Chu: Taxpayers Unlikely to Recover Much From Solyndra Loan Read more: http://www.fox

WillowTree

Diamond Member
Sep 15, 2008
84,532
16,091
2,180
Energy Secretary Steven Chu said Thursday he doesn't think taxpayers will recover much of their $528 million loan to bankrupt solar firm Solyndra, calling the situation "extremely unfortunate" while continuing to defend his actions to prop up the company before its failure.
Chu testified Thursday for the first time before the House committee investigating the Solyndra loan. He insisted that the decision in late 2009 to approve the loan guarantee was his own and "absolutely was made only on the merits." He said it was not influenced by political considerations.


Read more: Chu: Taxpayers Unlikely To Recover Much From Solyndra Loan | Fox News
 
so once again obama has lifted his leg and pissed on the American Taxpayer.


good job demoncrats.
 
Yep.

We taxpayers are sucking hind tit behind Keiser and his investors.

Apparantly that was part of the deal before the investors invested. They would get payback first if the place went belly up.

Yup. The Clowns in DC are really looking out for the taxpayers of America.
 
I have been listening to a short time and two Congressmen have said that Chu did break the law in subordinating the loan. One even alluded to the fact that although he was responsible for the restructuring the loan which was against the law, it was his opinion that he is being a "fall guy."

Too many are calling for his removal, but it won't end there. It's going up the line. MOO.
 
Maybe he should've stuck with science as he obviously isn't very good at analyzing the merits of business loans...Nice of him to take the blame though. :lol:





His nomination to be Secretary of Energy was unanimously confirmed by the U.S. Senate on January 20, 2009.[33] On January 21, 2009, Chu was sworn in as Secretary of Energy in the Barack Obama administration.



Steven Chu (born February 28, 1948)[2] is an American physicist and the 12th United States Secretary of Energy. Chu is known for his research at Bell Labs in cooling and trapping of atoms with laser light, which won him the Nobel Prize in Physics in 1997, along with his scientific colleagues Claude Cohen-Tannoudji and William Daniel Phillips.[2] At the time of his appointment as Energy Secretary, he was a professor of physics and molecular and cellular biology at the University of California, Berkeley and the director of the Lawrence Berkeley National Laboratory, where his research was concerned primarily with the study of biological systems at the single molecule level.[3] Previously, he had been a professor of physics at Stanford University. He is a vocal advocate for more research into alternative energy and nuclear power, arguing that a shift away from fossil fuels is essential to combating climate change.[4][5][6] For example, he has conceived of a global "glucose economy", a form of a low-carbon economy, in which glucose from tropical plants is shipped around like oil is today.[7]

Steven Chu - Wikipedia, the free encyclopedia





He insisted that the decision in late 2009 to approve the loan guarantee was his own and "absolutely was made only on the merits." He said it was not influenced by political considerations.

"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 in testimony before the House Energy and Commerce Committee. "And I want to be clear: over the course of Solyndra's loan guarantee, I did not make any decision based on political considerations."

He said the White House never pressed him to take any action on the loan.


How about maybe pressing him NOT to take action on the loan.........???
 
Point being, WHY is Chu in the position to determine viability of loans in the first place...?


:eusa_whistle:
 
Point being, WHY is Chu in the position to determine viability of loans in the first place...?


:eusa_whistle:

But, was he really?..... Or was he being told? Things just got testy between Waxman and the Chairman. Waxman wanted to stop the questioning and the chairman wanted to finish with the second round of questioning. Very interesting. A compromise was reached and they will break again for 30 min. and the conclude by 3:30. Too bad, Waxman.
 
In the good old days if someone had said "we want the USA to pay as much or more for energy than Europe" they would have been covered by one of those sticky oil byproducts and feathers.

No, the destroy America by any means crowd continue to support this administration in the hopes that they can destroy the one country who more people in the world try to enter (legally or illegally) than any other.
 
Point being, WHY is Chu in the position to determine viability of loans in the first place...?


:eusa_whistle:

But, was he really?..... Or was he being told? Things just got testy between Waxman and the Chairman. Waxman wanted to stop the questioning and the chairman wanted to finish with the second round of questioning. Very interesting. A compromise was reached and they will break again for 30 min. and the conclude by 3:30. Too bad, Waxman.



:dunno: He's the fall-guy anyway...



Would be nice if the White House hadn't rebuffed that Congressional subpoena so we could see the facts about all those supposed merits...




“Sometimes, in the course of an investigation, we find ourselves unable to secure necessary evidence,” full committee Chairman Fred Upton (R-Mich.) said. “House rules expressly give us the power of subpoena to compel cooperation in these instances. It is a tool we use sparingly and only as a last resort. Today, it is our last resort.”




In a statement, White House spokesman Eric Schultz said that the administration had “cooperated extensively” with the committee’s request for documents.

“All of the materials that have been disclosed affirm what we said on day one: This was a merit-based decision made by the Department of Energy,” he said.

House Republicans vote to subpoena White House for Solyndra documents - The Hill's E2-Wire



The White House on Friday strongly rebuffed a subpoena from House Republicans seeking all communications about a failed solar panel manufacturer that received a half-billion dollar federal loan guarantee.

The company was the first to receive a federal loan guarantee under the 2009 stimulus law, which greatly expanded the program. Obama visited the company last year to praise it publicly.

Documents already obtained by the committee show that the administration knew the firm had problems, yet continued to support it.

On Thursday, a subcommittee of the energy panel voted on party lines to issue the subpoena, calling the White House "obstructionist."

White House Rebuffs Subpoena on Failed Solar Firm - ABC News
 
From what I've read he isn't a fall guy at all.

He pushed for this whole mess. He knew the Bush admin said no and that Price Waterhouse also had a negative take on Solyndra . He went right ahead and pushed for the money. He knew that Solyndra was having problems but he was more interested in the green energy bs than he was the taxpayers hard earned dollar.

Yeah. He should take the fall and its just to bad that he can't be made to pay back the tax money he squandered.

Guys an asshole.
 
In a statement, White House spokesman Eric Schultz said that the administration had “cooperated extensively” with the committee’s request for documents.

“All of the materials that have been disclosed affirm what we said on day one: This was a merit-based decision made by the Department of Energy,” he said.

House Republicans vote to subpoena White House for Solyndra documents - The Hill's E2-Wire


It's quite interesting this "merit-based decision" by the Department of Energy.


The Department of Energy pushed “very hard” for failed solar panel maker Solyndra LLC to delay announcing layoffs until after the Nov. 2, 2010, midterm elections, contradicting claims that politics played no role in the administration’s handling of the now-bankrupt company.

Newly released emails show staff at one of the major investors for Solyndra discussing how the Energy Department was being cooperative, but “they did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3rd — oddly they didn’t give a reason for that date.”

. . . . . . . . . . .

Solyndra was held up by the administration as a success story of the federal stimulus program after it won more than a half-billion dollars in federal loans in 2009, but the company filed for bankruptcy in September.

. . . . . . . . . . .

“The [Energy Department] also released a statement stating that ‘Solyndra now plans to double rather than triple production of solar panels by 2013, and construction for the company’s new facility is ahead of schedule,” the Republican memo released Tuesday noted. “The Secretary [Steven Chu] did not mention the financial problems then facing the company.”

Even after the restructuring, Solyndra’s financial troubles grew more dire. Despite the cash-flow problems, the memo said, Energy Department officials continued to make public statements touting the company’s prospects.

Less than two months before Solyndra went bankrupt, for instance, an Energy Department spokesman told a trade publication that “there are likely to be bumps in the road in the future."

Solyndra put off word of layoffs until after election - Washington Times
 
Last edited:
From what I've read he isn't a fall guy at all.

He pushed for this whole mess. He knew the Bush admin said no and that Price Waterhouse also had a negative take on Solyndra . He went right ahead and pushed for the money. He knew that Solyndra was having problems but he was more interested in the green energy bs than he was the taxpayers hard earned dollar.

Yeah. He should take the fall and its just to bad that he can't be made to pay back the tax money he squandered.

Guys an asshole.

worse than all of that, he subjecated the American taxpayer to get the short end of the stick.. the phoney baloney obama contributor walked away with the rewards.
 
From what I've read he isn't a fall guy at all.

He pushed for this whole mess. He knew the Bush admin said no and that Price Waterhouse also had a negative take on Solyndra . He went right ahead and pushed for the money. He knew that Solyndra was having problems but he was more interested in the green energy bs than he was the taxpayers hard earned dollar.

Yeah. He should take the fall and its just to bad that he can't be made to pay back the tax money he squandered.

Guys an asshole.

worse than all of that, he subjecated the American taxpayer to get the short end of the stick.. the phoney baloney obama contributor walked away with the rewards.


Isn't that illegal? Why aren't people being charged for breaking the law?
 
From what I've read he isn't a fall guy at all.

He pushed for this whole mess. He knew the Bush admin said no and that Price Waterhouse also had a negative take on Solyndra . He went right ahead and pushed for the money. He knew that Solyndra was having problems but he was more interested in the green energy bs than he was the taxpayers hard earned dollar.

Yeah. He should take the fall and its just to bad that he can't be made to pay back the tax money he squandered.

Guys an asshole.

worse than all of that, he subjecated the American taxpayer to get the short end of the stick.. the phoney baloney obama contributor walked away with the rewards.


Isn't that illegal? Why aren't people being charged for breaking the law?

It is illegal, and I certainly don't know. You notice how quiet and peepless the demoncrats on this board are about this bullshit? They're having a bad week..
 

New Topics

Forum List

Back
Top