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

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

**Written by Doug Powers

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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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Categories: Barack Obama, Health care, New York Times, Paul Krugman