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Treasury audit: Solyndra loan ‘rushed’

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By Doug Powers  •  April 4, 2012 04:16 PM

**Written by Doug Powers

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“The loan guarantee to Solyndra was subject to proper, rigorous scrutiny and healthy debate during every phase of the process.” – Energy Secretary Steven Chu’s testimony to House Energy and Commerce Committee, November 2011
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Judging from a Treasury Department audit, Turbo Tim applied more rigorous scrutiny to his 2001-2004 tax returns than the Department of Energy gave to Solyndra’s loan guarantee in 2009.

From Politico:

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.”

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.

These little details must be the differences between an A and an A-minus.

The White House and Steven Chu claim Solyndra wasn’t political (at least until Obama tried to pin the blame on Congress). If there was no political sway, why would DOE’s hands have been tied, and who tied them?

**Written by Doug Powers

Twitter @ThePowersThatBe

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