The report states, "Now, after a thorough review of the record, the Committee is able to present a complete picture of the facts and circumstances surrounding the DOE's decision to award a loan guarantee to Solyndra, and the roles various Executive Branch agencies, including the White House, played in these events."
According to a Republican release, the report details the evidence gathered during the course of the investigation and the committee's conclusions. "The evidence demonstrates administration officials knew Solyndra was a bad bet from the beginning, but the White House was determined to make Solyndra a stimulus success story at any cost. Despite repeated warnings that Solyndra was doomed to fail, the Obama administration went ahead in backing the solar company, cutting corners in the process, and rushed the loan guarantee out the door. The investigation also found DOE knowingly violated the law when it restructured the terms of the loan guarantee and subordinated taxpayers' interest to the interests of private investors.
"Documents obtained by the committee exposed a startling relationship between Solyndra and another stimulus-backed project. The report details Solyndra's role as a supplier for Prologis' Project Amp, a solar panel installation project and the recipient of a partial loan guarantee for $1.4 billion. The White House was well aware of Solyndra's deteriorating financial condition when it allowed DOE to move forward with Project Amp. DOE would later use the relationship between Project Amp and Solyndra as a key bargaining tool to push for a second restructuring while directly engaging in last minute negotiations between Solyndra and the Project Amp sponsor."
The release also indicates that the report also gives an in-depth look into "the role played by one of President Obama's prominent backers in the administration's decision to issue the loan guarantee and the loan's restructuring that put taxpayers behind two private investors. Key decision makers at DOE, including head of the loans program office Jonathan Silver, knew of billionaire George Kaiser's influence and attempted to leverage it." According to the report, "Individuals connected to the George Kaiser Family Foundation (GKFF) -- whose primary investment arm, Argonaut, was Solyndra's largest shareholder -- played important roles in a series of critical discussions and negotiations with DOE. George Kaiser, whose fortune funds the GKFF, was closely involved in financial decisions related to Solyndra, often authorizing key disbursements and restructuring proposals, as well as in Solyndra's lobbying, public relations, and government procurement strategies in Washington."
Chairman Upton said, "Solyndra will be remembered in the history books as a sad hallmark of a newly installed administration that felt it was above the rules, lusting for positive headlines rather than focused on delivering results. We now know the first domino of the Solyndra mess was DOE cutting the Treasury Department out of the approval process in the rush to send what will go down as the most expensive press release known to man. Now, Solyndra is a painful reminder of why the federal government should not be in the venture capital business. Our investigation revealed a shocking episode where politics were put before taxpayers and integrity was sacrificed for the sake of corporate favoritism. We discovered the problem, and now we reported legislation to correct the situation in The No More Solyndras Act to ensure that taxpayers will never again be the victims of the administration's blind political ambition and gross negligence."
Representative Stearns said, "What was once the poster child for the administration's green energy spending plan, Solyndra is now a symbol of President Obama's failed stimulus economy. Our investigation uncovered a political saga starring key White House officials and big Obama donors. The story reaches a turning point when DOE subordinates taxpayers to outside funding and then Solyndra files for bankruptcy, laying off employees and leaving taxpayers on the hook for millions of dollars. While this may make for a great Hollywood drama, it is a disturbing truth for taxpayers. We must ensure that the Solyndra story is never repeated."
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