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  • Congressional Investigator: More Solar Bankruptcies to Come

    A top congressional investigator said on Tuesday that he believes more companies that benefitted from the stimulus bill’s renewable energy loan guarantee program will go bankrupt before all allotted funds are spent.

    The program, which guaranteed a $535 million loan to Solyndra before the company declared bankruptcy last week, still has $8-10 billion in authorized funding that has yet to be spent. Rep. Cliff Stearns (R-FL), who chairs the House Energy and Commerce Subcommittee on Oversight and Investigations, said he had called on the administration to hold off on awarding more loan guarantees from the program.

    “The question is: how many Solyndras are out there?” Stearns said. “I’m convinced based upon what I’ve seen on this kind of industry and solar panel, that there’s more that are going to go bankrupt, and I think the president’s unwise to continue this idea of funding through taxpayer money industries that are not viable.”

    Stearns would not reveal which companies he thought are at risk, saying he would save that information for his panel’s Wednesday hearing on the Solyndra bankruptcy. “I’ve called upon the president not to award any more money for this kind of venture, and to return the money to the Treasury rather than put it out the door,” he added.

    Stearns’s hearing will examine two aspects of alleged corruption in Solyndra’s loan guarantee award, he said. The panel will examine both the possibility that political factors played a p[art in the award – a major investor in the company is also a large Obama donor – and the apparent lack of oversight by the White House Office of Management and Budget and other federal officials.

    OMB’s director will testify at the hearing Wednesday, as will the Energy Department official who supervised the loan program. Stearns said the committee had agreed to postpone the testimony of Solyndra’s CEO and CFO in exchange for agreements that they would not “plead the fifth” and refuse to answer questions when they eventually do appear before the committee.

    Posted in Featured, Scribe [slideshow_deploy]

    18 Responses to Congressional Investigator: More Solar Bankruptcies to Come

    1. Del in Virginia says:

      Cancel this stimulus program and stop digging the hole deeper. We don't have the money and shouldn't be borrowing or printing any more. When an action doesn't work, stop!

    2. joe says:

      solar has been around for over a hundred years only false infomation about its effectiveness and no efficiency n legitimate sucess stories,just as with wind opower!!

    3. Jeff, Illinois says:

      When did "Conservatism" come to mean that we celebrate when companies attempting to provide new technologies are evil and getting their just reward when they fail .. ! What's conservative about an agenda to use up our natural resources . . . destroy the environment and demonize even the notion that man plays any role in affecting climate change . . Please help to understand what is conservative about such beliefs . . !!!

      • Syl Kesel says:

        are you so ignorant that you confuse congressional oversight with celebration? it sounds as if you are one who would be compliant in criminal cover-up rather than bring the truth to light no matter who is guilty. it is just this kind of "head in the sand" partisan rhetoric that allows bureaucrats to waste money on pie in the sky schemes.
        Where did the $535 million dollars that Solyndra received go to? It is hard for me to believe that a company that was viable enough to qualify for a $535 million loan?grant should be bankrupt in less that three years. who received salaries and how much out of this money? what was their position in the company? what were their credentials to hold those positions? are just a few of the questions that need to be asked.

      • Lloyd Scallan says:

        Jeff – As usual total distortion. We conservatives are not celebrating failure. We are "celebrating that more and more people recongnize exactly what is Obama's game. He uses our tax dollars tax dollars to pay off his political supporters in the form of "stimulus" that fail and take half a trillion with them.

        What are our "natural resources" for? You, and your man made climate change fools either fail to recognize or refuse to, is that we have enough fossil fuels, within U.S. borders, to last for the next 100 plus years. No one is suggesting we do not explore all means of energy. But not the way Obama and the radical environmentalist are attempting. We must have axcess to our fossil fuels along with alteratives. Not just cut off all fossil fuels and expect us to live our American way of life.
        Those, such as Al Gore, Michael Mann, and East Anglia, depend of grants for their very survival. So the hoax is continued to be perpetuated by not only manipulation results, but their deliberately attempts to prevent the truth to get out.

        • Jeff, Illinois says:

          You've made my point . . . i.e. it's not that they did something wrong ( which they may well have ). . it's that this website and those addicted to the corporatist agenda can't wait to pile on . . . . absolutely charged to prove that such companies are all part of a misguided agenda tied to the present administration. That's what is "" as usual "" from those who respond . . !!!

      • Steve says:

        As usual, you are missing the point. Nobody is celebrating that Solyndra failed. Conservatives want answers as to how they got the money in the first place. Did you miss the part about the hearings looking into potential corruption (pay to play, a.k.a Chicago-style politics) and total lack of oversight from those responsible for not spending money on a bad investment? Oh yeah, I forgot that your duty as a liberal is to claim the so-called moral high ground by being "compassionate" to the little guy (in this case a business that couldn't stay above water, even with govt. help). And really, climate change? Are you serious? Once the climate fear-mongerers were proven to have manipulated the results in order to force their green agenda, the only question left for any sane person to ask was which claim by Al Gore was more ridiculous, "I created the internet" or "We have a scientific consensus"?

      • wtobias says:

        just reward that's 535 million dollars of tax payers money. on a company the Obama administration knew they had problems from the start but given that your mommy and daddy pays your way. you would never understand it from a tax payers view-point, to you its a reward for failure something you probably know well

      • Slick says:

        This has NOTHING to do with celebrating because they failed; it has EVERYTHING to do with the fact that this company received nearly half a trillion taxpayer dollars under false pretenses, AND there was little or NO oversight by this administration. And why was that? Because it was not merely a loan to this company; it was a REWARD to Big O supporters who raised money for his election!!! BUT the final nail in the coffin for me is that this administration literally GAVE this money out without due diligence to protect the very people who loaned this company the money . . . and THA, my friend, is you and me!!!!

        I, too, think we should be mindful of our environment and do as much as we can to make sure we leave our environment as we found it. BUT not at the expense of everything and everyone else!! Perhaps you need to expend YOUR resources and YOUR energy LECTURING other countries like China because, while we are reducing our emissions at a record rate, they are ramping up and building coal plants, etc. at record rates. Do you honestly believe that THEIR pollution only effects THEIR air? If you believe for one minute that anyone in our administration is going to call China on their expansive pollution program think again because China OWNS us!!!!!

        I am sick and tired of being lectured by the do-gooders who would rather believe statistics that have been manufactured, or blown out of proportion. How can we believe what any of our scientific community says when they routinely distort the facts to support "Global Warming" which has been renamed "Climate Change"? Research and science should be able to use proven FACTS to support their position instead of distorting them so they can FORCE us to do what they think we should do.

        When companies market real innovative products that we can afford, then Americans have stepped up and purchased those items. That is how a free enterprise system works!!! Only boondoggle projects have to count on tax dollars to support their "pie in the sky" products, and they become leaches on society drawing in tax dollars until H*LL freezes over . . . . or they go bankrupt!

    4. Terry says:

      Can you TAX PAYER MONEY LAUNDERING ?? I think that they are using OUR MONEY to work against us and keep them in control. Just like the Union does by using the dues monies to support parties and candidates which the individual workers may not support nor want their money supporting. How did they know that there would be a billion dollar war chest when the money is coming from donations??

    5. AMy says:

      I don't mind supporting a company by choice, not by federal fiat. Where is the due dilegence? How much of the loaned money went back into the dem campaign coffers. etc etc etc.

    6. Jeanne Stotler says:

      Now that the shell is cracked maybe all the other illegal activities will come to light. We have a dishonest and raciest AG and he has made th DOJ the laughing stock of the world, His boss is chief crook, he funnels money to his supporters, punishes companies that don't support him with Holder's blessing, he lies to Americans, knowing that there are a lot of gullible people out there, he tells them he can walk on water and they believe him and the Dem's in Congress allows this to continue. The voters have spoken and will continue to speak, PUT AMERICA BACK WHERE IT BELONGS, RENEW OUR GOV'T. TO WHAT OUR FOREFATHERS FOUGHT AND DIED FOR.

    7. MWI says:

      IS Jeff from Illinois suggesting that we ignore the wasting of one half billion $ in tax payer dollars as long as the intent of the company was politically correct?

    8. randydutton says:

      The whole biofuel industry is teetering on the brink. It only survives with subsidies and tax credits.
      The wind industry also suffers from government support addiction.

    9. randydutton says:

      The auto industry is being supported by government's forcing the destruction of American cars by the mandating of ethanol into the fuel. The auto industry found half the cars tested with E15 were damaged or destroyed by ethanol. It is the unions and government who are pushing E15 so that Americans will be COERCED into junking their older cars and buying new.

      Too bad the press hasn't put one and one together.

    10. RedBaker says:

      These massive subsidies and guarantees of "green energy" technologies are stupid. If and when these companies develop something that makes financial sense, most of us will buy them in the free market. R&D money of a modest and limited amount is OK. Massive amounts, especially for installation are crazy. Just what I expect from a federal government which appears to be intent on bankrupting the nation. We need to force the federal government to balance the budget within 3 years. We are currently on course to become Greece in 5 years.

    11. Breglad says:

      I don’t think that anyone believes that the supply of fossil fuels is infinite nor that it is the “end-all” with regard to powering our civilization. Also, the idea that mankind is the major (or even a significant) player in climate changes is being debunked.
      Don’t get me wrong, I’m NOT saying that we should trash our planet! But, politically, economically, productively and creatively we, as a Nation, are DYING! We need to roll back these draconian Rules and Regulations that are killing American businesses! We had a powerful, productive, creative Country when Kennedy issued his challenge to “Put a man on the Moon in ten years!” and, by golly, WE DID IT!
      If a man has a broken arm do we refuse to set the bone because “it might hurt a bit”? NO! untreated it might KILL him! If treated, the pain will pass and he can become productive, again!
      The sequence is simple:
      1.cure our potentially terminal injuries
      2.issue a Kennedy-esque challenge to American industry to wean us off exclusive dependence on fossil fuel
      We are AMERICA, WE CAN DO IT!

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