Solyndra Bankruptcy Becomes Political Hot Potato
The collapse of the solar panel manufacturing firm Solyndra has put public officials on all sides in hot water. Congress is investigating allegations that the Obama administration kept pumping money into the troubled Fremont, Calif.-based company even as evidence surfaced that it was in deep financial trouble. Solyndra was a flagship of the President’s push for green jobs before it recently filed for chapter 11 bankruptcy protection.
The oversight panel of the House Energy and Commerce Committee will probe the sudden demise of the solar manufacturing company touted by President Barack Obama during a May 2010 visit as “leading the way toward a brighter and more prosperous future.” The committee already has requested all the correspondence between the White House and Department of Energy regarding Solyndra.
A Congressional hearing Wednesday will probe the allegations surrounding the company.
Republicans have alleged that the company received a $535-million stimulus loan from the administration because of its ties to Democratic supporter George Kaiser. However, the company’s second largest investor is a fund tied to Wal-Mart’s Walton family, according to the L.A. Times.
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