FBI raids bankrupt solar firm Solyndra

By Justin Sink - 09/08/11 12:29 PM ET

The FBI raided bankrupt solar company Solyndra's San Francisco headquarters early Thursday morning, according to NBC.

Agents arrived at the failed green energy company's factory at 7 a.m. armed with search warrants at the request of the Department of Energy's inspector general, an FBI spokesman said.

The FBI declined further comment on the investigation or raid.

The solar-cell maker abruptly filed for bankruptcy last week, surprising both employees and the Obama administration, which had secured $535 million in low interest loans for the company. Republicans in Congress quickly mocked the bankruptcy as emblematic of the president's green technology initiatives under the stimulus bill. Energy and Commerce Committee Chairman Fred Upton (R-Mich.) and Rep. Cliff Stearns (R-Fla.), chairman of the Oversight and Investigations subcommittee, wrote the White House a letter demanding internal documents related to securing the Solyndra loan.

President Obama toured the plant in 2009 with then-California Gov. Arnold Schwarzenegger (R), touting the plant as a symbol of economic recovery. The Daily Caller has reported that Solyndra officials made at least 20 visits to the White House during the Obama presidency.

This appearance — along with close ties to Solyndra investor George Kaiser, a donor to the Obama campaign — has allowed Republicans to seize on the embarrassment. The White House pushed back against the criticism last week, arguing that the decision to grant the low-interest loans was made by career bureaucrats and was not influenced by the president.

“These are merit-based decisions made by career staffers at the Department of Energy and the process for this particular loan guarantee began under President George W. Bush. Every project that receives financing through the Energy Departments goes through a rigorous financial, legal and technical review process,” White House spokesman Eric Schultz said in a statement last Friday.

“As the Department of Energy has made clear, they have always recognized that not every one of the innovative companies helped would succeed, but we can’t stop investing in game-changing technologies that are key to America’s leadership in the global economy,” he said.