“Some technologies don’t pan out; some companies fail."
-President Obama, State of the Union Address, 1/24/12
FLASHBACK, Oct. 3, 2011: “No Regrets There are going to be some failures, and Solyndra is an example. Hindsight is Always 20/20 It Went Through the Regular Review Process, and People Felt Like this Was a Good Bet."
If the Obama administration had listened to its own experts who predicted Solyndra’s woes, taxpayers would not be on the hook for over half a billion dollars
Bush Administration: “(R)ecommendation for approval premature at this time."
January 9, 2009, Solyndra DOE Credit Committee Recommendation
Bush Administration: “(I)t was the unanimous decision not to engage in further discussions with Solyndra"
Jan. 13, 2009, Email between DOE staff regarding “Solyndra Meeting"
Obama Inaugurated - Solyndra back on track: “As we are approaching the beginning of the approval process for Solyndra again"
Jan. 26, 2009, Email between DOE staff regarding “Solyndra Analysis"
Obama OMB: Solyndra “deal is NOT ready for prime time."
March 10, 2009, Email between OMB staff regarding “Solar co loan announcement in northern california"
DOE staff concerned about Solyndra’s cash flow: “(W)e still have a major outstanding issue. The issue of working capital assumptions has been a major issue repeatedly raised since December [2008]."
Aug. 19, 2009, Email between DOE staff regarding “Solyndra"
DOE staff warns Solyndra will be out of cash in September 2011: “(T)he issue is cash balances the model runs out of cash in September 2011 even in the base case how can we advance a project that hasn’t funded working capital requirements"
Aug. 20, 2009, Email between DOE Staff regarding “Solyndra: Responses to Credit Analysis Questions"
Senior OMB staff feel jammed on Solyndra’s final credit subsidy cost: “(W)e also need to make sure they don’t jam us on later deals so there isn’t time to negotiate those, too."
Aug. 27, 2009, Email between OMB staff regarding “Final Solyndra Credit Subsidy Cost"
Senior OMB staff warns, “Given the time pressure we are under to sign-off on Solyndra, we don’t have time to change the model"
Aug. 27, 2009, Email between OMB staff regarding “Final Solyndra Credit Subsidy Cost"
Senior OMB official tells Terrell McSweeny, Domestic Policy Advisor for VP Biden, “We have ended up in the situation of having to do rushed approvals on a couple of occasions (and we are worried about Solyndra at the end of the week). We would prefer to have sufficient time to do our due diligence reviews and have the approval set the date for the announcement rather than the other way around."
Aug. 31, 2009, Email between OMB staff and Terrell McSweeney, Domestic Policy Advisor for VP Biden regarding “DOE announcement"
Mr. President, You Should Have Listened to your Experts
“Approval premature," “not ready for prime time," “how can we advance a project," “model runs out of cash," “we don’t have time," “rushed approvals," “worried about Solyndra."
Unfortunately, the White House continues to refuse to answer even basic questions, turning over just 202 pages of internal White House documents in response to the Energy and Commerce Committee’s Nov. 3, 2011, subpoenas. It’s well past time for the White House to fulfill its vows of transparency and start answering questions to ensure American taxpayers are not left holding the bag again on risky bets.
