PRIVATE INVESTORS GIVEN PRIORITYOVER TAXPAYERS IN RECOVERING SOLYNDRA FUNDS

WASHINGTON, SEPT. 13, 2011 – “Although numerous red flags indicated that Solyndra was financially troubled and unviable in the global market, the Administration went ahead and committed over half-a-billion dollars in taxpayer funds to this company that went bankrupt,” said Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations.  “Furthermore, in restructuring the loan, the Administration allowed the private investors to have the ‘first out’ in case of Solyndra’s collapse.  Then there is the FBI raid raising the likelihood of criminal activity. I want to find out what happened to this money and who is responsible for putting these dollars at risk.”

Stearns is holding the hearing on Wednesday, September 14, 2011, at 9:30 a.m. in room 2123 of the Rayburn House Office Building.  Senior officials from the Department of Energy and the Office of Management and Budget involved in the loan guarantee program will testify.

Witness List?

Mr. Jeffrey Zients
Deputy Director?Office of Management and Budget

Mr. Jonathan Silver
Executive Director?Loans Programs Office
U.S. Department of Energy