Audit Faults $71B DOE Loan Program's Record-Keeping

Law360, New York (March 7, 2011, 8:12 PM EST) -- The U.S. Department of Energy is running a $71 billion loan guarantee program for clean energy technology with an inadequate record maintenance system, the department's inspector general said in an audit on Monday.

The loan program, created in 2005, guaranteed eight loans valued at $3.9 billion by the end of 2010 and has commitments to back up an additional $12 billion in loans.

But the program failed to properly file loan origination information and documents that detail how officials mitigated risk associated with loan guarantees, according...
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