Skip to comments.Chu: Taxpayers Unlikely to Recover Much From (Obama's) Solyndra Loan
Posted on 11/17/2011 8:43:26 AM PST by tobyhill
Energy Secretary Steven Chu said Thursday he doesn't think taxpayers will recover much of their $528 million loan to bankrupt solar firm Solyndra, calling the situation "extremely unfortunate" while continuing to defend his actions to prop up the company before its failure.
Chu testified Thursday for the first time before the House committee investigating the Solyndra loan. He insisted that the decision in late 2009 to approve the loan guarantee was his own and "absolutely was made only on the merits." He said it was not influenced by political considerations.
But he acknowledged that chances are dim for taxpayers to see their money returned as Solyndra goes through bankruptcy proceedings.
Asked how much money taxpayers might get back, Chu said: "Well, that remains to be seen. I'm anticipating that not very much."
While declining to offer a personal apology over the situation, Chu expressed disappointment in the fate of Solyndra and said the buck stopped with him when it came to decisions made by the Energy Department about the company.
Chu claimed he was looking out for the taxpayer all along when reviewing the Solyndra finances.
"As the Secretary of Energy, the final decisions on Solyndra were mine, and I made them with the best interest of the taxpayer in mind," Chu said in testimony before the House Energy and Commerce Committee. "And I want to be clear: over the course of Solyndra's loan guarantee, I did not make any decision based on political considerations."
(Excerpt) Read more at foxnews.com ...
So, then, everything is working out as planned...
It’s already been transferred to the Committee To Re-Elect...
Obama agenda right on target. Oh, the fools of the electorate...
Chu is one of numerous academics in government that have no business being there because they do not have a clue about capitalism.
These people feel absolutely safe in REPEATEDLY lying through their teeth.
Why is that?
I hope some bright pub can put all these loans together to democrat operatives and use it in TV and RADIO ads....of course that might be asking too much of the publicans...
internet ads are fine, but only a few are really seen by the widespread public....
Pubs should go for the jugular...
Especially half-billion dollar loans?
Obama gave RFK Jr. $1.4 Billion bailout for solar company.
Report: 80% of DOE Green Energy Loans Went to Obama Backers
Another DOE Loan Scandal: Are We Bailing Out Spains Solar Collapse?
Inspector General launches criminal probe into more than 100 Energy Dept. loans
Green Jobs Are a National Scandal - More bankruptcies are to come.
$737 million in green-tech loan to company connected to Pelosi family?
The Secret Government Bank That's Financing More Solyndras
Beacon Power bankrupt; had U.S. backing like Solyndra
Energy Department-Backed Company Under SEC Investigation [Ecotality — Electric car chargers]
do you think we'll ‘recover’ any of the fraudulently spent $ on these?
if he violated the law the the govt should go after him for the shortfall. Take every penny the law allows.
Department of Energy has a fairly good sized budget in excess of $24 billion per year. I think the taxpayers can be made whole by simply stopping the operations of this department for 2 weeks ~ just shut’er down ~ send everybody home. NO SALARIES. NO PAYMENTS ON CONTRACTS. NOTHING.
Yes it is being used to pay for the OCCUPIER IN THIEFS and ACORN,moveon.org to drive people ahead to vote for Obama.HINT TO DEMOCRATS: Obama did not give two flips about democrats in 2010.
Chu’s decision had the side effect of severely curtailing legitimate long term US energy related research.
Chu is being just another Obama butt-boy here. If it is not blindingly obvious, the guy is a big time CHUMP.
For all time, Solyndra is Obama-butth0le Chu’s legacy.
Chu is another elitist, collectivist statist.
I hear the loan was reorganized to put the taxpayers at the back of the line of creditors. It also apparently allows those who ran the company to pay nothing.
This was a political payback.
The MSM might give this a little bit of coverage but I wonder if they will even mention BrightSource or any of the others.
WHAT RACE??? Why is this not asked? This isn't being first on the moon. there are no bragging rights here. We don't need to throw away money trying to compete on commodity items. It makes no economic sense.
He didn’t learn anything from the episode. Proof positive than exposure to the Federal Bureaucracy leaves even a genius stupid.
Occupy Wall Street -> OWS -> Obama’s Wealth Spreaders
At that rate, Obama should easily collect the $1+B he claims he needs for the upcoming election. Hope the IG goes deep into the payola scheme Obama has. It works just like the union dough he gets.