Oversight and Investigations Subcommittee “From DOE Loan Guarantee to Bankruptcy to FBI Raid: What Solyndra's Executives Knew”

FOR IMMEDIATE RELEASE September 23, 2011	CONTACT: Press Office (202) 226-4972
Oversight and Investigations Subcommittee “From DOE Loan Guarantee to Bankruptcy to FBI Raid: What Solyndra's Executives Knew” Live Webcast Click here to watch the hearing. Opening Statement of Oversight and Investigations Subcommittee Chairman Cliff Stearns We convene this hearing of the Subcommittee on Oversight and Investigations to examine what Solyndra’s executives knew about the company’s financial condition and how it represented that condition to the Department of Energy, the White House, and members of this Committee. Just two years after Solyndra received its $535 million loan guarantee, and six months after DOE restructured the deal, Solyndra has laid off over a thousand workers, filed for bankruptcy, and been raided by the FBI.  Yet, only two months ago, Solyndra CEO Brian Harrison met with me in the Committee offices.  He looked me in the eye and  assured me that everything was just fine, and the company was on-track to be cash-flow positive.  Mr. Harrison told me, and other Members of this Committee, that Solyndra was continuing to make excellent progress; that it was meeting all its cost and performance milestones; and that revenues were projected to nearly double in 2011.  Read more… Opening Statement of Energy and Commerce Committee Chairman Fred Upton In 1963, there was a Great Train Robbery in England. At the time, I think it might have been the largest heist ever, and because of its cleverness, the legend continues. The take was over £2.6 million. Now, we have our own, modern day, great train robbery. But it appears that we have a great heist of over half a billion dollars and possibly even willing collaborators, maybe even co-conspirators, called the U.S. Government, who rushed out a $535 million loan to Solyndra. Read more… Additional Background Click here to view memo and additional hearing materials on the Energy and Commerce Committee website. ###