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Government’s Illegal Solyndra Debacle Grows

April 5, 2012

The Treasury Department‘s review of Solyndra‘s $535 million federal loan guarantee was “rushed” through in about one day in March 2009, “based on an expedited review request from DOE so that a press release could be issued,” according to a Treasury inspector general report that gives further evidence of the early Obama administration‘s eagerness to announce progress in funding clean energy.

The report, issued Tuesday, also quotes internal Treasury documents that portray the Energy Department as being under pressure to get the loan agreement out the door.

The report also found that DOE didn’t consult with Treasury on the terms and conditions of the loan deal before or during the Energy Department’s own review process, including the review of Solyndra’s credit worthiness.

“On March 17, 2009, OMB informed Treasury’s Office of Government Financial Policy (OGFP) that DOE would be issuing a press release on Solyndra,” says the report, adding that “OMB strongly urged Treasury to contact the DOE Office of the Secretary if Treasury wanted to weigh in on Solyndra’s terms and conditions.”

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