WASHINGTON, AUGUST 3, 2012 – “The Solyndra investigation uncovered that the Obama White House rushed the closing of the Solyndra loan for political reasons, and that they ignored numerous warnings that Solyndra was not viable,” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce committee¹s Subcommittee on Oversight and Investigations.  “The Administration was desperate to keep Solyndra afloat because they had publicly tied themselves too closely to Solyndra and made Solyndra their flagship for stimulus money creating jobs. In addition, we found the political supporters of the President had ready access to the West Wing of the White House and influenced decisions made about the Solyndra loan guarantee.  Also, the Department of Energy subordinated taxpayers to private financing and that a supporter of the President owned one of those private firms.”  

“It is disappointing that the White House continues to attack our investigation rather than work with the Committee to get to the bottom of the Solyndra debacle.  Oversight is a core congressional responsibility, and the time spent on this investigation is designed to prevent future Solyndras, which itself cost taxpayers a half billion dollars. There is no question that our oversight has saved taxpayers hundreds of millions of dollars in the loan guarantee mess. DOE was forced to shut off the spigot to Abound Solar when we started asking tough questions about DOE’s program.  Abound had received a $400 million loan guarantee, but DOE cut off the cash under the shadow of our oversight, saving taxpayers $330 million.  Abound Solar has since announced its liquidation, joining Solyndra and Beacon Power in bankruptcy. We are resolved in our efforts to ensure there are no more Solyndras.”