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Taxpayers Were Almost on the Hook for an Additional $469 Million When Solyndra Went Under

By Doug Powers  •  October 6, 2011 09:06 AM

**Written by Doug Powers


The Obama administration was preparing to toss another very expensive life preserver, but Solyndra had already forever slipped beneath the rolling, green waves.

From the Washington Post:

The Obama administration’s Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the company’s financial situation was growing more dire.

The Energy Department was actively pushing to provide the second loan guarantee to the troubled solar-panel manufacturer in April and May 2010, when Solyndra’s auditors warned the company was in danger of closing due to its rapidly mounting debts and expenses, according to complete e-mails just released by a House committee investigating the original loan.

That would of course have been on top of the original $535 million loan.

Emails the WaPo cites show that at least one OMB analyist joked about the situation:

“Possible to close and default on one before closing on a second??? Could be a new record.”

I can’t help but wonder what the existing record is. But it doesn’t matter, because in Washington these days, hindsight is 20/20. Foresight is nonexistent.

**Written by Doug Powers

Twitter @ThePowersThatBe

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