Solyndra Execs to Take the 5th: Report - NBC Bay Area

Solyndra Execs to Take the 5th: Report

Top executives from Fremont will take the fifth on Friday.



    12 Ways to Effortlessly Surprise Your Friends and Co-Workers
    Exterior view of Solyndra Inc. in Fremont, Calif., Monday, May 24, 2010. President Obama plans to tour Solyndra, Inc., a solar panel manufacturing facility, on Wednesday. Through the Recovery Act, the Department of Energy offered a $535 million loan guarantee to Solyndra, Inc., to support the construction of a commercial-scale manufacturing plant for its proprietary solar photovoltaic panels. (AP Photo/Paul Sakuma)

    The top executives at now-bankrupt Solyndra have been invited to Washington, D.C. to speak in front of a congressional hearing on Friday.

    They won't be saying much, if a Reuters report is correct. Reuters reports the CEO and CFO will invoke their Fifth Amendment rights and decline to answer any questions later this week.

    Reuters got a peak at letters from Solyndra attorneys.

    The letters were sent to the House Energy and Commerce Committee's Subcommittee on Oversight and Investigations and stated that both Solyndra CEO Brian Harrison and CFO W. G. Stover were being advised not to provide testimony during the hearings.

    Solyndra, located in Fremont, filed for bankruptcy earlier this month. It was raided by the FBI following that filing.

    The reason the financial failure caught the attention of political heavyweights in Washington, D.C. is because Solyndra received $535 million in federal loans to get the company started. 

    That federal loan guarantee is now being investigated by the House Energy and Commerce Committee.

    Silicon Valley: Solar Panel Company Goes Dark

    [BAY] Silicon Valley: Solar Panel Company Goes Dark
    Fremont-based Solyndra handed out dismissal packets to its 1,100 workers and shuttered operations in a surprise move today. The solar panel manufacturer received more than $1.6 billion in federal and private funding. NBC Bay Area's Business & Tech reporter Scott Budman has the story.
    (Published Wednesday, Aug. 31, 2011)