Treasury Department was skeptical of last minute Solyndra bailout

And they questioned the motivations of private investors - investors who jumped ahead of the American taxpayer in line to get paid in any bankruptcy proceeding - who were pushing the bail out. Reuters: The Treasury Department took a hard line on last-ditch government rescue efforts for Solyndra in August, questioning the solar panel maker's financial projections and the motivations of private investors who were offering new cash, emails released on Friday showed. New internal Treasury emails released by the House of Representatives Energy and Commerce Committee on Friday showed skepticism about two plans floated by the Energy Department as it sought to help the company, which had run out of cash. The emails shed new light on concerns by officials outside the Energy Department about the risk of the $535 million loan to Solyndra, which filed for bankruptcy on September 6, and was raided by the FBI. Republicans who are spearheading a probe of the loan have criticized the Obama...(Read Full Post)

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