You are here

Solyndra Facts vs. Fiction: More on the Credit Committee

September 23, 2011 - 5:32pm

Addthis

Critics continue to selectively misquote emails to suggest that the credit committee that reviewed the Solyndra loan application during the Bush Administration rejected it. This is simply false.
 
Here are the facts: On January 9, 2009 the credit committee evaluated the application, determined that it had merit and remanded it to the loan program staff "without prejudice" to allow for additional due diligence. On January 13, the head of the credit committee sent the program staff a note saying he had canvassed the credit committee members, and that they had decided to instruct the program staff "not to engage in further discussions with Solyndra."   As Fox News reported last week, contrary to the claims of critics who selectively quote that email chain, the entire chain clear shows that the credit committee wasn't pulling the plug on the application at all. In fact, they were allowing the program staff to complete its due diligence without extra pressure from Solyndra.
 
Read the emails for yourself. When the credit committee members said that they didn’t want further communication, they were referring to a request by Solyndra's government affairs executive to meet with the members of the credit committee to lobby them. Instead, they made clear that they wanted an independent marketing analysis.  Two months later, after the loan program team completed that review and the rest of the added due diligence the committee requested, the career civil servants on the credit committee voted unanimously to send the deal forward.
 
Get the facts at: www.energy.gov/solyndra
 
 
 

Addthis