Big Solar News: FBI Searches Solyndra's Offices
Solar manufacturer Solyndra outlook did not seem like it could get more gloomy until the FBI landed on its doorsteps to serve search warrants. We are not sure what to make of this breaking news story just in on the New York Times. The headline is "Solar Company Is Searched by F.B.I." According to the Times story, "The warrants are part of a joint investigation between the F.B.I. and the Department of Energy's Office of Inspector General, according to Alicia Sensibaugh, a spokeswoman for the F.B.I., who declined to elaborate further."
One might think that the venture capitalists who may lose a billion dollars are a tad miffed by the recent downturn in Solyndra's prospects when Solyndra filed for bankruptcy. And the pending hearings on the Hill to look into what happened to $535 million of taxpayer loan guarantees probably may cause Solyndra's executives further indigestion.
The Associate Press gives a few more details about the raid on Solyndra's offices: "Agents executed multiple search warrants at the company's headquarters in Fremont as part of an investigation with the Department of Energy's Office of Inspector General, according to FBI spokeswoman Julianne Sohn. ...A white truck in the company's parking lot was being filled with items taken by the FBI."
The conservative Washington Times is having a field day with the investigation over Solyndra's use of the loan guarantee. According to the Times story, "FBI agents on Thursday executed search warrants at the headquarters of Solyndra LLC, which was awarded more than $500,000 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."
This is a developing story, but the bankruptcy filing by Solyndra may be the least of its problems.