"Political pressure" by a White House eager to tout its stimulus agenda was largely to blame for fast-tracking the ill-fated $535 million Solyndra loan guarantee, according to findings in a massive new congressional report released Thursday morning.
The report, by Republicans on the House Energy and Commerce Committee, caps a nearly yearlong investigation by the panel into why the government allegedly ignored red flags to approve the loan. Solyndra, a solar-panel firm, filed for bankruptcy last year.
"It is clear DOE should never have issued the loan guarantee to Solyndra," the report said, adding that a subsequent decision to restructure the terms "violated the plain language of the law."
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