FBI Raids Solyndra Headquarters After Bankruptcy Filing

By:  Brian Koenig
09/12/2011
       
FBI Raids Solyndra Headquarters After Bankruptcy Filing

The FBI is investigating bankrupt solar-panel maker Solyndra after the company secured more than $500 million in loan guarantees from the federal government. Glorified by President Obama as "the future" of clean energy and a "testament to American ingenuity and dynamism," Solyndra headquarters was raided by FBI agents on Thursday, as allegations were made that executives knowingly misled the government in an attempt to swindle $535 million in federal loan guarantees. FBI spokesman Peter Lee said the investigation commenced following a request by Energy Department inspector general Gregory Friedman, who alleged that the department’s clean-energy loan program lacks "transparency and accountability."

The investigation launched a week after the Silicon Valley solar company filed bankruptcy, which resulted in immediate layoffs for 1,100 workers. The company has gleaned raving reviews from the Obama administration, as the President branded the company as a poster child for clean energy: "Companies like Solyndra are leading the way toward a brighter and more prosperous future."

The FBI is investigating bankrupt solar-panel maker Solyndra after the company secured more than $500 million in loan guarantees from the federal government. Glorified by President Obama as "the future" of clean energy and a "testament to American ingenuity and dynamism," (during a visit, pictured) Solyndra headquarters was raided by FBI agents on Thursday, as allegations were made that executives knowingly misled the government in an attempt to swindle $535 million in federal loan guarantees. FBI spokesman Peter Lee said the investigation commenced following a request by Energy Department inspector general Gregory Friedman, who alleged that the department’s clean-energy loan program lacks "transparency and accountability."

The investigation launched a week after the Silicon Valley solar company filed bankruptcy, which resulted in immediate layoffs for 1,100 workers. The company has gleaned raving reviews from the Obama administration, as the President branded the company as a poster child for clean energy: "Companies like Solyndra are leading the way toward a brighter and more prosperous future."

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