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Congressman Upton Investigating California Company Solyndra on 535-Million-Dollar Federal Stimulus Loan Guarentee


WASHINGTON D.C. (WKZO) --  Rep. Fred Upton is investigating a California Company called Solyndra, that received a 535-million dollar loan guarantee in federal stimulus money to develop a unique kind of solar panel, and has now gone bankrupt.

Conservative republicans say because the Kaiser Foundation had money invested in the firm, and because George Kaiser is a big fundraiser for Barack Obama, that is reason to investigate.  Upton says it was the very first to get one of the loan guarantees.

Forbes Magazine defends the loan saying the unique product the firm was making suddenly was priced out of the market when silicon costs plummeted, and China’s subsidy of Solar firms has brought prices down further. They say all the other solar investments the government has made will cover this one loss ten times over.

George Kaiser says he did not contact the White House or anyone else in government about the loan guarantee.  He says his family foundation was invested in it, and it lost money for them too.