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1 of 1- DollyLongstaff
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About Solyndra
The loan guarantee program that helped Solyndra "was a program that was supported by President Bush."— David Plouffe on Sunday, October 30th, 2011 in an interview on "Meet the Press"
Program dates back to 2005 The Energy Department's loan guarantee program was created as part of the Energy Policy Act of 2005, passed by a Republican-controlled Congress and signed by Bush.
House Republicans investigating Solyndra have claimed that the Bush administration ultimately rejected the Solyndra loan, but that's not quite the case. Democrats on the House Energy and Commerce Committee and news media point out that Bush energy officials wanted to get the loan closed on their way out the door — it was listed as the first of their "three highest priorities through January 15." (Obama took office Jan. 20, 2009.)
Our ruling:
Plouffe said that the loan guarantee program that awarded half a billion dollars in guarantees to Solyndra "was supported by President Bush." The program was created on Bush's watch by a law he signed and promoted. The program grew under the Obama administration, which ultimately awarded Solyndra's loan guarantee under a new section of the law created by the stimulus. The Bush administration, though, promoted the loan guarantee program, and Bush himself touted it on his way out of office. There's also evidence his administration specifically prioritized Solyndra's project. We find Plouffe's statement Mostly True.
Last edited by DollyLongstaff (1/09/2016 1:31 pm)
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- DollyLongstaff
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Re: About Solyndra
NPR:
In 2011, solar panel company Solyndra defaulted on a $535 million loan guaranteed by the Department of Energy. The agency had a few other high-profile bankruptcies, too — electric car company Fisker and solar company Abound among them.
But now that loan program has started turning a profit.
Overall, the agency has loaned $34.2 billion to a variety of businesses, under a program designed to speed up development of clean-energy technology. Companies have defaulted on $780 million of that — a loss rate of 2.28 percent. The agency also has collected $810 million in interest payments, putting the program $30 million in the black.
When Congress created the loan program under the Energy Policy Act of 2005, it was never designed to be a moneymaker. In fact, Congress imagined there would be losses and set aside $10 billion to cover them.
Still, when the Solyndra case emerged, Republicans on Capitol Hill had pointed criticism for the Obama administration. Rep. Steve Scalise, R-La., called the Solyndra case "disgusting," and Sen. Lisa Murkowski, R-Alaska, labeled it "a colossal failure." The conservative group Americans for Prosperity produced a television ad accusing President Obama of paying back campaign contributors.
There was an FBI raid on Solyndra's headquarters and an investigation but, so far, no prosecutions. Now that the loan program is turning a profit, those critics are silent. They either declined or ignored NPR's requests for comment. 
Last edited by DollyLongstaff (1/09/2016 1:37 pm)
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