Solyndra's financial health ignored, email reveals
WASHINGTON (KABC) -- A congressional investigation into Solyndra has revealed the Obama administration ignored reports about the solar energy company's financial health.
An email from a White House budget official to a co-worker discussed the likely effect of a default by Solyndra on President Barack Obama's re-election campaign.
"The optics of a Solyndra default will be bad," the official from the Office of Management and Budget wrote in a Jan. 31 email to a senior OMB official. "The timing will likely coincide with the 2012 campaign season heating up."
Solyndra, which is based in Fremont, received $528 million in federal loans under the 2009 stimulus law.
The email said the budget official wanted White House budget director Jacob Lew to warn Energy Secretary Steven Chu about the risk posed by Solyndra.
Solyndra declared bankruptcy on Aug. 31 and layed off 1,100 workers.
The Silicon Valley company was the first renewable-energy company to receive a loan guarantee under the stimulus law, and the Obama administration frequently touted Solyndra as a model for its clean energy program.
Even as Obama declared that "the future is here" during a May 2010 visit to Solyndra, warning signs were being sent from within the government and from outside analysts who questioned the company's viability.
The Associated Press contributed to this report.
environment, president barack obama, congress, national news
- Malaysia Airlines missing jet: Oil slicks found
- LAPD officer recovering after fatal BH crash 8 min ago
- Teen survives 5 Fwy crash, killed by traffic 11 min ago
- 3.2-magnitude earthquake hits Marina del Rey
- Temecula man arrested in drug sales bust
- Pomona man hurt in shooting; suspect sought
- 2 pedestrians struck, killed on Norwalk street
- Westminster deadly car crash: Driver sought
- abcnews: Woman has 'out of body' experience at will
- Bond set for mom who drove kids into ocean
- Russia reinforces military presence in Crimea
- New Toyota Highlander carries on legacy 5 min ago
- Sheila MacRae of 'The Honeymooners' dies
- OTRC: Khloe Kardashian topless in first Vine video