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New report blasts WH for Solyndra loan guarantee

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    Finding of GOP probe into solar firm

  • Duration 2:56
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Desperate to tout its stimulus agenda is being blamed for the loss of a half billion of your tax dollars on the failed solar companies to lender.

Chief Washington correspondent James Rosen looks at a new report -- makes bold accusations.

Now the administration is firing back.

This was the high point for -- -- -- when President Obama -- the company's northern California plant.

Under the Obama stimulus program the Department of Energy had extended 535.

Million in loan guarantees funded by taxpayers.

To help the solar panel manufacturer expand.

Who moved the White House said would create at least 4000 jobs.

Fifteen months later Solyndra was bankrupt the FBI raiding its offices now after eighteen months of investigation.

The GOP majority staff on the house energy and commerce committee has concluded.

It is clear deal we should never have issued the loan guarantee to Solyndra and that deal we violated the plain language of the law when it restructured the terms of the loan guarantee mr.

-- White House or the American -- explanation.

In February 2011 White House chief of staff Jack Lew was director of the Office of Management and Budget.

With Solyndra collapsing -- signed off on a restructuring of the firm's loan and under the new terms if Solyndra went bankrupt as the firm ultimately did.

When it came time to dole out whatever money could be recovered from the wreckage the tax payers were to be placed second or subordinated to Solyndra is private investors chiefly organ on ventures whose top executive billionaire George Kaiser was an Obama -- and -- 2008.

Newly released emails show Lou did not follow the recommendation of his own analysts who urged the White House to forget restructuring and cut its losses there and then.

Advice that if -- would have saved the taxpayers nearly 400 million.

Deal -- and OMB's reviews of the Solyndra application were rushed and the quality of those reviews was negatively affected by political considerations the report found.

Adding treasury and OMB staff believe the 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.

I think -- obviously is this sense of favoritism here and there trying to cater to there.

Contributors and I think ultimately if we find there is a case -- untruth moments we will refer to the justice.

Our chairman Stearns has been on a witch hunt for.

Months over this it's unfortunate when alone like this kind of south because the taxpayers do lose a lot of money.

But that doesn't mean you get rid of the whole program.

The White House said today this report produced quote zero evidence of political favoritism in the President Obama.

Still believes -- that it was the right decision to invest in clean energy technologies James who taxpayers get any of this 535 million dollars back.

By a one estimate about 24 million which should be about four and a half percent of what taxpayers shelled out -- James thank you.

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