Solar panel maker Solyndra's chief executive traveled to Washington and met with members of Congress.
Before solar-panel maker Solyndra LLC went bankrupt, the U.S. Department of Energy — which had signed off on more than a half-billion dollars in loans — approved paying up to $1.1 million for an investment bank's advice on restructuring Solyndra "both in and out of bankruptcy," records show.
In the fallout of the collapse of solar-panel maker Solyndra LLC — a company awarded more than a half-billion dollars in federal loans before it went bankrupt late last month — members of Congress are demanding to know how all that money was spent.
Obama administration officials refused to say Wednesday whether anybody would be fired over the decision to award solar-panel manufacturer Solyndra LLC a half-billion dollars in loans before it went bankrupt and saw its headquarters raided by the FBI.
FBI agents on Thursday executed search warrants at the California headquarters of Solyndra LLC, which was awarded more than $500 million in federal stimulus loans in 2009 to make solar panels in what the Obama administration called part of an aggressive effort to put more Americans to work and end U.S. dependence on foreign oil.
A California solar-panel manufacturer once touted by President Obama as a beneficiary of his administration's economic policies — and the recipient of a $535 million federal loan — is laying off 1,100 workers and filing for bankruptcy.