Saturday, September 24, 2011

Solar Scandal Means DOE Loans Will Be Much Harder to Come By

From the NY Times:

“It was alarming,” said Frank Rusco, a program director at the Government Accountability Office, which found that Energy Department preliminary loan approvals — including the one for Solyndra — were granted at times before officials had completed mandatory evaluations of the financial and engineering viability of the projects. “They can’t really evaluate the risks without following the rules.”
The best thing for a bureaucrat to do with one of these loan applications from now on is... wait. If they wait long enough the company will either go under, or survive and be a good credit or maybe not even need a loan. Either way, no decision needs to be made, and the best decision for a bureaucrat is always no decision. Decisions have no upside for a bureaucrat because they can only lead to blame.

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