Top economic advisors to President Obama warned him a year ago about the serious political and financial risks of the Energy Department’s loan guarantee program that has resulted in taxpayers likely being responsible for the loss of $527 million loaned to the politically-connected California solar firm Solyndra.

That loan is currently under investigation by a House subcommittee and the FBI, which raided company offices earlier this month.

On Aug. 31, 2010, the company, whose major owner was also a major fundraising bundler for the 2008 Obama-Biden campaign, filed for bankruptcy and eliminated most of its 1,100 jobs.

In a detailed story posted overnight, The Times’ Tom Hamburg, Kim Geiger and Matea Gold outline the danger signals set off in October 2010 when secretary of the Treasury Tim Geithner and chief economic advisor Lawrence Summers warned the president that Energy’s vetting process was not stringent enough to weed out troubled applicants in advance.

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