The Phony Solyndra Solar Scandal

The effort to fund Solyndra in particular started under Bush (note – see above, Walton family.) DOE: A Competition Worth Winning, (PS look at the chart in this post to understand why loan guarantees and other government assistance are so important!!!)

This loan guarantee was pursued by both the Bush and Obama Administrations. Private sector investors – who put more than $1 billion of their own money on the line – also saw great potential in the company.

Also, from the DOE post, the reason it is important for government to do this:

Our loan program catalyzes American innovation and private sector investment behind promising companies — so that American workers have a chance to compete against China and other countries that much more heavily subsidize clean energy companies.

The loan was 1.3% of the DOE portfolio.

Feds Refused to Bail Out Solyndra,

One day after the federal government refused to bail out Solyndra, the Fremont-based solar company announced it was filing for bankruptcy and shedding most of its 1,100 workers.

According to a memo released Monday by the House Energy and Commerce Committee, officials with the Department of Energy and Solyndra entered into negotiations “in the first few weeks of August” over a proposed financial restructuring agreement, but were never able to reach an agreement.

Resources

Think Progress has an excellent timeline of the Solyndra loan guarantee: Exclusive Timeline: Bush Administration Advanced Solyndra Loan Guarantee for Two Years, Media Blow the Story

Grist has a good story laying out how conservatives are attacking green energy. See The conservative game plan on energy subsidies

Grist also looks into the Bush adminsitration’s efforts on behalf of Solyndra, in,Bush admin pushed Solyndra loan guarantee for two years.

This post originally appeared at Campaign for America’s Future (CAF) at their Blog for OurFuture. I am a Fellow with CAF.

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