Steven Chu takes responsibility for a loan deal that put more taxpayer money at risk in Solyndra

[The Northerner]

Energy Secretary Steven Chu acknowledged on Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency.

Chu spokesman Damien La­Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.”

Also on Thursday, a law enforcement official confirmed that the criminal probe of Solyndra is focused on whether the company and its officers misrepresented the firm’s finances to the government in seeking the loan or engaged in accounting fraud. The official spoke on the condition of anonymity because of the sensitivity of the probe.

On the political front, Chu’s admission came as some members of Congress were asking whether Chu went too far in trying to help the company before it went into bankruptcy, leaving taxpayers on the hook for the loan.

Read more: http://www.washingtonpost.com/politics/chu-takes-responsibility-for-a-loan-deal-that-put-more-taxpayer-money-at-risk-in-solyndra/2011/09/29/gIQArdYQ8K_story.html?hpid=z1

[saras]

1. Why is this right-wing smear still hanging around at DU?

The financial arrangements with Solyndra were completely normal and average. Anything inappropriate there is endemic to our system. The targeting of this company (over, say, our government's arrangements between the Coast Guard and BP) is purely politically motivated.

[truthwillout777]

2. what is amazing to me is how halliburton, blackwater and other obvious corruption

during the Iraq Afghanistan wars, including billions missing....just escaped their eagle eyes.