Would anyone serious bet against it?
In case you’ve forgotten, it was a California solar panel developer that defaulted on a $535 million Obama-Biden administration Department of Energy stimulus loan guarantee that, along with four other bankrupted companies, collectively left U.S. taxpayers on the hook for more than $2.2 billion.
According to documents obtained by The Washington Post, the White House had pressed the Office of Management and Budget to greenlight the loan in a hurry.
In response, OMB officials reportedly expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers.
Energy Department and OMB analysts had reportedly questioned the wisdom of the loan which analysts determined, based upon Solyndra’s own numbers, would rapidly run out of cash.
Another of those bankruptcies involved a 2019 DOE $528.7 million loan it gifted to Fisker Automotive, a start-up company promoted…
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via Tallbloke’s Talkshop
January 21, 2021 at 01:09PM