Thursday, November 17, 2011

Energy Secretary Chu: Taxpayers Probably Won't See the Money

In his testimony to the House committee, Energy Secretary Steven Chu said that taxpayers will probably not see most of the $528 million provided to Solyndra as a government loan. He further stated that the situation was "extremely unfortunate".

Although he did not offer an apology, Chu expressed disappointment and said that the decisions on Solyndra's loan stop with him. He went on to say that he was looking after the taxpayers all along the way.

Chu pointed out that Solyndra went bankrupt due to the sudden drop in price for solar panels partly because of China.

When asked about the restructuring of the loan which placed two private investors ahead of taxpayers, Chu responded by saying that he was responsible for that decision as well.

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