Obama administration considered bailout for Solyndra days before bankruptcy

Posted: November 3, 2011 in US News

Associated Press
November 3, 20111

WASHINGTON — Days before a solar panel maker collapsed, the Obama administration considered a bailout that would have provided an infusion of cash and made the federal government a part-owner of the company.

Officials rejected the plan, which was recommended in August by the investment banking firm Lazard Ltd. Lazard was paid $1 million for analyzing options related to the faltering company, Solyndra Inc.

Details of the bailout plan were among nearly 1,200 pages of documents released by the government Wednesday, hours before a House subcommittee was set to vote on a plan to subpoena White House documents related to Solyndra.

The Republican-controlled House Energy and Commerce Committee said a subpoena was necessary because the White House has denied or delayed requests for thousands of documents related to Solyndra. The California company received a $528 million federal loan before filing for bankruptcy protection and laying off 1,100 workers.

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