Posted by Dottie MacQueen
The manufacturer of rooftop solar panels opened in 2005 and in 2009 became the Obama administration’s first recipient of an energy loan guarantee — a $535 million federal commitment that helped minimize the risk to venture capital firms that were backing the solar start-up. Obama made a personal visit to the factory last year to herald its bright future.
ABC News and the Center for Public Integrity’s iWatch News first reported on questions about the choice of Solyndra for the loan in May after the Department of Energy disclosed it was being forced to restructure its loan package for the company, which was showing early signs of financial distress. One of Solyndra’s major investors was George Kaiser, an Oklahoma billionaire who raised between $50,000 and $100,000 for Obama during the 2008 election.
“I think what happens is they give some of this money out to people who are either contributors or strong supporters,” Rep. Cliff Stearns, a Florida Republican who chairs a House Energy subcommittee that has led a probe into the Solyndra deal, had said before Solynda’s closing. “I think in the long term we have to worry about the United States government guaranteeing loans for businesses based perhaps upon favoritism.” Continue Reading…..