FBI agents executed search warrants Thursday morning at the headquarters of California solar firm Solyndra, which received a $535 million loan from the federal government before filing for bankruptcy last week, FoxNews.com confirms. Agents executed the search warrants at the company's headquarters in Fremont as part of a joint operation by the Federal Bureau of Investigation, Department of Energy and the Office of Inspector General, FBI spokesman Peter Lee said. Lee told FoxNews.com that "multiple search warrants" were executed but said he could not provide details on what prompted the investigation. Solyndra LLC is a solar-panel manufacturer once touted by President Obama as a beneficiary of his administration's economic policies. It announced last week that it was laying off 1100 workers and filing for bankruptcy. The company was held up as the model for government investment in green technology. In addition to the $535 million loan guarantee, it received visits from the president and other state and federal officials. It filed bankruptcy amid hard times in the nation's solar industry. The price for solar panels has tanked, in part because of heavy competition from Chinese companies, dropping by about 42 percent this year. In a blog posting, Energy Department spokesman Dan Leistikow said Solyndra was a once promising company that had increased sales revenue by 2000 percent in the past three years. The $535 million loan guarantee was sought by both the Bush and Obama <b>...</b>
In the News:
 The Associated Press | Feds Visit Homes of Solyndra CEO, Execs ABC News (Paul Sakuma/AP Photo) Federal agents have expanded their examination of the now-bankrupt California solar power company Solyndra, visiting the homes of the company's CEO and two of its executives, examining computer files and documents, ... Feds Raid Solyndra OfficesThe Atlantic Obama's solar panel plant gets raided by FBIRT Feds investigate solar firm that got $535M US loanThe Associated Press News10.net -USA Today (blog) all 964 news articles » |
 The Hindu | Raids and Raids Slate Magazine (blog) In Gibson's case, it's falling afoul of a stupid, 111-year-old law on imports. In Solyndra's case, the Feds are looking for evidence that Solyndra may have duped the government. We know that the company joined two other solar tech companies in collapse ... Blame It On BushAtlanta Journal Constitution (blog) Solyndra Scandal Gets Even Worse for Obama AdministrationReason Online (blog) all 2,284 news articles » |
Another California solar deal - this one a $1.6 billion taxpayer bet LA Observed In case you've forgotten, Solyndra is the manufacturer of cylindrical solar power devices that filed for bankruptcy on Sept. 6, endured a raid by FBI agents with search warrants, faced a hostile House committee and is now the whipping boy of ... and more » |
Feds bet 1366 Technologies can slash solar costs SmartPlanet.com (blog) The Energy Department hasn't let the failure of former star Solyndra — not even an FBI raid on the company — prevent the agency from backing another solar firm it believes could slash the cost of ... and more » |
 East Bay Express | Thursday Must Read: Amazon Strikes Deal with Legislature; FBI Raids Solyndra East Bay Express The feds have said they are concerned that Solyndra may sell equipment from its closed facility to foreign buyers who would then ship it overseas — which would be a violation of federal law, because the bankrupt solar company paid for the equipment ... and more » |
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