Here is part of Chu’s opening remarks:
“The Solyndra transaction went through more than two years of rigorous technical, financial and legal due diligence, spanning two administrations, before a loan guarantee was issued,” Chu told the House Energy and Commerce oversight panel
Please note the following time line:
May 2005 – Solyndra founded
Dec 2006 – Solyndra applies for Government-Guaranteed Loan
Jan 9, 2009 – DOE shelves loan, deciding to wait for results of independent analysis
Jan 12, 2009 – Solyndra protests
Jan 13, 2009 – DOE official Lachland Seward told colleagues to stop engaging with Solyndra. Loan is denied.
Jan 20, 2009 – Obama inaugurated
Early 2009 – Obama administration resurrects loan
Mar 10, 2009 – OMB is concerned about Solyndra loan
Mar 12-13, 2009 – Kaiser makes 4 trips to WH to meet with admin officials
Mar 29, 2009 – Chu announced $535M loan to Solyndra. Solyndra receives rock-bottom interest rate of 1 to 2 percent even though Fitch Rating scored Solyndra B+ (speculative) investment
Aug 2009 – several emails from OMB to WH showing disagreement about loan
Sep 1, 2009 – OMB gives loan approval
Dec 2009 – Solyndra makes initial IPO filing with Goldman Sachs and Morgan Stanley as its lead underwriters
Mar 16, 2010 – Solyndra disclosed the “going concern” warning by its accounting firm
Jun 2010 – Solyndra board gives up IPO plans
Jan 2011 – Solyndra executives confide to WH they are near liquidation
Feb 2011 – WH helps restructure loan, releasing another $67M to company. OMB warns DOE that liquidation could cost taxpayers $168M more. If the company is liquidated, the U.S. loan will be subordinated to the $75M invested by others including Kaiser’s company.
Sep 2011 – Solyndra files for bankruptcy
Hmmmm, a little disingenuous on Chu’s part to claim the Bush Administration for part of the approval process. Note the Bush Admin denied the claim before Chu and the WH resurrected it.
Here is part of Chu’s opening remarks:
“The Solyndra transaction went through more than two years of rigorous technical, financial and legal due diligence, spanning two administrations, before a loan guarantee was issued,” Chu told the House Energy and Commerce oversight panel
Please note the following time line:
May 2005 – Solyndra founded
Dec 2006 – Solyndra applies for Government-Guaranteed Loan
Jan 9, 2009 – DOE shelves loan, deciding to wait for results of independent analysis
Jan 12, 2009 – Solyndra protests
Jan 13, 2009 – DOE official Lachland Seward told colleagues to stop engaging with Solyndra. Loan is denied.
Jan 20, 2009 – Obama inaugurated
Early 2009 – Obama administration resurrects loan
Mar 10, 2009 – OMB is concerned about Solyndra loan
Mar 12-13, 2009 – Kaiser makes 4 trips to WH to meet with admin officials
Mar 29, 2009 – Chu announced $535M loan to Solyndra. Solyndra receives rock-bottom interest rate of 1 to 2 percent even though Fitch Rating scored Solyndra B+ (speculative) investment
Aug 2009 – several emails from OMB to WH showing disagreement about loan
Sep 1, 2009 – OMB gives loan approval
Dec 2009 – Solyndra makes initial IPO filing with Goldman Sachs and Morgan Stanley as its lead underwriters
Mar 16, 2010 – Solyndra disclosed the “going concern” warning by its accounting firm
Jun 2010 – Solyndra board gives up IPO plans
Jan 2011 – Solyndra executives confide to WH they are near liquidation
Feb 2011 – WH helps restructure loan, releasing another $67M to company. OMB warns DOE that liquidation could cost taxpayers $168M more. If the company is liquidated, the U.S. loan will be subordinated to the $75M invested by others including Kaiser’s company.
Sep 2011 – Solyndra files for bankruptcy
Hmmmm, a little disingenuous on Chu’s part to claim the Bush Administration for part of the approval process. Note the Bush Admin denied the claim before Chu and the WH resurrected it.
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Here is part of Chu’s opening remarks:
“The Solyndra transaction went through more than two years of rigorous technical, financial and legal due diligence, spanning two administrations, before a loan guarantee was issued,” Chu told the House Energy and Commerce oversight panel
Please note the following time line:
May 2005 – Solyndra founded
Dec 2006 – Solyndra applies for Government-Guaranteed Loan
Jan 9, 2009 – DOE shelves loan, deciding to wait for results of independent analysis
Jan 12, 2009 – Solyndra protests
Jan 13, 2009 – DOE official Lachland Seward told colleagues to stop engaging with Solyndra. Loan is denied.
Jan 20, 2009 – Obama inaugurated
Early 2009 – Obama administration resurrects loan
Mar 10, 2009 – OMB is concerned about Solyndra loan
Mar 12-13, 2009 – Kaiser makes 4 trips to WH to meet with admin officials
Mar 29, 2009 – Chu announced $535M loan to Solyndra. Solyndra receives rock-bottom interest rate of 1 to 2 percent even though Fitch Rating scored Solyndra B+ (speculative) investment
Aug 2009 – several emails from OMB to WH showing disagreement about loan
Sep 1, 2009 – OMB gives loan approval
Dec 2009 – Solyndra makes initial IPO filing with Goldman Sachs and Morgan Stanley as its lead underwriters
Mar 16, 2010 – Solyndra disclosed the “going concern” warning by its accounting firm
Jun 2010 – Solyndra board gives up IPO plans
Jan 2011 – Solyndra executives confide to WH they are near liquidation
Feb 2011 – WH helps restructure loan, releasing another $67M to company. OMB warns DOE that liquidation could cost taxpayers $168M more. If the company is liquidated, the U.S. loan will be subordinated to the $75M invested by others including Kaiser’s company.
Sep 2011 – Solyndra files for bankruptcy
Hmmmm, a little disingenuous on Chu’s part to claim the Bush Administration for part of the approval process. Note the Bush Admin denied the claim before Chu and the WH resurrected it.
Here is part of Chu’s opening remarks:
“The Solyndra transaction went through more than two years of rigorous technical, financial and legal due diligence, spanning two administrations, before a loan guarantee was issued,” Chu told the House Energy and Commerce oversight panel
Please note the following time line:
May 2005 – Solyndra founded
Dec 2006 – Solyndra applies for Government-Guaranteed Loan
Jan 9, 2009 – DOE shelves loan, deciding to wait for results of independent analysis
Jan 12, 2009 – Solyndra protests
Jan 13, 2009 – DOE official Lachland Seward told colleagues to stop engaging with Solyndra. Loan is denied.
Jan 20, 2009 – Obama inaugurated
Early 2009 – Obama administration resurrects loan
Mar 10, 2009 – OMB is concerned about Solyndra loan
Mar 12-13, 2009 – Kaiser makes 4 trips to WH to meet with admin officials
Mar 29, 2009 – Chu announced $535M loan to Solyndra. Solyndra receives rock-bottom interest rate of 1 to 2 percent even though Fitch Rating scored Solyndra B+ (speculative) investment
Aug 2009 – several emails from OMB to WH showing disagreement about loan
Sep 1, 2009 – OMB gives loan approval
Dec 2009 – Solyndra makes initial IPO filing with Goldman Sachs and Morgan Stanley as its lead underwriters
Mar 16, 2010 – Solyndra disclosed the “going concern” warning by its accounting firm
Jun 2010 – Solyndra board gives up IPO plans
Jan 2011 – Solyndra executives confide to WH they are near liquidation
Feb 2011 – WH helps restructure loan, releasing another $67M to company. OMB warns DOE that liquidation could cost taxpayers $168M more. If the company is liquidated, the U.S. loan will be subordinated to the $75M invested by others including Kaiser’s company.
Sep 2011 – Solyndra files for bankruptcy
Hmmmm, a little disingenuous on Chu’s part to claim the Bush Administration for part of the approval process. Note the Bush Admin denied the claim before Chu and the WH resurrected it.
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