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Bankruptcy scenario played out before Solyndra collapse

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hypocritexposer

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I'm really surprised that OT is not commenting on this "greenie weenie" crony capitalism. this half a $billion would have gone a loing way towards paying for the "alternative fuel vehicles" he advocates, so as to get the "disaster relief" funding through Congress.

Before solar-panel maker Solyndra LLC went bankrupt, the U.S. Department of Energy — which had signed off on more than a half-billion dollars in loans — approved paying up to $1.1 million for an investment bank's advice on restructuring Solyndra "both in and out of bankruptcy," records show.

The hiring of investment bank Lazard Ltd. before California-based Solyndra filed for bankruptcy this month and then saw its offices raided by the FBI reflects an earlier recognition within the government that the company, which had won praise from the White House and Energy Secretary Steven Chu, could be on the verge of collapsing.

http://www.washingtontimes.com/news/2011/sep/22/bankruptcy-scenario-played-out-before-solyndra-col/?page=all#pagebreak


Wasn't it OT and his "cult" that used to consider "no bid contracts" bad?


Six days earlier, the Energy Department signed a no-bid contract with investment powerhouse Lazard that foretold of a potential bankruptcy, though records show the effective date of the contract was even earlier, on Aug. 12. The contract was not competitively bid because the department said there was only one source for the services required.



""I do know it's not up to the Department of Energy to restructure them in bankruptcy or hire a financial adviser for them," he said."
 

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