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Rep. Cliff Stearns, (R-Fla.), on the investigation into the loans to Solyndra and the potential illegalities committed by the Energy Department.
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To the sold under investigation.
More developments tonight and our next guest says sold -- up was a bad debt from the beginning and -- put taxpayers.
At an unnecessary risk.
Of more than half of a trillion which has -- half a billion dollars joining us now.
Congressman cliff Stearns chairman of the energy and commerce committee's oversight and investigations subcommittee.
He is the man leading the investigation into the -- under a scandal.
That's congressman it's a -- -- to be here let's start with first if I may.
The energy secretary it.
Putting the taxpayer and a subordinate position.
In the bankruptcy of so -- That you say is simply not legal.
Is that correct.
-- that's correct the energy policy act of 2005 says it's legal.
To put taxpayers subordinate -- behind any private investor.
-- the secretary choose must -- signed off on this night is council to the Department of Energy signed a contract.
That allowances to hedge funds -- And -- 75 million dollars to be.
-- allow them to get their money out first and all of taxpayers.
500.
Million dollars almost a half a trillion dollars are now subordinate behind these two hedge funds and that's a legal and six victory choose gonna.
Come before my committee is gonna testify and explain why that happened and how -- happened.
With a hedge fund go.
Hedge funds be there as well and we should point out that that 75 million dollars came in the restructuring.
All of the finances of -- under after they had already.
Violated the terms of the 500 million dollar original grant and -- And and and the fact is that all the people to our energy two years before -- this company would go bankrupt.
In September 2011 pathetically.
-- for secretary choose to continue to.
Endorse and support and in fact we have an email where He.
Shall we say enthusiastically.
Was pushing for this and did not want to have anybody stop these cylinder.
Investment.
Really shows I think malfeasance on his part and ultimately I think.
There's the breaking of the law and unfortunately for this man he's got explain it.
But what is your reaction of the president saying.
That.
You know hindsight is 20/20.
And ignoring the fact.
That as you pointed out one projection prophetic -- and -- a wonderful job of analysis and analysis and forecasting.
Put the -- which bad company would expire I mean -- it was an absolute date certain September 2011.
Our despite all the warnings from Larry Summers -- Treasury Secretary Timothy Geithner.
And the president's saying hindsight it's 22 running this is one of the unusual rare moments in this administration which they've had -- again.
-- I think the president should really explain his feelings on this because He had good advice not to go forward by all his senior cabinet officials.
Getting what I had was that because of political reasons or as you just throwing.
To face the possibility of United States being successful in manufacturing solar panel.
When all his Department of Energy top senior advisors said it was not possible for this company to survive.
You know that we got that fifty pages of email from the White House.
We asked the White House for these unfortunately they were given to the democrats' first even though the Democrats voted against our subpoena all of every one of voted against it.
The White House gave these fifty page.
That's Stephen Wesley who is another large -- -- current campaign funds for the president.
-- told the president's.
Valerie Jarrett not to go ahead with -- so and that was see that and that was He may have access and that was.
Yes that was in May.
Well in advance of the president's trip to -- lender.
Congressman -- -- we thank you for being here will be following obviously.
On every step of furor committees investigation and altered your work thanks for being --
