By Geneva Sands - 09/22/11 01:18 PM EDT
Sen. Orrin Hatch (R-Utah) said the government's involvement with the solar company Solyndra is a "disgrace."
"I think there was sincerity about it, but it's stupid. It was again done by people who don't know what they’re doing, who literally haven't worked in the private sector, who didn't do their business rundown and who basically shouldn't be running our country," said Hatch on Fox News's "On the Record with Greta Van Susteren" Wednesday.
The California-based Solyndra received a $535 million stimulus-law loan guarantee from the Obama administration in 2009 and in late August said it would file for bankruptcy and lay off 1,100 workers.
Hatch said he thinks the Obama administration went overboard in its support of green and alternative energy.
Hatch told Fox News he believes the company should have sought funding from the private sector rather than a government loan guarantee, saying this would have given them a better chance for success.
House Republicans have indicated they intend to investigate whether the White House rushed a final decision on Solyndra’s financing so that Vice President Biden could announce approval of the loan guarantee at a September 2009 groundbreaking for the company’s new factory.
Solyndra CEO Brian Harrison and Chief Financial Officer W.G. Stover Jr. are slated to appear Friday before the House Energy and Commerce Committee’s investigative panel.