Highlights From Conference Call With House Oversight Committee Chairman Darrell Issa On Latest Solyndra Developments
House Oversight Committee Chairman Darrell Issa:
“As we continue to drill down in a number of areas with our partners, including the Oversight Subcommittee of Energy and Commerce, what we see is a link between Solyndra, which they’re leading the investigation on and doing a superb job, and all of the other similar problems we find in other energy loans like Nevada Geothermal, Abound, BrightSource for Solar. What we’re also seeing is a pattern of private emails being used to circumvent some sort of discovery, holding back on that and as we little by little get information, what we find is career professionals giving one kind of advice, political appointees such as Jack Lew and obviously Secretary Chu, ignoring that advice in favor of trying to bail out their ideological programs.
“This is exactly the type of thing that investigations by both the Oversight Committee and the investigation committees of various other committees are really all about. Let’s find out if the American people are getting an honest answer to when their money was lost, was it lost honestly, or, in fact, was it lost for ideological reasons?
“Solyndra is particularly important because Secretary Chu has previously testified that he could never have foreseen the Chinese coming in and dramatically lowering the price, undercutting Solyndra’s basic credibility and reliability. And of course what we’re discovering is it was foreseen in time to have less losses, but there was a resistance even as it was becoming obvious that there would be low cost alternatives that would undercut any possibility of profitability by Solyndra. Instead, they doubled down and in order to push out the period of time before the inevitable bankruptcy and trying to save a company legitimately could, in fact, be considered a judgment call. On the other hand, knowing that a company was going to inevitably go down and simply pushing out the time with, what we are now hearing coined as, ‘The Bank of Washington’ makes it very clear that this was political in nature and not policy in nature. It’s part of a pattern we’re seeing obviously with Nevada Geothermal. Similarly, all of the money that they got in the large round was in fact, to pay off existing private investment serving no purpose to the taxpayer nor to the enterprise.”
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