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Rep. Cliff Stearns, (R-Fla.), on the widening investigation into the Solyndra scandal.
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I -- another scandal.
The investigation into solar manufacturers -- Linder a widening tonight as Department of Energy officials are questioned further by this and it.
And the Treasury Department now launching an investigation into the now bankrupt company.
Once touted as a symbol of stimulus success.
Joining us now with his take is Republican congressman cliff Stearns of Florida.
Chair of the house subcommittee on investigations and oversight.
Yelled -- -- hearing yesterday congressman I have to ask you have we just scratch the surface here.
Well I think we have the FBI and raided cylinder two days after bankruptcy.
And the more we look at this and more we realize this is a problem because.
The administration was shoveling all this money out without due diligence and we have to wonder is -- politics involved.
And also I think that's very disquieting is the fact that the part of energy negotiated.
That to hedge funds get their money out before the 535.
Million dollars of taxpayer put into this.
And that's an illegal act in my opinion because you energy policy act of 2005 -- All things have to be subordinated to the taxpayer.
To that -- senator I mean taxpayers having to get in line behind professional investors doesn't go down well with much of anybody.
I wanna ask you about the fact there's more money to go out the door before the end of the month September 30 deadline for some -- ten billion dollars.
Fifteen more loan guarantees.
I'm waiting here what senator early summer cut Murkowski had to say -- today's senate hearing.
And responded that here's the senator.
We have a colossal.
Failure.
-- in the Department of Energy with regards to this loan guarantee it's calling into question.
Every loan guarantee that has been issued.
I congressman what do you make of that I mean do you agree with Murkowski.
Well I do there's a lot of money to go out as you mentioned eight to ten billion dollars -- department of energy's moving again.
To give loan guarantees to projects that are decided not up on the market but based upon the government deciding winners and losers that's not good.
But more importantly a lot of these prices are going to manufacturing.
Without the proper competitive due diligence that's required that the free market -- does.
So I think -- points well taking there's other cylinders out there.
My subcommittee and oversight investigation hopes to identify those but more importantly we'd like to hear from the executive the CEO and CFO.
Next Friday for having them not testify and we hope to get to the bottom of this and you know it's surely find out where all the money is why is it taken so long to get people from the company to talk to the congress.
Well another reason is that we had to subpoena the information from DO we as well as -- they.
We just sent a letter to the White House as in the White House for their emails dealing with the lender they have not replied.
You know there's not been full cooperation at this point between the administration the executive branch.
Helping the congress which has responsibility for oversight.
You guys have really had a scratch around for data for information that you could rely on it's been a tough.
Road to hello.
But let me tell yet let me a little push back here because look the administration's dad's.
You know if we don't become the leaders in Green energy somebody else will China will Europe will somebody -- Here's Jay Carney talking about this very thing.
President it's absolutely committed.
To the idea that the United States must compete in the cutting edge technologies of the 21 century.
We have a choice to make as a nation.
Because we will be buying.
Renewable energy.
Products.
You know whether it's wind biofuels solar we want to -- it.
With a stamp -- says made in America are we gonna buy from the Chinese -- From other countries.
Do you respond to that.
Well first of all he's missing the point if the government is deciding winners and losers as giving money to companies that are.
Are we saying practice crony capitalism that's not gonna work no matter what you talk about.
But also the president is a fervent believer of Green jobs and He think He can transform this economy just don't wind and solar power manufacturers.
That's not gonna happen because not only is a Chinese and other countries.
Building -- with cheaper labor but also it's not.
Good pay back economically so I think that the president's wrong in his religious fervor for these Green jobs.
But -- -- it seems it seems obvious at this point that Green jobs is not the solution to fourteen million Americans looking for work but.
Let me kitchen -- some of the things that you've been actually looking very hard at and those are the internal emails from the Department of Energy.
Which show the Department of Energy officials knew there were problems -- this -- company.
-- indirect you have said that somebody needs to be fired somebody needs to go who is it is at the head of the Department of Energy if it's someone else.
Well mr.
silver's corset top loan officer Department of Energy I think He should be fired.
And I think -- person that He replaced He came into November 2009.
The person before him should have been fired and I think the administration should step up to the plate.
Try and find out through their investigation process of the White House what actually happened and -- the taxpayer how much money left but the problem is with these scandals.
-- -- gets fired and they're all covered up and I don't want to see that happen I think the taxpayers.
Losing half a billion dollars is significant and -- the fact that the FBI has rated this company shows that there could be theft.
That's twelve and that's not an issue for regulators that's an issue for a judge and a jury.
Who do you think -- -- Well I don't know I think it's you know it's it's up in the air but the -- the fact is that they came in took solving hard drives it to call the yeah.
Accounting information and price Waterhouse before this company in the spring wanted to go public explain that the company is gonna run out of money.
The Department of Energy new polling the new White House is they're gonna run out of money they try to bail him out with these two -- hedge funds one of which would argue not.
Which the prime investors George Kaiser who -- a large -- of money for the Obama administration when He ran for president.
He was also involved with the original investment that's a lender so I think we have to look at this and find out what really happened.
So presumably corporate officials walking away with the kind of information that would -- made your investigation much easier.
We've got the involvement of contributors to the president's campaign large scale donors bottlers.
It's you know it's it's almost unbelievable this story congressman you've got to come back talk to -- some more is this story unravels will definitely wanna follow.
The hearing you have sat next week with that corporate insiders the leaders of that company to find out what they have to say congressman Stearns thank you so --
