RECENT STORY SHOWS MILLIONS OF DOLLARS IN SOLYNDRA EQUIPMENT THROWN IN THE TRASH

WASHINGTON, JAN 20, 2012 – “The Obama Administration’s rush to close the Solyndra loan guarantee and its failure to heed repeated red flags over Solyndra’s financial prospects has resulted in a taxpayer loss of $535 million,” said Rep. Cliff Stearns (R-FL), who is leading the Solyndra loan guarantee investigation as Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations.  “Incredibly, the White House is failing to minimize losses to the taxpayer who are still losing money from Solyndra.”

A local news story* documents workers destroying brand new equipment at the Solyndra facility as they shatter highly specialized glass tubes that the firm used in manufacturing solar panels. A buyer of surplus equipment even expresses interest in buying these tubes, which were never listed as an asset to be sold.  Explained Stearns, “The U.S. Department of Justice has a role in representing the taxpayers in the Solyndra bankruptcy, yet valuable equipment is being destroyed instead of being sold to reimburse the creditors, including the American people.” 

The Obama Administration approved a loan guarantee for Solyndra, which declared bankruptcy in August of 2011.  Days after the bankruptcy, the FBI conducted a raid of the headquarters and Solyndra is the subject of an ongoing criminal investigation.  Stearns investigation has found the entire Solyndra loan process was contaminated by influence from Obama supporters and contributors.