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Committee probes White House, failed solar company



Published: Tue, October 30, 2012 @ 2:57 p.m.

Committee probes White House, failed solar company

DENVER (AP) — A congressional committee is looking into efforts by the Obama administration to promote a Colorado solar company that later went bankrupt.

The House Committee on Energy and Commerce sent a letter earlier this month asking the Obama administration to explain what the Department of Energy knew about problems with a $400 million federal loan guarantee awarded to Loveland-based Abound Solar.

Department of Energy spokesman Damien LaVera said today that the agency has provided the documents and politics were not a factor in granting the guarantees.

The solar panel manufacturer filed for bankruptcy protection this summer and laid off about 125 workers.

The Weld County district attorney’s office said today that it is investigating Abound Solar for possible securities fraud, consumer fraud and financial misrepresentation, but no charges have been filed.


Comments

1Knightcap(699 comments)posted 1 year, 10 months ago

Where did the buck stop after the money tree was bare?

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