Energy Secretary Defends Solyndra Loans
"I want to be clear: over the course of Solyndra's loan guarantee, I did not make any decision based on political considerations," Chu told The Associated Press.
Chu also said that he never heard of George Kaiser, a fundraiser for President Obama and Solyndra investor. Chu said restoring Solyndra’s stimulus loan when the company ran into financial difficulties was a hard decision that he took responsibility for.
"Immediate bankruptcy meant a 100 percent certainty of default, with an unfinished plant as collateral. Restructuring improved the chance of recovering taxpayer money by giving the company a fighting chance at success," Chu told The Daily Beast.
Chu took responsibility for the debacle, even though he denied knowledge of many key details, according to the AP.
"Certainly knowing what I know now, we'd say 'no,'" Chu said during the daylong hearing before the energy panel's subcommittee on investigations to the AP. "But you don't make decisions fast-forwarding two years in the future and then go back. I wish I could do that."
Chu did not apologize for the loan debacle, even though he did take responsibility for it. He blamed the company’s end on market changes and said it could not have been predicted.
Reach assoicate news editor Hannah Madans here.
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