Treasury officials: Never saw a loan structured like Solyndra

Thus goeth down the drain half a billion tax payer dollars. Business Week: Two senior Treasury officials said Friday that they had never seen a loan restructuring similar to an Energy Department loan to a failed solar panel maker. The half-billion dollar loan to Solyndra Inc. was restructured earlier this year so that private investors moved ahead of taxpayers for repayment on part of the loan in case of a default. Treasury officials Gary Grippo and Gary Burner told a House committee they had never seen that occur in a federal loan. Grippo is a deputy assistant treasury secretary and Burner is chief financial officer at the Federal Financing Bank, which made a $528 million loan to Solyndra in 2009. The two Treasury officials stopped short of declaring the loan restructuring illegal, as some Republicans allege. "I can't give you a legal interpretation on that, sir," Burner told Rep. Cliff Stearns, R-Fla. Grippo, who oversees the financing bank, said it was not Treasury's job to make...(Read Full Post)

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