And who got humped thanks to the restructuring of the loan? The U.S. taxpayers.
Via Washington Times:
A top White House adviser received clear notice that solar panel maker Solyndra Inc. faced a “severe liquidity crisis” even before a controversial restructuring allowing investors to recoup money from the now-bankrupt company before taxpayers, documents released Thursday show.
Months after President Obama’s highly publicized tour of Solyndra’s California plant, a federal program manager in December 2010 sent an email to Carol Browner, then director of the White House Office of Energy and Climate Change Policy, and others warning about the company’s troubled financial outlook.
“I’m sure you already know this,” the program manager wrote. “Negotiations are fluid. DOE has shared with us [and Treasury] that Solyndra is in the midst of a severe liquidity crisis.”
The correspondence, disclosed in a lengthy investigative report by Republicans on the House Committee on Energy and Commerce, was just one signal from inside the government that Solyndra faced serious financial trouble even as the company and federal officials hailed it as a poster child for the government’s energy loan program.
But while the Office of Management and Budget staff raised concerns about Solyndra, the office’s director, Jack Lew, now White House chief of staff, didn’t move to block the Department of Energy from approving a restructuring that ultimately would prove costly to taxpayers, according to the report.