Thursday, November 17, 2011

Energy Secretary Steven Chu on the Hot Seat for Solyndra

Department of Energy Secretary Steven Chu will be on the Congressional hot seat today to answer questions about the Solyndra loan which may need up costing the taxpayer $528 million.

The House committee will also be asking Chu about the restructuring of the loan so that the taxpayers will be last line for repayment while two private investment companies move to the head of the line in the case of default.

There are many unanswered questions about the loan and its restructuring and the events that led the company to declaring bankruptcy and laying off 1,100 employees.

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