House Probing $528M Loan To Failed Solar Company - Newschannel 6 Now | Wichita Falls, TX

House Probing $528M Loan To Failed Solar Company

WASHINGTON (AP) - House Republicans are asking whether the White House rushed its approval of a government loan guarantee for a solar panel manufacturer before a review was complete.

The company has since filed for bankruptcy, leaving taxpayers on the hook for the $528 million loan.

Solyndra spent millions lobbying the federal government, particularly about the Energy Department's loan guarantee program. Its executives raised thousands of dollars for President Barack Obama and Democrats.

Obama visited the company's California headquarters to highlight the kind of renewable energy companies worthy of economic stimulus money.

When the company filed for bankruptcy and laid off 1,100 workers, it said it couldn't compete with foreign manufacturers of solar panels.

Shortly after the filing, FBI officials raided the company's headquarters. The company said the FBI was seeking records on the loans.

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