Solyndra was awarded the first stimulus DOE loan in the spring of 2009 and has been widely promoted as a stimulus jobs "success story" ever since; with President Obama visiting the plant in May 2010. Solyndra announced its bankruptcy on August 31, 2011, and was the subject of an FBI raid on September 8, 2011. House Republicans indicated in a release indicated that, "Despite partisan roadblocks and repeated pushback, protest, and misleading claims on Solyndra's viability by administration officials, company executives, and Congressional Democrats, the Energy and Commerce Committee has continued investigating the highly publicized loan guarantee."
Energy and Commerce Committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL) issued the following statement ahead of the hearing saying, "Solyndra was the hallmark of the President's green jobs program and widely promoted by the administration as a stimulus success story, right up until its bankruptcy and FBI raid. We had a sense Solyndra was a bad bet from the beginning and its failure raises significant red flags for the entire loan guarantee program. It is not the role of government to pick winners and losers in the market. With taxpayers potentially on the hook for this half-billion dollar bust, it's time to sound the alarm about the remaining $10 billion in loan guarantees set to expire September 30. Let's learn the lessons of Solyndra before another dollar goes out the door."
Access the prehearing statement from House Republicans (click here). Access Republican hearing website for a background memos, a slide show, opening statements from Reps. Upton & Stearns and the witness testimony (click here). Access a Republican Committee collection of news reports on the Solynda issue (click here). Access Democrat hearing website for an opening statement from Rep. Waxman, videos and the witness testimony (click here). [#Energy/Solar]
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