Upton: Probe indicates loan to Solyndra was ‘rotten deal’ for taxpayers

After the inspector general for the U.S. Department of Energy (DOE) released the results of its 18-month investigation on the alleged illegal loan application of Solyndra, U.S. Rep. Fred Upton (R-MI) issued a statement regarding the report.

“Solyndra may have provided the Department of Energy with false and misleading information during the application process for a $535 million loan guarantee,” Upton said.

“Solyndra was a rotten deal from the get-go,” Upton, chairman of the House Energy and Commerce Committee, said. “Despite the many red flags, the administration promoted Solyndra, and taxpayers paid the price. The administration was careless with precious dollars, the program was rife with problems, and it was our effective oversight that forced DOE to do its due diligence on subsequent applications.”