During Solyndra probe, Energy Dept. has to move billions in loans

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Source: The Washington Post

The Energy Department, under fire over its management of a program that offers loan guarantees to clean-technology companies, has been finalizing additional multimillion-dollar loan guarantees in the program at a rate of more than one a week since the beginning of August. It now has just two weeks left to commit the program’s remaining $9.3 billion.

The push to finalize deals for the lucrative federal financing before the program expires at the end of the fiscal year is drawing fire from Republicans and government watchdogs. They say haste led to costly mistakes in the decision to back Solyndra, a solar-panel maker that collapsed two weeks ago, leaving taxpayers liable for a half-billion-dollar federal loan.

“Rather than churn out billions more in loan guarantees to make a deadline, the administration has to move deliberately and cautiously on behalf of taxpayers,” said Ryan Alexander, president of the nonpartisan government watchdog group Taxpayers for Common Sense. “Solyndra has demonstrated there is no such thing as a free lunch. And loan guarantees can come at a pretty price to taxpayers.”

Since the start of August, the Department of Energy has closed seven loan guarantees, at a rate of more than one a week — after approving just 11 in the previous 26 months of the program.

Read more: http://www.washingtonpost.com/politics/during-solyndra-probe-energy-dept-has-to-move-billions-in-loans/2011/09/16/gIQARIxXYK_story.html

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2. Lord, how I hate corporate welfare.