Disordered Liberty has commented extensively on the $535 million federal loan guarantee granted to the now-bankrupt California solar manufacturing firm Solyndra.With regard to that debacle, it appears that the Department of Energy [DOE] approved Solyndra’s initial loan guarantee without adequately investigating, or appreciating, the firm’s true financial condition.Incredibly, DOE then proceeded to exacerbate the fiscal disaster by subordinating the taxpayers’ financial interests to those of private investors (in a manner which is arguably contrary to law), and by continuing to make payments to Solyndra, even though DOE was aware of the firm’s worsening financial condition. Last summer, DOE similarly conditionally approved ...
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DOE Averts a Solyndra-Type Scandal by Denying Severstal Loan
Started by Disorderedliberty, Jan 11 2012 11:31 AM
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