Tuesday, April 17, 2012

Watchdog Finds Solyndra Loan was 'Rushed'

Federal financial experts weren't consulted on a $528 million federal loan to Solyndra until the last minute, and only then had "about a day" to complete their review, an internal watchdog concluded Wednesday.

The report from the Treasury Department's inspector general found that the department's review was "rushed" and began only after the Energy Department was poised to sign off on the terms of the loan to the Fremont solar company. The review was completed a day before the department issued a news release saying it was approving the loan with conditions.

Treasury officials complained to the White House that regulations governing federal loan guarantees say that the department should have been involved earlier in the process, but the inspector general said it was unclear whether the review's late start violated the law.

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