Skip to comments.Energy Secretary Steven Chu defends Solyndra loan (then shouldn't he have to pay it back?)
Posted on 11/17/2011 1:13:55 PM PST by Libloather
Energy Secretary Steven Chu defends Solyndra loan
By Neela Banerjee
November 17, 2011, 12:42 p.m.
Energy Secretary Steven Chu firmly pushed back against Republican allegations that political favoritism and bureaucratic incompetence led his agency to approve a $535 million loan guarantee to Solyndra, in a much-anticipated appearance by the highest level Obama administration member so far before Congressional investigators looking into the failed solar equipment maker.
A Nobel prize-winning physicist and Washington outsider, Chu remained as unflappable as any seasoned Washington politico while parrying often-repetitive questions for more than four hours from the oversight subcommittee of the powerful House Energy and Commerce Committee. During his testimony, Chu made clear that he had little hope of recovering most of the money backed by the Energy Departments guarantee.
Republicans have insisted that Solyndra received more than half a billion in federal loan guarantees because its biggest investors are backed by a major Obama campaign donor, George Kaiser. Kaiser has denied ever speaking to the administration about Solyndra. Republicans have pointed to administration emails suggesting that concerns were raised about Solyndras health for years within the administration and have contended that those warnings went ignored, which the administration also denied.
(Excerpt) Read more at latimes.com ...
When someone takes responsibility for a fiasco like flushing 1/2 billion down the toilet, the next words from their lips shour be, “I resign”.
When someone takes responsibility for a fiasco like flushing 1/2 billion down the toilet, the next words from their lips shoud be, “I resign”.
Chu may have a Nobel Prize, but so does Al Gore and Obama so I don’t think that distinction has much meaning about how smart you are. Chu is an academic and is clueless about the way politics is played in Washington. The Solyndra loan decision was made in the White House based on rewarding political contributors and Chu just signed off on it believing if it is green it must be good. Chu is just being used as a patsy by Axelrod and company.
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