The PJ Tatler

Dept of Treasury Had Just One Day to Review the Solyndra Loan

One day. Where was Sheriff Joe?

The U.S. Treasury Department was given one day to complete its review of the government’s $535 million loan guarantee to Solyndra LLC, the bankrupt solar-panel manufacturer, to accommodate an Energy Department press release, according to a Treasury audit.

While Treasury staff say they had enough time to review the loan, internal e-mails cast doubt on whether staff suggestions to provide a partial instead of a full guarantee were addressed by the Energy Department, the Treasury’s Inspector General’s Office said today in the report.

“Treasury’s consultative role was not sufficiently defined, the consultation that did occur was rushed and no documentation was retained as to how Treasury’s serious concerns with the loan were addressed,” the audit said.

One day to review a complex, multi-million dollar loan guarantee to an unproven company…”no documentation was retained.” But hey, when you’re building a religion, you take some leaps of faith.

Or you cover your tracks.