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White House Orders Review of Energy Department Loans

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By Doug Powers  •  October 28, 2011 04:49 PM

**Written by Doug Powers

What are the odds this review determines that there was indeed malfeasance during their watch?**

**The Rhetorical Question of the Day was brought to you by QuietRock soundproof doors. When you don’t want to hear the answer, make it QuietRock!

From Fox News:

The White House has ordered a review of the Energy Department’s loan guarantee program in the wake of a growing scandal over Solyndra, a California-based solar company that went bankrupt after receiving a $528 million federal loan.

Congressional Republicans have been investigating the bankruptcy of Solyndra Inc. amid revelations that federal officials were warned it had problems but nonetheless continued to support it. The House Energy and Commerce Committee could vote as early next week to subpoena White House records related to the loan.

White House chief of staff Bill Daley says the new independent review will assess the condition of other loan guarantees made by the Energy Department. There are more than two dozen of these to a variety of clean energy companies.

Daley said he’s tapping a former Treasury official to conduct the review.

Don’t even bother to ask Rahm Emanuel about it.

Solyndra is the big name in the Energy Department’s venture socialism program where taxpayers only get a piece of the action on the downside, but Solyndra is not alone. Today brought just the latest example of a DoE loan to an Obama fundraiser:

An investment firm whose vice chairman has been an adviser and fundraiser for President Obama saw one of its portfolio companies win approval this year for $50 million in loans from the administration’s clean-energy loan program.

Washington-based Perseus says its affiliation with James A. Johnson, a major fundraiser for Obama’s campaign, played no role in persuading the Energy Department to award the loan to Vehicle Production Group, a Miami start-up that is manufacturing wheelchair-accessible cars and taxis.

Johnson headed Obama’s vice presidential selection committee in 2008 and is the former chairman of housing mortgage giant Fannie Mae. He was listed as a campaign fundraising bundler for Obama in the 2008 race, according to the Center for Responsive Politics, and committed to raising $200,000 to $500,000 for the upcoming presidential race.

Energy Secretary Chu will testify before Congress next month. Sheriff Joe Biden, who was charged with monitoring every dollar of stimulus money to make sure it was accounted for and spent responsibly, would have also been asked to appear but I think he’s going to be busy filing for a restraining order against Jason Mattera.

**Written by Doug Powers

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