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White House Promoted Failed Solar Company

Tue, 10/30/2012 - 10:07am
The Associated Press

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DENVER (AP) — A congressional committee is looking into efforts by the Obama administration to promote a Colorado solar company that later went bankrupt.

The House Committee on Oversight and Government Reform is citing administration discussions for a $400 million federal loan guarantee awarded to Longmont-based Abound Solar.

According to the Denver Post (http://tinyurl.com/8c9th8q ), the White House and administration officials say politics were not a factor in granting the loan guarantees. The documents first appeared on CompleteColorado.com, a website operated by the Colorado-based, free-market-oriented Independence Institute.

The Loveland-based solar panel manufacturer filed for bankruptcy protection this summer and laid off about 125 workers.

The Weld County district attorney's office said it is investigating Abound Solar for possible securities fraud, consumer fraud and financial misrepresentation.

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Information from: The Denver Post, http://www.denverpost.com

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