Congressional Report finds misconduct in Federal energy loans program

We would like to believe that our nation’s energy policies are based on sound science and careful cost-benefit analyses. But a House Committee on Oversight and Government Reform investigation found evidence of widespread political favortism in awarding federal energy loans.

Their memo was released on October 31st, along with emails and other supportive documents, but the mainstream media attentively failed to report any of it, as Briebart notes today at BigJournalism. The Congressional report on DOE loans is worth a read. It concludes that the documents it uncovered demonstrate that “Department of Energy employees felt political pressure from sources as high as the President, Vice President, Secretary Chu and senior White House officials.”

Update on Committee’s Oversight of the DOE Loan Guarantee Program

For over a year, the Committee has been conducting comprehensive oversight of the Obama Administration’s Sec. 1705 green energy loan guarantee program, administered by the Department of Energy (DOE). The Committee held five hearings, sent dozens of letters, interviewed numerous current and former DOE officials, and reviewed hundreds of thousands of documents produced by DOE, loan recipients, individuals, and other organizations with a stake in the 1705 loan guarantee program.

DOE obligated $14.5 billion to 26 projects before the loan program’s termination in September 2011. Three of those projects (Solyndra, Beacon, and Abound) have already declared bankruptcy, and several others are facing serious financial difficulties. Twenty-two of these projects were rated below investment grade (junk) because of their bad credit quality.

Since the first loan guarantee recipient declared bankruptcy (Solyndra, in September 2011), the Administration, particularly the President and Secretary Chu, has insisted that political cronyism played no role in the allocation of taxpayer funds in the program, despite substantial connections between numerous companies that received loan guarantees and friends, fundraisers and donors to President Obama and others in his Administration. The Administration has also attempted to deflect blame for the program’s controversies, insisting that career bureaucrats at DOE made the decisions that led to the program’s massive failures and losses. Most recently, President Obama personally assured the American people that decisions made in the loan program were “decisions, by the way, that are made by the Department of Energy, they have nothing to do with politics.”

In recent weeks, the Committee obtained documents from current and former DOE employees and contractors, many of which have been withheld by the Department of Energy for more than a year. This memo outlines key information the Committee has recently uncovered that suggests statements by the President and others in his Administration were misleading and that the White House, senior Administration officials, and President Obama himself played key roles in the Loan Guarantee Program….

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11 responses to “Congressional Report finds misconduct in Federal energy loans program

  1. This is like watching “Atlas Shrugged” play out before your very eyes.

    Unfortunately, there is no John Galt, nor, a secret lair in the Colorado mountains we can all escape to.

    Cheers

  2. Smarter than he average voter

    I am Shocked! Are you kidding me? Solyndra was a poor choice? It had someting to do with polical favors? Say it ain’t so, Barry! Sixty million goofs?

  3. Is this supposed to be some sorta news flash? The Congressional report confirms what the average bozo has known for long time.

  4. In other news, water is wet, looking at the sun hurts your eyes, and My Little Pony is cute.

    Anything else we already know?

  5. Lies, lies, and more lies. We’ve known this for a long time. Now the question is, does anyone care? You sure as hell won’t see anything about this in the “mainstream” media. Obama has absolutely squandered trillions of dollars of this country’s wealth on his corrupt and harebrained schemes.

  6. Obama has already rendered Congress irrelevant so these committee investigations are nothing but posturing to make it look like our elected officials are working to protect the interests of the people. Nothing will come of it just like nothing came of the Fast & Furious investigation. It keeps congress busy so they can’t be making foolish laws; leave that to Obama.

  7. “We would like to believe that our nation’s energy policies are based on sound science and careful cost-benefit analyses.”
    Was this written by a fiction writer? Who believes science and cost analyses are ever the basis for government spending?

  8. Had this abuse happened under Bush the media would have ground the story into the ground making sure every American knew of every un-dotted “i” and every un-crossed “t.”

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