Wednesday, September 14, 2011

Another $1.2 Billion to For Unicorn Milk

Energy Department expects solar energy project to create 900 jobs

Of course, Solynedra was expected to make 1,200 jobs for only $535 million, making it a much better deal...
Executives of beleaguered solar equipment maker Solyndra Inc. canceled their Wednesday appearance before a congressional investigative committee at the last minute, citing the demands of a complicated bankruptcy and a federal investigation they face.
Hope it works out better...
The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.

The Silicon Valley company, a centerpiece in President Obama’s initiative to develop clean energy technologies, had been tentatively approved for the loan by the Energy Department but was awaiting a final financial review by the Office of Management and Budget.

The August 2009 e-mails, released to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers, according to information provided by Republican congressional investigators.

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