repent at leisure. FBI agents served search warrants at Solyndra, the company that received a half billion in loan guarantees from the federal government only to declare bankruptcy.
PDT FREMONT — FBI agents served search warrants this morning at Solyndra, the Fremont solar company that abruptly closed last week, two years after receiving more than $500 million in federal stimulus money, an agency official said.
The search is part of a joint investigation involving the FBI and the Department of Energy’s Office of Inspector General, said FBI spokeswoman Julianne Sohn, who declined to elaborate.
There are any number of fishy things in this story from the 39% ownership by the Kaiser Family Foundation (George Kaiser is a major Obama contributor and fund-raiser) to the low interest rate the company received to the inter-creditor agreement by which investors receive precedence in getting paid back in the bankruptcy.
I’d sure like to know what they’re looking for.
Perhaps the Administration is merely looking to shut down a Congressional inquiry. Company officials won’t testify if under a criminal investigation. Very sharp practice by the Administration, but what else would one suspect from corrupt Chicago pols?
Even sharper practice would be for an investigating Congressional Committe to grant immunity for testimony. This will get very ugly very fast.
Yeah, “fishy”. LOL
The inter-creditor agreement piques my interest; that sounds like the U.S. government signed away it’s lien or preference position to somebody else. The only reason I can think for the U.S. doing that was that they knew the company would likely not survive without a fresh infusion of money. And whenever that occurred, the deal starts to look like backing a private investment in the company, as opposed to a direct investment in the company itself.
Pretty much the lines along which I was thinking.