Energy Secretary Doesn't Apologize for Solyndra Deal

In Solar, Uncategorized by Matty Byloos0 Comments

Chu Says Solyndra Was “Very Regrettable”
Washington, By Aamer Madhani, USA TODAY, From 11/17/11

Solyndra headquarters
According to a recent news item on USA Today regarding the very public and very botched federal funding for Solyndra, “Energy Secretary Steven Chu said the collapse of the taxpayer-backed solar panel manufacturer Solyndra was ‘very regrettable,’ but he declined to apologize for the Obama administration’s decision to award the now-bankrupt company

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a $535 million loan guarantee.”

The hearing lasted almost five hours last Thursday, and featured questions vollied at the Energy Secretary by the House’s Energy Subcommittee, specifically in charge of investigating what went wrong with Solyndra. Republicans on the subcommittee pressed Steven Chu about

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what went into his decision regarding the loan restructuring for the then-struggling solar panel manufacturer.

With the loan restructuring deal approved by Chu last February, “taxpayer debt was put behind $75 million in new private investment. Republicans questioned the legality of placing private investor claims ahead of those by taxpayers and asked whether he still had President Obama’s backing after the decision.”

Read more: Chu balks at apologizing for Solyndra deal
[Photo Via: mnn.com]

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