Wednesday, September 21, 2011

Solyndra Executives To Plead the Fifth


Top Solyndra executives have decided that they will not testify before Congress about the federal government’s backing of the failed solar power company.

Solyndra Chief Executive Brian Harrison and Chief Financial Officer Bill Stover will be exercising their Fifth Amendment rights at an upcoming hearing before the House Energy and Commerce Committee, according to a statement released by the company Tuesday.

The Fifth Amendment:

“No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without dueprocess of law; nor shall private property be taken for public use, without just compensation.”

The executives will be taking the advice received from the Company’s counsel and will be “unable to provide substantive answers” to lawmakers’ questions at Friday’s hearing. However, the company has stated that it followed the rules of the application process and that the Department of Energy conducted extensive due diligence of the firm, according to CNNMoney.

Lawmakers have recently been referring to the company’s failure as a precedent to highlight the danger of government funding for private firms. The company was one of 18 companies that received more than $10 billion in backing from the Energy Department as part of President Obama’s 2009 stimulus program to support renewable and clean energy technology.

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