White House to review Energy Department loans

[October 29, 2011]  WASHINGTON (AP) -- The White House is ordering a review of loan guarantees made by the Energy Department after a California solar company that got a half-billion-dollar federal loan went bankrupt.

Congressional Republicans have been investigating the bankruptcy of Solyndra Inc. amid revelations that federal officials were warned it had problems but nonetheless continued to support it. The House Energy and Commerce Committee could vote as early next week to subpoena White House records related to the loan.

White House chief of staff Bill Daley says the new independent review will assess the condition of other loan guarantees made by the Energy Department. There are more than two dozen of these to a variety of clean energy companies.

Daley said he's tapping a former Treasury official to conduct the review.

[Associated Press; By MATTHEW DALY and ERICA WERNER]

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