Video Archive: Today’s House Hearing on Whether Dept of Energy Broke Law on Solyndra
From the Mercury News:
The House Energy and Commerce Committee’s Subcommitee on Oversight and Investigations is focusing on whether the Department of Energy broke the law when it agreed to restructure Solyndra’s debt earlier this year…
The hearing is focusing on a decision made in February. As Solyndra ran out of cash, the company’s two largest investors — Argonaut Private Equity and Madrone Capital Partners — gave the struggling company another $75 million to keep it afloat. In exchange, the Department of Energy agreed to restructure the debt, and the $75 million was ranked ahead of the government’s claims in the event of bankruptcy. Solyndra was required to provide weekly information about its cash flow to the Department of Energy, which gained observer status on Solyndra’s board of directors.
Here’s the video archive from CSPAN.