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November 18, 2011

Chu Defends Solyndra Aid in Congressional Testimony 
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On Capitol Hill, Energy Secretary Steven Chu appeared before a
Congressional panel on Thursday to face questioning on the Obama
administration's bailout of the failed solar energy firm Solyndra. The
White House has faced scrutiny following the disclosure it rush to
approve a $535 million loan guarantee to the firm despite warnings it
had not been properly vetted. Solyndra went bankrupt despite the aid,
laying off about a thousand workers. Opponents have accused Obama of
rewarding a wealthy donor with ties to Solyndra for his financial
backing. In his testimony, Chu said political considerations played no
role in the Solyndra loan.

Energy Secretary Steven Chu: "The loan guarantee to Solyndra was subject
to proper, rigorous scrutiny and healthy debate during every phase of
the process. 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. I want to be clear: over the course of Solyndra’s loan
guarantee, I did not make any decision based on political
considerations."

Democrats have accused Republicans of over-blowing the Solyndra
controversy in order to taint efforts toward a green economy. Democratic
Rep. Henry Waxman of Califonia said: "It is time for the Republicans to
stop dancing on Solyndra’s grave and get serious about energy policy."



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