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March 12th, 2012 5:11 pm
GAO Says Energy Department Lacks ‘Internal Control’ Over Loan Program

Here’s some more deservedly bad news for the Energy Department bureaucrats that brought us at least 12 multi-million dollar loser loans like the $535 million sinkhole known as Solyndra — a damning indictment from the Government Accountability Office summarized by The Hill:

The Government Accountability Office, in a new report, said it took Energy Department staff more than three months to provide data on the status of its loan guarantee applications.

“Because it took months to assemble the information required for our review, it is also clear that the [Energy Department’s loan office] could not be conducting timely oversight of the program,” the report says.

With typical understatement, the GAO also concluded that the Energy Department’s failed accounting for billions in taxpayer money “is not consistent with one of the fundamental concepts of internal control”.  Sounds like it’s time for Congress to exercise some external control to get things back to normal.

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