11 OTHER “GREEN” COMPANIES THAT RECEIVED WHITE HOUSE SUPPORT ARE BANKRUPT OR IN TROUBLE – STEARNS SEES NEED FOR WIDER INVESTIGATION

WASHINGTON, JAN. 13, 2012 – “The White House subpoena for records and documents relating to Solyndra was delivered on November 3, 2011, and today the White House only delivered another small amount of documents,” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations.  “In addition, 11 other companies that benefited from the Administration’s loan guarantee and grant programs have gone bankrupt or face serious financial troubles, showing the recklessness of this Administration with taxpayer dollars. Not only should the White House fully cooperate by providing all of the Solyndra documents it is holding, this investigation should be expanded to cover the grant program as well as the loan guarantee program.”

CBS News today reports that in addition to the failed taxpayer support of Solyndra, the Administration has a pattern of risky investments in 11 other clean energy firms in financial distress, including the four others that joined Solyndra in bankruptcy – Beacon Power, Evergreen Solar, SpectraWatt, and AES.  CBS further reports that Standard and Poor’s gave the Beacon project a “CCC-plus” outlook, on par with a junk bond.  Added Stearns, “ This confirms the failure of the White House’s loan and grant programs under the Energy Department.”

“Billions of taxpayers dollars are at risk, and Solyndra alone wasted over half a billion dollars,” concluded Stearns.  “The White House must be transparent and provide the subpoenaed documents regarding Solyndra, and the investigation needs to expand to cover other at risk companies it supported.”