WATCH the Today Show Highlight “Green Embarrassment”
WATCH ABC News Investigate “Whether Taxpayers Were Left Holding the Bag When the Warning Signs Were Clear”
READ The Washington Post: White House pressed on $500 million loan to solar company now under investigation
By Joe Stephens and Carol D. Leonnig, Published: September 13
The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.
Solyndra collapsed two weeks ago, leaving taxpayers liable for the $535 million loan.
READ USA Today Editorial: Uncle Sam play venture capitalist? See Solyndra
In March 2010, the accounting firm PricewaterhouseCoopers issued a standard but stern warning about Solyndra, a California solar panel manufacturer: The company wasn’t making money and never had, which raised “substantial doubt about its ability to continue as a going concern.” Yet when President Obama visited Solyndra’s plant in Fremont two months later, he gave a rousing pep talk and declared that “the future is here.”
Alas, it wasn’t.