Tags: Solyndra Scandal | chu | obama | solyndra | loans

Chu Takes Criticism for Obama on Solyndra

Friday, 30 Sep 2011 04:23 PM

The Nobel laureate and physicist said the final decision to allow Solyndra to continue to receive taxpayer dollars after they had violated the terms of a $535 million federal loan was his, The Washington Post reported.

Chu acknowledged that he approved the restructuring of the loan agreement for the Obama administration favored company because it gave the solar panel manufacturer “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan,” the Post reported.

The collapse of the company has sparked both criminal and congressional probes of the loan. Chu and President Barack Obama both supported the firm and made visits to the California to promote it. The company was the first to get a loan guarantee from the Obama administration, with its application having been started years before during President George W. Bush’s tenure.

The company told the Energy Department in late 2010 that it would not be able to make a $5 million payment that the loan required. However, Chu approved changes to the loan agreement so the company could continue to receive payments. The company collapsed in August, the Post reported.



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