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Another alert now a brand new report shedding light on the -- collapse and why that's the solar panel company that filed for bankruptcy after receiving more than.
500 million dollars in government loan guarantees.
We're now learning that then white house budget director Jack -- Let the financing for the company move forward.
Even though some of his own analysts raise red flags about it Washington correspondent James Rosen digging into this what did you find James.
-- good morning after almost two years of investigation five congressional hearings and a review of more than 300000.
The Republican majority staff on the house energy and commerce committee has released this final report on the -- scandal that faults the Obama White House another executive branch agencies.
For placing politics above the taxpayers' interest and in so doing.
Violating the law.
Solyndra of course was the California based manufacturer of solar panels that was supposed to be a showcase of how the Obama stimulus can be used to revive the economy in part by encouraging the development and use of alternative energy.
But the firm which President Obama visited personally went bankrupt a year ago not long before the FBI raided its offices and just before all of that went down.
Obama administration in a desperate bid to prevent -- -- failure restructured its loan terms with the company don't be away.
That ensure that if the firm did go belly up.
Private investors including a fund controlled by an Obama Butler would get first crack before the taxpayers.
In any effort to recover money from the firm's assets the white house Office of Management and Budget then led by Jack -- who is now president Obama's chief of staff.
Was one of the agencies that periodically review the terms of the government's financial support excellent for a new documents released by the committee show an aide to -- urged that the government cut its losses rather than restructure the loan -- saying if that happened.
The taxpayers would only lose about 140 million.
But Lou did not follow that advice quote.
DOE's -- these reviews of insulin drug application this report finds were rushed.
And the quality of those reviews was negatively affected by political considerations namely the administration's desire to make public announcements of these events.
Report continues treasury and OMB staff believed that DOE's decision to subordinate the government's interest to to Solyndra investors.
Was not proper and question whether this decision was consistent with a provision in the energy policy act of 2005.
That expressly prohibited subordination and quote.
What -- officials today are asking how much the committee's probe cost taxpayers.
And they say this report contains no evidence of any decisions being made specifically to help Obama donors one estimate released last week -- the taxpayers.
Will ultimately recoup about point four million of the 535.
The federal money was spent on -- -- Americans James Rosen in Washington on that James thank you.
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