House Panel Examines Solyndra Loan Restructuring

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The President Barack Obama Administration is under scrutiny again following the beginning of a House panel hearing on the $500 million loan package for Solyndra, The Associated Press reported.

According to the news outlet, newly released emails show that the Treasury Department was concerned over the fact that the loan restructuring could violate Federal law. Members of the Obama Administration have defended this claim, saying that the company would have immediately gone bankrupt if no action was taken.

“We need insight into Treasury’s role in reviewing this loan guarantee,” Representative Cliff Stearns (R-Fla.), chairman of the energy panel’s subcommittee on oversight and investigations, said in a statement.

According to the AP, the Fremont, California-based company was the first business to receive a loan guarantee under a stimulus-law program that was encouraging green energy.

The Wall Street Journal reported that a major deal was in the works between the solar energy company and the U.S. Navy, and it may have been facilitated by a firm on a Pentagon panel that helps the government find emerging technologies.

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