The Obama administration was made aware of the risky nature of its ?investments? into the failed solar company Solyndra, but they dumped our tax dollars into the company anyway. I know, you?re shocked. The Hill has the details:
The Washington Postobtained portions?of the House Energy and Commerce Committee?s upcoming report on their lengthy probe of the Obama administration?s support for Solyndra, which cratered last year after receiving a $535 million Energy Department loan guarantee in 2009.
The investigation finds that senior White House Office of Management and Budget (OMB) officials didn?t discourage the Energy Department from revamping the loan agreement despite the concerns from OMB analysts, the?Post?reports.
[...]
The House GOP report shows that an OMB analyst calculated that millions of taxpayer dollars might be saved by cutting the government?s losses, closing the company and selling its assets, according to the?Post.
The GOP report also shows that while career OMB staff members circulated e-mails warning of the risks of revamping the loan, senior OMB officials ? including then-OMB chief Jack Lew, who is now President Obama?s chief of staff ? didn?t discourage the Energy Department from proceeding.
The Energy Department, in a last-ditch effort to save the struggling company, restructured the loan in early 2011, a decision that has prompted strong attacks from GOP critics who called the revisions ill-considered and illegal.
The revision put private investors ? who agreed to pump more cash into Solyndra ? ahead of taxpayers for repayment if the company was forced to liquidate, which ultimately happened. (Read More)
BuzzFeed has a copy of an email exchange between?White House communications director Dan Pfeiffer and then-Deputy Senior Advisor Stephanie Cutter. Pfeiffer told Cutter that Solyndra was going under and it was going to be a ?real pain.? She replied ?ugh.? Apparently there was no concern for all of our tax dollars they flushed down the drain.
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