As you know the House Energy and Commerce Committee is conducting hearings into the loan provided by the Department of Energy to the now bankrupt Solyndra. This Friday Solyndra’s CEO, Brian Harrison, and its CFO, W.G. Stover, were expected to testify.
Although Messrs. Harrison and Stover will appear before the Committee as scheduled, we will not hear anything useful. Their lawyers sent a letter to the Committee yesterday advising that their clients would be invoking their rights under the Fifth Amendment, and would refuse to answer any question.
Given the pending criminal investigation into Solyndra, this is probably a very smart move.
But, there is something else that the Committee is also looking into. The Department of Energy is now “fast-tracking” nine more “green energy” loans in an attempt to get them through the system by September 30.
Why, you ask?
Well, all funding for these loans ceases as of October 1, and any unspent money cannot be spent. After that date we would need another funding bill from Congress to continue the program, and, that is not likely to happen.
‘Given the apparent problems with the due diligence on the Solyndra transaction, the Committee is interested in learning more about the timelines of these deals and the due diligence conducted to close them on such a short timeline, said a letter sent to the feds by Republicans on the House Energy and Commerce Committee.
Any guesses as to what will happen to these loans?