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White House Stained By Solyndra Debacle

WASHINGTON, Oct. 14 (UPI) — Corruption tied to the loan guarantee for bankrupt solar panel company Solyndra goes all the way to the inner circles of the White House, a lawmaker said.

California solar panel company Solyndra received a $535 million loan from the U.S. government as part of a federal stimulus initiative meant to kick start the drive toward a green economy. The company later had its offices raided by the FBI after it filed for bankruptcy.

The U.S. Treasury Department had expressed concern over a decision to restructure the loan, noting it might’ve violated federal law.

Rep. Cliff Stearns, R-Fla., chairman of a House oversight committee, said there was a “disturbing prevalence of wealthy donors and bundlers littered throughout the loan guarantee process, with direct access to the president’s West Wing inner circle.”

He added the Treasury Department’s recent concerns about the debt restructuring were “startling.” The White House has defended its action, saying it needed to be aggressive given China’s action in the green energy sector.

Documents filed with a Delaware bankruptcy court said Brian Harrison resigned as Solyndra’s chief executive officer, CNNMoney reports.

The company has asked the court’s permission to replace Harrison with R. Todd Nielson, who would serve as a chief restructuring officer.

Harrison and Chief Financial Officer W.G. “Bill” Stover received subpoenas in September to appear before an investigative subcommittee of the House Energy and Commerce Committee. Their lawyer, however, advised the executives to decline to answer questions.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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