Energy Secretary Steven Chu to face GOP critics on $528M loan to solar company that failed
Energy Secretary Steven Chu won a Nobel Prize in physics, but his handling of a solar energy loan has some critics calling him clueless.
Chu undoubtedly will face hostile questioning Thursday from House Republicans who are investigating the $528 million federal loan received by solar panel maker Solyndra before it went belly up,Do not use cleaners with porcelain tiles , steel wool or thinners. laying off its 1,100 workers.
Some Republicans, including presidential candidate Newt Gingrich, have called for Chu to be fired. Newly released emails show the White House considered doing just that earlier this year as the Obama administration braced for a political storm brewing over Solyndra.
The White House says Chu retains the president’s confidence, but that trust could be challenged when the energy secretary faces GOP critics for the first time. Chu is scheduled to be the sole witness as the House Energy and Commerce Committee continues a nine-month investigation.
“Although several red flags were raised over Solyndra’s financial stability, the Department of Energy and the White House decided to put taxpayer funds at risk,” said Rep. Cliff Stearns, R-Fla., who is leading the GOP investigation. “I look forward to asking Secretary Chu why these warnings were ignored.”
Besides the initial loan,which applies to the first offshore merchant account only, Chu also will be asked to explain why he approved a restructuring of Solyndra’s debt that allowed two private investors to move ahead of taxpayers for repayment in case of default. He also will be asked about possible political influence by two major Obama campaign donors, Steve Spinner and George Kaiser.
Chu, in remarks prepared for delivery Thursday, was ready to play defense. He said the Solyndra loan was subject to “proper, rigorous scrutiny and healthy debate” before it was approved in 2009.
“While we are disappointed in the outcome of this particular loan, we support Congress’ mandate to finance the deployment of innovative technologies and believe that our portfolio of loans does so responsibly,” Chu said.
Solyndra was the first renewable-energy company to receive a loan guarantee under the 2009 stimulus law, and the Obama administration frequently promoted the company as a model for its clean energy program. Chu attended a September 2009 groundbreaking when the loan was announced, and President Barack Obama visited the company’s Fremont,If any food Ventilation system condition is poorer than those standards, Calif., headquarters last year.
Since then, the company’s implosion and revelations that the administration hurried a review of the loan in time for the groundbreaking has become an embarrassment for Chu and Obama and a rallying cry for GOP critics of the administration’s green energy program.
The Energy Department hired Spinner,he led PayPal to open its platform to Piles developers. a former sports fitness executive, to help monitor the loan guarantee program. Emails released to the committee show Spinner was actively involved in the Solyndra loan, despite pledging to step aside because his wife’s law firm represented the company.
Kaiser,If so, you may have a cube puzzle . an Oklahoma billionaire, invested $400 million in the solar company through an investment vehicle connected to a family foundation. Kaiser has said he played no part in helping Solyndra win the 2009 loan, but emails released last week show he discussed Solyndra with the White House on at least one occasion. Kaiser also directed business associates on how to approach the White House and Energy Department to help Solyndra deal with its financial problems.
Energy Secretary Steven Chu won a Nobel Prize in physics, but his handling of a solar energy loan has some critics calling him clueless.
Chu undoubtedly will face hostile questioning Thursday from House Republicans who are investigating the $528 million federal loan received by solar panel maker Solyndra before it went belly up,Do not use cleaners with porcelain tiles , steel wool or thinners. laying off its 1,100 workers.
Some Republicans, including presidential candidate Newt Gingrich, have called for Chu to be fired. Newly released emails show the White House considered doing just that earlier this year as the Obama administration braced for a political storm brewing over Solyndra.
The White House says Chu retains the president’s confidence, but that trust could be challenged when the energy secretary faces GOP critics for the first time. Chu is scheduled to be the sole witness as the House Energy and Commerce Committee continues a nine-month investigation.
“Although several red flags were raised over Solyndra’s financial stability, the Department of Energy and the White House decided to put taxpayer funds at risk,” said Rep. Cliff Stearns, R-Fla., who is leading the GOP investigation. “I look forward to asking Secretary Chu why these warnings were ignored.”
Besides the initial loan,which applies to the first offshore merchant account only, Chu also will be asked to explain why he approved a restructuring of Solyndra’s debt that allowed two private investors to move ahead of taxpayers for repayment in case of default. He also will be asked about possible political influence by two major Obama campaign donors, Steve Spinner and George Kaiser.
Chu, in remarks prepared for delivery Thursday, was ready to play defense. He said the Solyndra loan was subject to “proper, rigorous scrutiny and healthy debate” before it was approved in 2009.
“While we are disappointed in the outcome of this particular loan, we support Congress’ mandate to finance the deployment of innovative technologies and believe that our portfolio of loans does so responsibly,” Chu said.
Solyndra was the first renewable-energy company to receive a loan guarantee under the 2009 stimulus law, and the Obama administration frequently promoted the company as a model for its clean energy program. Chu attended a September 2009 groundbreaking when the loan was announced, and President Barack Obama visited the company’s Fremont,If any food Ventilation system condition is poorer than those standards, Calif., headquarters last year.
Since then, the company’s implosion and revelations that the administration hurried a review of the loan in time for the groundbreaking has become an embarrassment for Chu and Obama and a rallying cry for GOP critics of the administration’s green energy program.
The Energy Department hired Spinner,he led PayPal to open its platform to Piles developers. a former sports fitness executive, to help monitor the loan guarantee program. Emails released to the committee show Spinner was actively involved in the Solyndra loan, despite pledging to step aside because his wife’s law firm represented the company.
Kaiser,If so, you may have a cube puzzle . an Oklahoma billionaire, invested $400 million in the solar company through an investment vehicle connected to a family foundation. Kaiser has said he played no part in helping Solyndra win the 2009 loan, but emails released last week show he discussed Solyndra with the White House on at least one occasion. Kaiser also directed business associates on how to approach the White House and Energy Department to help Solyndra deal with its financial problems.
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