Chu defends Solyndra loan
Energy Secretary Steven Chu defended the DOE loan program in light of the Solyndra bankruptcy.
Department of Energy Secretary Steven Chu today defended in front of Congress the department’s $535 million loan guarantee to defunct solar panel manufacturer Solyndra saying there was neither incompetence nor undue political influence asserted in deciding to award the loan, according to published reports of his testimony.
In five hours of testimony, Secretary Chu, formerly the head of Lawrence Berkeley National Laboratory, accepted responsibility for the loan to the Fremont-based company, which announced it was filing for bankruptcy and would lay off its 1,100 employees at the end of August, after spending all but $8 million of the loan.
"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.
Read more in the San Francisco Business Times.
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