Washington (CNN) - The White House is ordering an outside review of all loans the Department of Energy made to clean energy companies. This comes in the wake of the decision to offer federal loan guarantees to the now-bankrupt solar company Solyndra.
In all, the White House will review loans that total $35.9 billion.
The review, ordered by White House Chief of Staff Bill Daley, is due in sixty days - right around Christmas. It will be run by Herb Allison, who has served in both Republican and Democratic administrations. In the Bush administration he was appointed to run Fannie Mae when it was placed into conservatorship.
Earlier in the Obama Administration he was confirmed by the Senate to oversee the TARP Program. According to an administration official, Allison’s report will be released to the public and will take on three issues: evaluate the status of companies that received loans, recommend ways to manage those loans, and set up a method for the Department of Energy to identify signs of trouble emerging at these companies before they might reach bankruptcy.
In a statement, White House Chief of Staff Bill Daley said, “The President is committed to investing in clean energy…we must also ensure that we are strong stewards of taxpayer dollars.”
Allison released a statement saying, “This Administration clearly recognizes the challenges and opportunities that coexist with these programs. My goal is to assess the current financial state of the portfolio and to ensure effective monitoring and management of the loan portfolio going forward.”
This news comes the same day Rep. Cliff Stearns, chair of the House Energy and Commerce Committee, announced his intention to seek subpoenas of all internal White House communications regarding the Solyndra loan. In an earlier letter to the Committee the White House Counsel said they had already turned over 900 pages of White House documents and do not plan to turn over other internal White House documents. Additionally, the administration says they’ve given the committee 70,000 pages from three agencies and are prepared to cooperate further with investigators.
Isn't this too little too late!? President NObama and his cronies must be getting really desperate.
This exactly what happens when you lie, cheat and use smoke and mirrors to try and fool the American people.
another stupid idea that wasted millions and millions of dollars....the only green was the money obama buddies got for this boon doggle.
And again our president is not pulling a reagan or bush/cheney...nope he is giving them what they asked for. can anyone really say he is not the grown up in our govt! shame the gop is so crooked they can no longer even see honesty or make any sense anymore...pathetic. btw anyone know why this company failed? yep china! they want the green market but lets blame obama the american people are just sheep to these people.
What a joke! Perfect example of Bozo and his Liberal ilk trying to save face on yet another tax-payer travesty that THEY created!
It's good to review these loans and if there was undue influence used to direct moeny to certain compoanies not based on merit, then it shoudl be investigated. But let's be clear, I'd be surprised if every state in the union does not provide loans, guarantees, and flat out grants to companies- often multinational corporations- to lure them into their states or to help them expand. Sometime thes work out well and sometimes like Solyndra, they crash and burn. When you are dealing with hi9gh-risk, high-reward technologies, you are going to have failures. But remember that even Solyndra had received millions more in equity investments from venture capitalists and other smart businessmen and women. They lost everything too. But regardless, if you don't want to cede the solar market to the Chinese, you got to get inthe game.
The american people, the economy and the environment would have been better served if these loans were given to the fossil energy industry so as to develop the technology to make fossil fuel economically viable (profitable) while being environmentally friendly.
Got caught repaying favors ! What a joke.
Clean energy wasn't the problem. It was dirty politicians. Obama and Biden to be specific. Lavishing our tax dollars on Democratic Donors with complete disregard for due diligence.
Let me be the first to say that this review will prove once and for all that there were no misdeeds partaken in the Solyndra loan. Obama and his administration are always trying to do what is best for the economy and American citizens. They would never sell out to corporate greed, lining the pockets of their political cronies and themselves with US taxpayer money. After the White House has finished investigating themselves all you naysayers can just stifle yourselves.
I would like to order a review of all those loans I just made....
Are you kidding me? How stupid do the WH think Americans are? It was this administration that rushed/pressured the DOE to push the loan through in the first place. Now they're calling for a review? Trying to make it seems like the Administration had nothing to do with the loan? I don't think so. The Obama Administration owns this mess as well as all the other things that happened since he took office.
Yes , thats a good idea ! Can you expose the corrupt ?
Are you really so blind that you cant see that this is a obama CYA so he doesnt get charged with fraud and theft of tax dollars, I think We The People should impeach obama and put his bodonkey butt wishy washy wife in shackles and make her get a real job working picking cabage so she can see what its like to be in a real garden
Why would you do this that will only mean more tax payer money for you ideas that don't work.
You never had a real job and you don't know what it's like running a business much the Government and laws you took an oath to enforce.
We are tired of all of your lies just do this country a favor don't run for 2012 and give your funds to the people that need a job out there and stop spending our money.
That's right – get the JUMP on those who are trying to run a "gotcha". Because in reality, this may go beyond just this administration! Furthermore, we need to know and the Repubs most likely opened up a can of "whoop-ash" that may point to "others" and don't even realize it!!!
Go for Clean Energy and Oil Independence....good luck. My vote for you....Obama2012.
Can't wait for the usual GOBP cult propaganda from our usual (paid?) trolls, who love to focus on Solyndra while ignoring the massive amounts of corporate welfare their cult leaders encourage. Big Oil and Halliburton, anyone?
New word for today.
Ineptocracy (in-ep-tocâ-ra-cy) – a system of government where the least capable
to lead are elected by the least capable of producing, and where the members of
society least likely to sustain themselves or succeed, are rewarded with goods
and services paid for by the confiscated wealth of a diminishing number of
Isn't that what we have in our Presidents office, and Senate now.