Solyndra officials misrepresented facts, acted recklessly to get federal loan guarantee

Markets Associated Press

Federal investigators say in a new report that officials with the solar company Solyndra misrepresented facts and omitted key information in its effort to get a $535 million loan guarantee before filing for bankruptcy protection nearly four years ago.

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Lawmakers who criticized President Barack Obama's economic stimulus program as wasteful government spending often cited Solyndra as Exhibit A. The company's failure will likely cost taxpayers more than $500 million.

A report by the Energy Department's inspector general released Wednesday says the actions of certain Solyndra officials were at best reckless, and at worst, an orchestrated effort to deceive.

The report also describes the department's due diligence as less than fully effective. The inspector general says department employees also felt tremendous pressure to process loan guarantee applications.