Solyndra, one of the largest recipients of President Obama's stimulus dollars, has gone down in flames filing bankruptcy and, yesterday, being raided by the FBI.
And as ugly as that situation is, the Government Accountability Office is saying this may just be the tip of the iceberg:
Solyndra's closing has also raised concerns about the status of tens of billions of dollars the Obama administration has invested in other renewable-energy companies.
Frank Rusco, a Government Accountability Office director who helped lead a review of the Solyndra loan and the Energy Department's loan guarantee program, said the GAO remains "greatly concerned" by its 2010 finding that the agency agreed to back five companies with loans without properly assessing their risk of failure. The companies were not identified in the report, but the GAO has since acknowledged that Solyndra was one of them.
So how many other companies are out there poised for failure?
And keep in mind that Obama wants hundreds of billions of dollars more for these sort of stimulus projects, yet it may be that we're peppered with news of bankruptcies from the last recipients of stimulus dollars even as Congress debates this new stimulus.
Sent from my iPad
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