog concludes in a new report.

The Treasury report details quick reviews just days before the Energy Department (DOE) issued a press release announcing conditional funding for Solyndra, the California solar panel company that went bankrupt last September.

The review unearthed an internal Treasury email noting that DOE is “under pressure to complete a deal” and a separate message stating, “the train really has left the station.”

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Source: Ben Geman | The Hill
Image: U.S Department of Energy