House Republicans vow to continue their probe of the Energy Department’s $535 million loan guarantee to Solyndra, saying the solar equipment manufacturer’s announcement Wednesday that it will file for bankruptcy underscores that the federal aid was a “dubious” investment.
“We smelled a rat from the onset,” said a joint statement from House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) and the panel’s oversight subcommittee chairman, Cliff Stearns (R-Fla.).
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DOE initially made the loan guarantee in 2009, shortly before the company closed one of its factories and laid off workers. Solyndra executives have more recently insisted the company was healthy, but on Wednesday it announced that it has suspended manufacturing, is laying off 1,100 workers and will file for Chapter 11 bankruptcy protection.
Besides questioning whether the company was a poor risk, critics have seized on news reports that
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