House Republicans set their sights on solar company scandal

Let the sanctimonious talking points begin - the federal stimulus was a failure (not so), incentives for the solar industry are a waste of taxpayer money (jury is still out), and, more broadly, alternative energy is a con job (attn: Rick Perry). Of course, Solyndra, the Fremont-based solar panel company, has been a PR disaster for the White House. And this Wednesday, a House subcommittee will be holding hearings on why the company, recipient of a stimulus loan, was forced into bankruptcy. From the LAT:

The administration's critics couldn't have asked for a better gift than the Solyndra scandal. Many Republicans have argued that federal backing of clean energy technology is a waste of money and a clear example of government picking business winners and losers. (The committee, however, does not oppose tax breaks to fossil fuel companies that critics say subsidize that sector.) Led by Rep. Fred Upton (R-Mich.), the Energy and Commerce Committee drew up a list of priorities in January that included close scrutiny of the administration's clean energy programs. In February, the committee launched an investigation of the $535 billion loan guarantee Solyndra got from the Energy Department in 2010, based on concerns that the loan may have been granted because of Solyndra's financial ties to a major Democratic fundraiser, George Kaiser.

Truth be told, the WH has a lot of explaining to do. From Bloomberg:

The Obama administration stood by Solyndra through the auditor's warning, the abandonment of a planned initial public offering and a last-ditch refinancing where taxpayers took a back seat to new investors. That unwavering commitment has come under increasing scrutiny since the company's travails culminated in its filing for bankruptcy protection on Sept. 6 and a raid on its headquarters by the Federal Bureau of Investigation two days later. "People including our government put blinders on and did not want to believe in the obvious," Jonathan Dorsheimer, an analyst in Boston for Canaccord Genuity Inc. of Vancouver, said in an interview with Bloomberg Government. "The fact that the government chose Solyndra as their white horse is mind- boggling."