**Posted by Phineas
Not only did the DoE work to get the now-bankrupt solar-power manufacturer sweetheart loans (guaranteed with your money), but Energy representatives sat in on the company’s board meetings during the time it’s business was swirling the drain:
When Harrison came to Washington in July, he said, the company was hoping to land more financing to stay afloat. “When we were there, the circumstances of the company, business was good, we had record shipments. We had momentum in the marketplace,” Miller said.
The Energy Department was keeping a close eye on Solyndra during those crucial months – sitting in on board meetings as an observer as part of the loan restructuring, iWatch News and ABC reported Thursday. That raises key questions: Did DOE miss obvious warning signs of the company’s troubles in the final months before its collapse?
So, um… What happened during the board meetings when the bad news was being discussed? Did someone tap the DoE rep on the shoulder and say “Look! It’s Elvis!” ?
Okay, so the needle on the “stink of corruption” dial has gone from “something smells” to “fish rotting in the sun” Either there was gross incompetence here, or backscratching worthy of Tammany Hall (1).
As usual, Allahpundit gets to the heart of the matter:
And yet, and yet, not only did the White House have access to industry reports, they actually had a seat in Solyndra’s board room while the meltdown was in progress. Question one: How is it that, with the buzzards circling, Solyndra was still allowed to refinance its federal loan earlier this year to extend the term of repayment? And question two: If the White House knew firsthand that the company was in trouble, why’d they let the CEO waltz into Congress two months ago and reassure House members that everything was A-OK with the business?
Good questions. It’s time for some answers.
(1) You know it’s bad when even Rep. Henry Waxman (D-CA) smells a rat.
(Crossposted at Public Secrets)