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September 15, 2012
'No more Solyndras'
The House voted yesterday to end the controversial energy department program that guaranteed loans to high risk companies in the renewable energy field. AP: The "No More Solyndras Act," which passed on a mainly party-line vote, has no chance of advancing in the Democratic-led Senate and was assailed by House Democrats as an election-year stunt. The vote was 245-161. The bill would curtail an Energy Department loan guarantee program that was the source of the more than $500 million investment in Solyndra. It was part of the $787 billion stimulus package enacted shortly after Obama took office in 2009. The Fremont, Calif.-based company was the first renewable energy company to receive a federal loan guarantee under the stimulus, and its financial woes in the face of Chinese competition made it a target for Republican scrutiny. The company filed for bankruptcy protection in September 2011, and under its reorganization plan, taxpayers would lose almost all of their...(Read Full Post)