Skip to comments.Energy Secretary Chu Defends How Administration Handled Solyndra
Posted on 11/15/2011 6:59:44 PM PST by Nachum
In an interview with NPR, Secretary of Energy Steven Chu vigorously defended the actions of the Department of Energy with regards $528 million in loans it gave the now-bankrupt solar energy company Solyndra.
Chu told All Things Considered's Melissa Block that neither he nor any of his staff working on DOE loans program was swayed by politics and that even in hindsight there was no way to know that Solyndra would fail.
President Obama's administration has been engulfed by the Solyndra scandal for weeks. At issue is whether the White House pressured the Department of Energy to guarantee loans for Solyndra because the company had connections with at least one big Obama donor. Another question is whether the White House and the DOE ignored red flags about the company.
Chu denied all those claims and said his department did their due diligence on Solyndra.
"We improved the [loan] process," said Chu. "We did no cut corners. We made it more thorough and diligent... We were very thorough in the application of the loan."
Chu said the loan application was processed by professionals and the department asked "outside people" to look at market conditions; they asked for "second and third opinions about what the landscape was." Chu added that one thing that none of their analysts anticipated was that the price of solar modules would "plummet."
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Chu’s butt needs to be thrown in jail. That was OUR money that is gone. Not his. He’s a crook and a thief.
How can you defend the indefensible?
There can be no excuse.
Not politics, ideology.
Nothing here. Time to move on. They did it just perfectly.
they don't know when to quit do they?
and that even in hindsight there was no way to know that Solyndra would fail.
Even though the previous Bush Administration had refused to fund Solyndra, because they were too flaky.
Chu is a liar.
Anyone believe this? Anyone?
Some one please name one single commodity in the tech domain that hasn't "plummeted" in cost as time went by and competition and innovation weighed in.
WHAT a crock of horse pucky!
Defend the indefensible at all costs, eh Chu?
Go ahead. Fall on your sword for your boss.
Don’t worry. His days are numbered, and you will have sacrificed yourself - for nothing.
Liar...liar...pants on fire.