Solar Company Called Before Congress
Executives mum on government loan
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Executives from Solyndra, the solar equipment company that filed for bankruptcy earlier this month, declined to testify in a congressional hearing on Friday over a $528 million loan from the federal government. Cheif executive Brian Harrison and chief financial officer Bill Stover both invoked the fifth amendment—declining to testify for fear of self-incrimination—more than a dozen times during the hearing. Solyndra, called a poster child for green energy companies, received a loan guarantee from the U.S. Department of Energy in 2009, and continued to recieve government funds until a month before the filing for bankruptcy. Federal agents from the FBI and Department of Energy are investigating whether the DOE rushed the loan. The congressional committe that called Harrison and Stover is looking into improper links between White House officials and the company. Solyndra declared bankruptcy and laid off 1,100 employees earlier this month. In hindsight, the executives appear to have staked too much of Solyndra’s business on the price of silicon.
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