WH Ignored Warnings About Solyndra’s Financial Health

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The Wall Street Journal reports on the release of new email evidence that further illustrates the extent to which White House officials were warned of the risky nature of government’s investment in Solyndra, though those warning ultimately went unheeded:

WASHINGTON—White House officials dismissed concerns about Solyndra LLC ahead of President Barack Obama’s May 2010 visit to the failed solar-panel maker, despite acknowledging that the company and other clean-energy ventures could go “belly-up” by the 2012 election, according to emails released by Democratic lawmakers…

“I am increasingly worried that this visit could prove embarrassing to the Administration in the not too distant future, given 1) what we just heard today from DOE that Solyndra is delaying their IPO at least until the end of the year, and 2) what the auditors said about Solyndra making it through the year absent new financing,” warned an email from one OMB staffer to another.

An OMB staffer also wrote: “Hope doesn’t default before” Mr. Obama’s May 26 visit.

Two days before Mr. Obama’s tour of Solyndra, Steve Westly, a California venture capitalist, emailed Obama adviser Valerie Jarrett, saying the company was risky for Mr. Obama and visiting it could “haunt him in the next 18 months if Solyndra hits the wall, files for bankruptcy, etc.”

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