now, some good can come from this because they can ask these people questions and they may tell them about how decisions were made and where documents are but the real case is here is documents. e-mails. pieces of paper that will show that the government knew or ought to have known this company was going down the tubes when it took $500 million of taxpayer funds and gave it to this company because of the involvement of one of the president s principal bundleers and financial credibilitior. yesterday, the washington post did a whole expose on some of the big bundleers for the obama administration, the energy department loan and various loans, anything we can do about that? is that completely legal? well, it would depend, eric, if there is a quid pro quo, it would depend if there is sort of an agreement. i will give you this money in return for you getting me this business. now, anybody that would enter into such an agreement and leave a paper trail for it paper? it has to be o
here s what s happening. the white house has launched a review of the energy department loan guarantees in the wake of the bankruptcy of the program s first recipient solyndra which was loaned a half billion dollars. and the st. louis cardinals have just defeated the texas rangers 6-2 in game seven to win the world series. it is manager tony la russa s third world series title, the 11th for the cardinal franchise. now back to lockup. due to mature subject matter, viewer discretion is advised. there s certain ways that you conduct yourself in here, too, you know what i m saying? somebody wants to talk to him.
network is reporting that they technically defaulted on the government loan last year. and, at the same time, company officials had report through claims that everything was fine. and now some lawmakers have asked whether officials in the obama administration rushed to approve that loan for legal reasons. and now live from the white house. what do you know about memos indicating the president s aides were divided over the loan program? guest: well, it wasn t just concerns about giving loans to risky companies, some of the advisors were concerned that companies were getting guarantee loans that did not need them that would have succeed on their own. and carney admits there were differences in the administration about the program and says that is not unusual and they learned from the experience. it would be a remarkable day when on major policy issues there were no debates or disagreements or differences of opinion of how best to approach
it and the result of that procs was some actions to improve the program. reporter: solyndra was the first guarantee loan, the most recent to a nevada solar energy company was announced today and the program ends on friday, not a moment too soon for some critics. trace: and the reports that solyndra was in default last year, what do we know about those? reporter: solyndra was supposed to pay $5 million to a subsidiary building the factory in december of last year, and they did not have the money and a couple of months later the government agreed to restructure the loan to give private investors first dibs on the assets in exchange for a private investment of $75 million keeping the company from going bankrupt. the head of the energy department loan program said it was a tough call to make.
economic forecast. let s get to alison kosik. she s monitoring everything today where at one point today, the dow tanked morning 500 points. what s going on? that s right. these worries about a recession were ampfullied today. not just in the u.s., but overseas as well. the federal reserve spooked everybody first. this was yesterday. the fed giving a really bleak assessment of the u.s. economy warning of significant downside risks to the economic outlook. translation there that the economy will get significantly weaker. then overnight, we got weak manufacturing reports out of europe, the u.k, even china, which had been an engine of growth out of the great recession. you have to remember, wolf, we re all interconnected. only been one economist to tell us europe is probably in a recession and the u.s. is teetering on the brink of one. wolf? so, basically, it doesn t look very promising right now. what are they brace you for tomorrow? tomorrow, we re trying to see if we re