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 …
The politically connected solar firm that announced its impending bankruptcy last week was raided by federal agents this morning as part of a joint investigation between the FBI and the Energy Department Inspector General’s office. The company, Solyndra Inc., had received significant favorable treatment from the Obama administration. One of the company’s …
One day after solar company Solyndra closed its doors, two U.S. congressman are asking the White House for all documents related to the federal government’s $535 million loan guarantee. The probe also seeks correspondence between administration officials and the company’s investors, seeking to uncover if the White House engaged in …
Hamtramck, Michigan, is running out of money. City Manager William Cooper tells The New York Times: “We can make it until March 1—maybe.” And Hamtramck is not alone. According to the Times, 15 municipalities have pursued bankruptcy in the past two years. And if the economy does not improve revenues, …
In an unusually harsh report released yesterday, the government’s Special Inspector General for TARP blasted the bailout program, charging that it has not only failed to meet its goals, but that — absent change — it may have made things worse. Among other things, Inspector General Neil Barofsky concluded that …
The financial reform bill that is currently before the House would give regulators virtually unlimited power over “too big to fail” financial institutions. Those are large, complex and usually international entities whose failure could cause such a shock to the interconnected financial system that others would be endangered. Under the …
