Wednesday, April 4, 2012

If You Were Borrowing Half a Billion Dollars...

Do you think that the bank would review the loan documents in a day?  April 4, 2012 Bloomberg reports:

The U.S. Treasury Department was given one day to review Solyndra LLC’s $535 million U.S. loan guarantee after learning the Energy Department was ready to announce the award, 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 were addressed by the Energy Department, the Treasury’s Inspector General’s Office said yesterday in the report.
Officials in the White House’s Office of Management and Budget told the Treasury Department that the announcement of a conditional commitment to Solyndra was imminent. The department had one day to review the terms of the guarantee to accommodate an Energy Department press release.
I'll give the Obama Administration the benefit of the doubt, and just assume that they were in such a hurry to issue a press release that they didn't bother letting the people responsible for the public purse have enough time to look over the details of the detail.  And you want these turkeys in charge of national health care?

1 comment:

JohnG said...

Like Obamacare, you had to make the loan to find out what was in it!