Report Shows White House Ignored Warnings On Solyndra

WASHINGTON (CBS/AP) — Republicans investigating the federal government’s investment in a bankrupt solar panel manufacturer have concluded that the Obama administration ignored numerous red flags about the company’s financial viability, leaving taxpayers on the hook for more than $500 million.

For months, Republican lawmakers have made the government’s loan to Fremont-based Solyndra Inc. the centerpiece of their criticisms of President Barack Obama’s $787 billion economic stimulus package. The release of the report Thursday gave them another opportunity to reinforce that message.

The White House countered that the report showed that none of the accusations that Republicans had made about political interference in approving the loan turned out to be true.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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