Pass the popcorn, please.
(ABC News) — The collapse of the politically-connected solar energy firm Solyndra has unleashed a barrage of fresh questions from House and Senate investigators, who want to know why the Obama Administration agreed to invest $535 million in the now-bankrupt company, and what can be done to recover those funds.
The House Energy and Commerce Committee’s investigative panel announced it will hold hearings next Wednesday on the government’s Solyndra loan. ABC News and iWatch News have also learned that Senate investigators have begun seeking answers from the administration about the deal.
“How did this company, without maybe the best economic plan, all of a sudden get to the head of the line?” said committee chairman Rep. Fred Upton, R.-Michigan, in an ABC News interview last week. “We want to know who made this decision . . . and we’re not going to stop until we get those answers.”
The California firm shut its doors abruptly last week, firing workers. It filed for bankruptcy this week. The company’s failure came after officials in the Department of Energy had spent two years touting the company’s promise, and fast-tracked Solyndra through the normally cumbersome process of securing hundreds of millions in federal funds. All that help caught the attention of federal auditors, who questioned why the Energy Department granted it conditional loan approval even before completing the legal and financial reviews that were typically required.