Review of Solyndra Loan Rushed Through Treasury to Get Out a Press Release

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A review of the half billion dollar federal loan guarantee to the now-bankrupt solar firm Solyndra was rushed through the Treasury because the Department of Energy was planning to issue a press release. Doesn’t this story just give you a warm fuzzy feeling, knowing your tax dollars are in the best of hands?

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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.

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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.

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“DOE says that their hands are tied on this issue,” the audit quotes one Treasury email as saying, discussing one detail of the financing terms. “They are under pressure to complete a deal.”

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Another internal Treasury email said that “the train really has left the station on this deal.” (Read More)

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