Chairman Jeb Hensarling

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Egregious Ex-Im Bank Deal of the Day
Posted by Staff on July 17, 2014


$10.3 Million: Ex-Im Acted “Fast” for Crony-Connected Solyndra

 


Ugh.” 

That’s exactly how taxpayers feel after losing money not just once but twice on the crony-connected and now-failed solar panel manufacturer Solyndra.

Interestingly, both projects for Solyndra were dealt with rather quickly by the Obama Administration.  Ex-Im boasts in its press release that the Solyndra project benefited from “fast due-diligence” and the Washington Post reports “the White House pushed loan reviewers to make a quick financing decision” on Solyndra’s loan guarantee.

Here are the deal details:

Not only were taxpayers on the hook for the $535 million in failed “stimulus” money Solyndra received  through a loan guarantee and then went bankrupt two years later, but taxpayers also financed a deal in 2011 when the Ex-Im Bank guaranteed a $10.3 million loan provided by KBC Bank NV – whose parent company is one of the top three financial institutions in Belgium.  The loan guarantee went to finance the sale of politically-connected Solyndra’s products to provide energy for a distribution center of Delhaize, a Belgian supermarket chain that posted $28 billion in revenues last year.

Bank of Washington,” indeed.

 

President Obama tours Solyndra in May, 2010.

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