“A colossal failure … calling into question every loan guarantee that has been issued and … any future loan….” — Sen. Lisa Murkowski (R-AK)
The Congressional investigation of Solyndra, Inc., the California solar panel manufacturer that received a $535 million loan guarantee and recently filed for bankruptcy, is a gathering threat to the entire Department of Energy (DOE) Loan Guarantee Program. The accompanying media firestorm has consumed Solyndra, its executives, and the Obama Administration in recent weeks, and may soon engulf other recipients of DOE loan guarantees. In fact, any company that has received federal funding, particularly under the American Reinvestment and Recovery Act of 2009 (the Stimulus Act), or any company with a pending application for federal assistance, should be attuned to this heightened congressional scrutiny and should conduct appropriate due diligence, including among other actions:
- Be proactive in high risk areas
- Address and resolve significant audit findings
- Identify and address whistleblower complaints
- Maintain appropriate communication and cooperation with key agency officials
- Weigh the benefits and risks of communication with key Members of Congress and Committee staff
Please see full Alert below for further information.
Please see full publication below for more information.
