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Thanks guys this is a Fox News alert new and serious questions about federally backed loans for a Green company.
On the brink of bankruptcy welcome to America live everyone I'm Megyn Kelly.
Lawyers on Capitol Hill now demanding answers from the White House over a 535.
Million dollar loan.
Funded by you the taxpayers.
To Green company -- -- We are now learning that the folks working for and with the company -- the loan was a bad idea from the start at least some of them.
So Linda decode declared bankruptcy this month after laying off 11100 workers and then promptly sites offices raided by the FBI.
A senate energy confirmation hearing now dominating the day.
As the White House scrambles to defend its decision.
To hand out this hefty loan Trace Gallagher with the breaking details now from our breaking news -- Trace.
And remember back in the White House still maintains this was a worthwhile investment -- a company that was very promising but yet many experts say there was nothing about this company that was -- all promising.
And they're pointing to the facts in 2008 -- for this loan was issued.
That in 2000 -- -- lender -- reportedly lost 232 million dollars.
That the price of solar panels at that time had dropped 50%.
And that the price of solar grade silicon had plummeted.
But -- lender wasn't using silicon the Chinese war which made it almost impossible for them to compete now.
A woman who claims that she works for the firm that built the -- lender a plant.
Called in to the conservative radio talk show host mark would then show the Ben says she was vetted she's legitimate and here's what she said play.
Well we are out there while we were building committed perhaps a billion dollar mark.
I -- -- already -- that China had.
Developed a more inexpensive way to manufacture.
The solar panel everyone knew that the plan wouldn't work has -- a -- if they don't okay.
All around basically all that money Obama flew out -- parent.
Out there and actually they're -- -- -- the next week -- A man who was just laid off by cylinder told the San Jose Mercury news that's a lender was tossing out faulty solar panels every day.
He said this and I'm quoting at least a 100000 dollars a day was thrown away.
If they're wasting a 100000 a day how much is that a month or a year of course that's going to lead to bankruptcy now remember.
Independent auditors also raised the red flag emails from inside the White House inside the Energy Department.
Also question whether this was a bad deal.
Yet instead of being scrutinized.
The president showed up He touted this company the loan was fast track and today during a Department of Energy hearing.
Wyoming senator John Barrasso had this to say.
But I don't think we should be blaming China or the markets -- previous administration.
The perfect storm appears to be.
Fed that was a federal policy rushed.
Decisions and demands of -- of the pending public relations campaign by the administration.
The administration maintains that changing markets could have changed the fate of cylinder and apparently they have a lot of people supporting them because aside from the federal loan.
More than a billion dollars of private investment money was also poured into this solar panel maker.
Back in 2007.
And now the FBI wants to know whether cylinder of misrepresented the status of its bit ahead of its business.
I lost to private investors.
-- -- -- we'll find out Trace thank you.
That we are keeping an eye on the daily white house press briefing where we expect a tough new round of questions on the slender scandal.
This is growing and more more news organizations are covering -- Last night ABC news investigative reporter Brian Ross actually spoke to our -- Bill O'Reilly about the investigation.
Emerging regarding this lender bankruptcies scandal and how He expects the story to get increasingly uncomfortable for the administration.
I think they believed in -- in a way in this is going to be the model this -- the future as the president has and I believe -- if your own guys are telling you hated companies going down.
I mean I do it it looks to me like good days and they don't care.
Their money here that you know the the loan was put on hold by the bush administration on January ninth of 2009.
And then six days after the new administration took office it was back on a fast track -- and was approved very quickly now.
The questions today were not answered very well by the -- administration how did that happen no one seemed to know the answer nobody knows we weren't here we don't know.
Interesting -- full interview I think -- posts about foxnews.com right now to check it out like.
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