Instead of hearing this Friday from executives of the solar company Solyndra, which went bankrupt after receiving an over $500 million loan guarantee from the federal government, those same company officials will take the Fifth Amendment and refuse to discuss why their company went belly up.
"This is not a decision arrived at lightly," wrote the lawyer for Solyndra CEO Brian Higgins.
"While I have instructed my client not to testify at this hearing, it would be a mistake to infer anything from this other than that it is the act of a prudent lawyer," said the letter to lawmakers.
But Republicans weren't taking that advice, demanding to know what Solyndra's CEO was hiding.
"It’s disappointing that the officials who canvassed the halls of Congress in mid- July and misled our members about the financial state of their company are now unwilling to answer direct questions, but any effort to cover up the truth will ultimately not succeed," said Rep. Cliff Stearns (R-FL).
And in terms of the PR game, there aren't many things more powerful than the scene of a witness refusing to answer questions while being blasted by lawmakers in a Congressional hearing.
Questions like "What are you covering up?" or "Who are you protecting in the Administration?" are certain to be on the table, as the GOP looks to take full advantage of this story.
Along those lines, Republicans were demanding answers about efforts by the Energy Department to close more loan guarantees for clean energy companies like Solyndra, before a September 30 deadline to use millions in unspent stimulus money.
"Given the apparent problems with the due diligence on the Solyndra transaction, the Committee is interested in learning more about the timelines of these deals and the due diligence conducted to close them on such a short timeline," said a letter sent to the feds by Republicans on the House Energy and Commerce Committee.
With new loan guarantee agreements being finalized over the next week and a half, look for this story to stay in the news, especially as Republicans get details on the last minute deals.
Democrats though aren't just standing on the sidelines, as they have asked the panel to call in private investors in Solyndra, including one group affiliated with Wal-Mart that is a big donor to Republican political efforts.
Who were the private investors in Solyndra? Here is a list as provided by the Energy Department, along with the amount of money they invested:
- Affiliates of Artis Capital Management, L.P.: $44 million
- Affiliates of Kohlberg Kravis Roberts & Co. (Fixed Income) LLC: $2.07 million
- Argonaut Ventures I, L.L.C.: $270.658 million
- CMEA Ventures VI, L.P.: $17.666 million
- CMEA Ventures VII, L.P.: $10 million
- Dr. James F. Gibbons: $400,000
- GKFF Investment Company, LLC: $50 million
- Madrone Partners, L.P.: $37.228 million
- Masdar Clean Tech Fund, L.P.: $30 million
- Raymond J. Sims: $100,000
- Redpoint Ventures II, L.P.: $20.166 million
- RockPort Capital Partners II, L.P.: $5.972 million
- RockPort Capital Partners III, L.P.: $18.569 million
- U.S. Venture Partners IX, L.P.: $30.166 million
- U.S. Venture Partners: $27 million
- Virgin Green Fund I, L.P.: $34.86 million
