On September 8, 2011, just two days after Solyndra filed for bankruptcy, the FBI raided the solar manufacturer's Fremont, California facility. The raid occurred nearly two years to the day following the administration's rushed decision to grant Solyndra a $535 million taxpayer backed loan guarantee. After conducting an extensive investigation into the half a billion dollar loan guarantee to Solyndra, full committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Cliff Stearns (R-FL) authored the "No More Solyndras Act," H.R. 6213 to phase out the mismanaged loan guarantee program. Next week, the U.S. House will vote on the "No More Solyndras Act" to ensure taxpayers are never again left holding the bag for the administration's risky government bets.
"One year after Solyndra filed for bankruptcy and was raided by the FBI, we continue to sift through the fallout and the Obama administration's picking of winners and losers seems to reach a new low by the day. In Solyndra, the Obama administration delivered a raw deal to taxpayers, who stand to lose over half a billion dollars while billionaire Obama backer George Kaiser and Solyndra's other investors could walk away from the bankruptcy with hundreds of millions of dollars in tax breaks," said Upton and Stearns.
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