“WHERE IS THE MONEY?” --  SOLYNDRA WAS FINANCIALLY TROUBLED YET ADMINISTRATION WENT AHEAD WITH LOAN GUARANTEE

WASHINGTON, SEPT. 1, 2011 – “The bankruptcy of Solyndra, Inc. underscores the need for vigilant oversight and I urge the White House to cooperate with the investigation into how these loans were structured, reviewed, and approved,” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations.  “Solyndra represented the first step in the Obama Administration’s $60 billion loan guarantee program, which promised to create thousands of new jobs.  Now with the collapse of Solyndra, we see 1100 employees out of work and taxpayers out of $535 million, most likely.  In addition, we are concerned that during the restructuring of the loan, hedge fund investors were placed ahead of taxpayers in case of the firm’s failure.”

“The Administration celebrated Solyndra as the first recipient of its loan guarantee program and intended to showcase its success as representative of its stimulus program,” noted Stearns.  “This should be of great concern to all American considering the $1 trillion committed by the White House to its stimulus efforts.”        

Today, Stearns joined Rep. Fred Upton (R-MI), Chairman of the House Energy and Commerce Committee, in requesting that White House Counsel Kathryn Ruemmler provide all documents relating to the $535 million loan guarantee to Solyndra.  “This is part of an ongoing investigation since February, an investigation hampered by a lack of cooperation from this Administration, which forced us to issue a subpoena for certain records.  In light of this loss of taxpayer dollars, I am hopeful that this Administration will be more forthcoming in detailing its involvement in the approval of this loan to a financially troubled firm that was unviable in the global market,” added Stearns.