Bloomberg reports:
The FBI is investigating Solyndra LLC for possible accounting fraud and the accuracy of financial representations made to the government, according to an agency official.
The FBI is examining possible misrepresentations in financial statements, according to the FBI official, who requested anonymity because the investigation is continuing…
“The company is not aware of any wrongdoing by Solyndra officers, directors or employees” related to the Energy Department loan guarantees or other actions and “is cooperating fully” with the U.S. Attorney in San Francisco, according to a Sept. 20 statement from Solyndra. David Miller, a company spokesman, didn’t immediately return a phone call and an e-mail seeking comment today.
More here.
The administration would like nothing more than to find some way of claiming they were lied to, and that they couldn't have known.
Reply to this commentLinkReport AbuseKind of convenient that the government's records of the administration's actions on Solyndra are in the hands of the administration, while Solyndra's records of the administration's actions are in the hands of . . . er . . . the administration.
So, if there is evidence of wrongdoing on the part of the administration in any of those records, we have to rely on the administration to report on themselves. Anyone expect it before, oh, say, November 2012? If ever?
Reply to this commentLinkReport AbuseJust as a reminder, as a criminal investigation ensues:
The fact that the corporate officers of Solyndra pled the fifth amendment before a congressional committee can be held against them in any future criminal proceedings.
If they again plead the fifth in those criminal proceedings, it cannot be held against them. But their prior 5th plea in civil proceedings can be presented to a criminal jury (including grand jury), and such criminal jury can draw all negative inferences from their pleading the fifth before Congress.
As I see it, they defrauded the American taxpayers of 535 million dollars, and the only question is who inside the administration aided and abetted their fraud.
All signs point to Steven Chu, Secretary of the Department of Energy.
Reply to this commentLinkReport AbuseSteven Chu may want to forgo that trip to Croatia...
Reply to this commentLinkReport AbuseNo. This is entirely wrong.
EVERYBODY who studied this closely KNEW that this was a bad deal. There was no fraud at all, and this investigation is a smokescreen attempt to absolve the White House for KNOWINGLY taking stupid risks with taxpayer money.
If the investigation yields charges, the White House can claim that they were defrauded. If the FBI files no charges, the White House can dissemble by saying "An FBI investigation found no wrongdoing" as cover from the real charge: The government was negligent with our money.
Reply to this commentLinkReport AbuseActually, the White House didn't take a stupid risk with taxpayer money, it blatantly gave money to a campaign donor it knew was in trouble and knew that the taxpayers didn't have any prospects of getting it back.
Reply to this commentLinkReport AbuseLet's not forget, there were two representatives from the DOE sitting on the board of directors of Solyndra.
Reply to this commentLinkReport AbuseNew Gopher is onto something. Does anyone believe that Holder would ever allow prosecution of any Solyndra or government type involved in this fiasco, if there was any link whatsoever to the White House and the Bamster?? And since there is now evidence that Obama was briefed that this wasn't a financially sound deal (hence a link)--I'm not holding my breath on this ever being prosecuted.
Reply to this commentLinkReport AbuseHow about this angle: just knowing that all company records are in the hands of the FBI puts pressure on company execs to keep quiet and hew to the administration's official story, lest they find themselves facing charges. If they can finger the administration, the hope that the administration will sit on anything they find provides motive to keep mum.
Solution: a House committee should grant immunity for testimony.
Reply to this commentLinkReport AbuseIf there was fraud on Solyndra's part in obtaining these government loans, then it's the most inept fraud in the history of fraud.
Using the financial information provided by Solyndra when they applied for the loan, career civil servants (as has already been disclosed in OMB emails that have been obtained by Congressional investigators) predicted TO THE MONTH the likely default time-frame of Solyndra. The loans were still issued, against the express objections of those very same career OMB employees.
It's not the (alleged) accounting fraud I'm worried about; The financials seemed to have been accurate enough to accurately predict Solyndra's demise. I want to know why Barack Obama and his political appointees ignored the advise of the OMB and went ahead with the loans anyways.
What did Barack Obama et. al know, when did they know it and why did they ignore sound and reasonable advice to NOT grant the loans. THAT's what should be investigated.
Reply to this commentLinkReport AbuseI agree that if they were attempting to defraud the government via phony accounting, they were quite inept. My feeling is that the Obama admin (Holder) will try to hold onto this and keep anything from happening until post-election all the while floating all sorts of accounting fraud stories to the MSM. Will it work? Not like they would hope, but there are fools out there who will fall for the story hook, line and sinker.
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