Chu Takes Criticism for Obama on Solyndra

Friday, 30 Sep 2011 04:23 PM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
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.



© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Alan Dershowitz: Anti-Semitism Rising in the West

Thursday, 18 Dec 2014 16:03 PM

Legal scholar and author Alan Dershowitz, appearing on Newsmax TV Thursday, discussed a European Union court ruling in f . . .

US Strikes Kill Top ISIS Militants, More US Troops Going to Iraq

Thursday, 18 Dec 2014 17:19 PM

Two senior Islamic State group leaders were killed in U.S. and coalition airstrikes in northern Iraq over the last week, . . .

Dinesh D'Souza: Cuba Deal Hurts US' Influence

Thursday, 18 Dec 2014 16:46 PM

President Barack Obama's is "shrinking" the influence of the United States by re-establishing ties with Cuba, conservati . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved