In Rush to Assist Solyndra, US Missed Warning Signs
“We have no intention of going out of business,” David Miller, a Solyndra executive, wrote to Mr. Nelson, the White House aide, in July 2010. Mr. Miller, added in May 2011, as the cash crunch had severely worsened, that “we have good market momentum.”
Mr. Nelson wrote back encouraged. “Fantastic to hear that business is doing well,” he said, according to a May 2011 e-mail released by the White House. “Keep up the good work.”
Similar positive predictions were shared with members of Congress this year, after the company sought and received permission from the Obama administration to restructure its $535 million loan, which put private investors ahead of the government for some of the debt if the company was liquidated.
That disconnect has led some members of Congress to question if Solyndra was intentionally misleading officials in Washington.
“Even as late as this summer, Solyndra executives told us here in Washington that the company’s finances were improving,” said Representative Cliff Stearns, Republican of Florida, and the chairman of the panel leading the Solyndra inquiry. “Solyndra was never profitable, and it was obviously poorly managed and unviable in the global market.”