Shady Solar Loans: Steven Chu takes takes the fall for Obama’s flop Solyndra

Washington Post
September 30, 2011

Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency.

Chu spokesman Damien La­Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.”

Also Thursday, a law enforcement official confirmed that the criminal probe of Solyndra is focused on whether the company and its officers misrepresented the firm’s finances to the government in seeking the loan or engaged in accounting fraud. The official spoke on the condition of anonymity because of the sensitivity of the probe.

On the political front, Chu’s admission came as some members of Congress were asking whether Chu went too far in trying to help the company before it went into bankruptcy, leaving taxpayers on the hook for the loan.

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2 Responses to “Shady Solar Loans: Steven Chu takes takes the fall for Obama’s flop Solyndra”

  1. What about Nancy Pelosy being sacrafised for the even bigger 737 million dollar solar company fraud looting spree with the number 2 man being her husband I believe running that looting spree.

    • Correction Pelosy brother in law running that 737 million scam. We are going to have to remove all the drug convicted people from the jails to make room for these real criminals. A good firing squad or french style execution in front of the capitol building is do.

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