Inspector faults energy department over loan program
The report did not identify the projects that fell into either category or judge the quality of any of the loan decisions. But it warned that poor record-keeping "leaves the department open to criticism that it may have exposed the taxpayers to unacceptable risks associated with these borrowers."
March 7, 2011
by Matthew L. Wald
in New York Times
WASHINGTON - Poor record-keeping by the Energy Department has made it difficult for managers to document how decisions were reached in its $71 billion loan guarantee program, the department's inspector general said in an audit released on Monday.
By the end of last year, the department had made eight loan guarantees totaling $3.9 billion and made conditional commitments for another $12 billion under the program, which was created by the Energy Policy Act of 2005, during the Bush administration. The first loan offer did not come through until March 2009, after President Obama had taken office and the program had... [continue via Web link]