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Treasury Reviewed Solyndra Loan For 1 Day

From the Politico:

Audit: Treasury’s review of Solyndra ‘rushed’

By: Bob King
April 4, 2012

The Treasury Department’s review of Solyndra’s $535 million federal loan guarantee was "rushed" through in about one day in March 2009, "based on an expedited review request from DOE so that a press release could be issued," according to a Treasury inspector general report that gives further evidence of the early Obama administration’s eagerness to announce progress in funding clean energy.

The report, issued Tuesday, also quotes internal Treasury documents that portray the Energy Department as being under pressure to get the loan agreement out the door.

“DOE says that their hands are tied on this issue,” the audit quotes one Treasury email as saying, discussing one detail of the financing terms. “They are under pressure to complete a deal.” Another internal Treasury email said that “the train really has left the station on this deal.”

They why even have a ‘review’? (Just kidding. We know that they do reviews to pretend that these things aren’t political.)

The report also found that DOE didn’t consult with Treasury on the terms and conditions of the loan deal before or during the Energy Department’s own review process, including the review of Solyndra’s credit worthiness.

“On March 17, 2009, OMB informed Treasury’s Office of Government Financial Policy (OGFP) that DOE would be issuing a press release on Solyndra,” says the report, adding that “OMB strongly urged Treasury to contact the DOE Office of the Secretary if Treasury wanted to weigh in on Solyndra’s terms and conditions.”

A day later, Treasury got a draft press release from DOE announcing Solyndra’s conditional loan guarantee commitment, the report says.

“Treasury then agreed with a DOE request to expedite the review to March 19, 2009, so that the press release could be issued on the morning of March 20,” it adds

After all, you don’t want to delay a press release.

The loan, while guaranteed by DOE under the 2009 stimulus law, was actually financed through Treasury’s Federal Financing Bank…

So it was Treasury’s money. Or, rather, ours. But they are supposed to be the guardians.

All of which makes you wonder how much real oversight there is over any of the money that is squandered in Washington. Especially, when payoffs to political cronies are involved.

In a response to POLITICO, the Energy Department said Wednesday that the Solyndra loan guarantee received ample review before being approved.

"The Treasury Department’s Inspector General report makes clear that Treasury Department officials believed they had enough time to evaluate the terms,” DOE said in a statement. “The simple fact is that the review was exhaustive — involving technical, legal and financial experts from three federal agencies for more than 1,000 days spanning two administrations.”

So the Department Of Energy is calling the Treasury’s IG a liar?

This article was posted by Steve on Thursday, April 5th, 2012. Comments are currently closed.

4 Responses to “Treasury Reviewed Solyndra Loan For 1 Day”

  1. untrainable says:

    I saw this story on “The 5” and was sincerely amazed at the substitute liberal whacko Juan Williams as he argued with Dana Perino about this. Perino said that the Bush administration didn’t go ahead with this loan guarantee because Solyndra was a bad risk. So, 999 days of exaustive review came to the conclusion that there should be no loan and then 1 day, upon threat of press release, suddenly the whole thing is a good idea.

    And even after the results of this travesty, and this news that proves the entire thing was a political payoff for Obie’s money people, Juan Williams still has the balls to praise the loan, the process, the administration for investing in the future, AND to argue with Bush’s press secretary about what the Bush administration did. Her cries of “Juan… I WAS THERE!” make the point. No matter what happens or what the facts are, a lib will not hear what he doesn’t want to believe, and he wont believe anything until he gets the “good speak” version of truth from the liberal machine. The man was spinning so fast I think he started generating his own gravity.

  2. GetBackJack says:

    Jeebus Freaking Booba Weeping Buddha, the last time I stuck my head into a large debt-financing deal ($62 million) it was over a year in the making and everyone involved would have preferred a month long visit to a proctologist.

  3. GetBackJack says:

    Oh, and we had to take it in tranches set against benchmarks of performance. Miss the mark, no money. Bad dog, no biscuit.

  4. Rusty Shackleford says:

    Again, remember…it has nothing to do with “green” energy programs per se.

    It is a method by which Obama can throw cash into the fire.

    His goal is a bankrupt US. Whether he believes this will make him some sort of hero in the minds of other nations is debatable but he is clearly focused on evacuating as much cash as fast as he can from the US system. Perhaps not even so’s the people will cry for help. I wouldn’t so much estimate that he wants to be dictator as to want to hear the US whimpering in financial death-throes. If/when the cry for help came, I think it more likely he would turn his back and walk away, fly off to Sumatra and live in retirement knowing he destroyed the US.

    It won’t happen of course because in the tradition of narcissistic personalities, the laws of unintended consequences are never accounted for. He fully expects the people, the sycophants, the media to continue to cover for him and he’s smirking to himself at how easy it all is.

    However, the supreme court…now that is a sticky wicket. And you can see why he’s angry if you take it in the light that his goal is to destroy this nation. They are standing in his way. This angers a megalomaniac. This arrests his time in the spotlight with halos and styrofoam Greek columns. This shows him in something other than a glowing light of omnipotence.

    When he’s out and about ruining things, all intentional, mind you, he’s happy. He’s happy that he’s putting one over on everyone. Even the loyal water-carriers. He’s thinking he’s the ultimate grifter with so many people in his confidence.

    Eventually, though, the player gets played and the longer it takes, the worse it is for them. If I was writing this movie, I’d have him get so conned, so thoroughly and completely conned that he’d be left broke, alone, homeless, and nowhere to turn. Cast out, ignored, gone.

    Such is my ideal fantasy.

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