Skip to content
 

Energy Secretary Chu Refuses To Apologize For Blowing $535 Million To Solyndra

SOLYNDRAGATE UPDATE…
NewImage

Department of Energy Secretary, Steven Chu, refused to apologize for blowing $535 million to Solyndra.

REP. UPTON: Last question, though my time is expired. Based on what you know and what’s happened, who is to apologize for the half a billion dollars that has been out the door?

SEC’Y CHU: Well, it’s extremely unfortunate what has happened with Solyndra. If you look back and look at the time, the decisions being made, was there incompetence, was there any influence of a political nature? And I would have to say no.

UPTON: So no apology?

CHU: Well it is extremely unfortunate what has happened to Solyndra, and I think you and I both feel the same, but when the bottom of a market falls out and the price of solar decreases by 70 percent in 2.5 years, that was totally unexpected. Not only by us but by, if you look at the range of predictions that were being made by financial analysis from the last quarter of 2008, 2009 the average, there are some outliers, but the average of those were not expecting these prices to plummet. And so, fundamentally, this company, and several others, got caught in a very bad tsunami if you will.

Video here.

Solyndra is one of the biggest crony capitalist deals that Obama has conducted since becoming president. The cronyism started in the months prior to the approval of the Solyndra loan by the Department of Energy in March of 2009, when billionaire and Obama bundler, George Kaiser, held numerous meetings with the White House about the pending loan.

George Kaiser holds the biggest stake in the now defunct Solyndra.

White House logs revealed that Solyndra executives and investors held four separate visits the week before the company received its cut of your stimulus cash. Those meetings all took place while a White House budget analyst warned in an email that, “this deal is not ready for prime time.”

On May 26, 2010, Obama visited Solyndra, boasted about the loan and said, “the true engine of economic growth will always be companies like Solyndra.” He praised Solyndra as a Recovery Act (stimulus) success story.

On September 6, 2011, Solyndra filed for bankruptcy. The immediate result was the layoff of 1,100 workers.

The scandal took another turn when, on September 8, 2011, the FBI raided Solyndra’s headquarters.

Obama was so impressed with the failed solar company that the administration wanted to give it another $469 million on top of the $535 million to make it an even billion dollars in taxpayer cash.

Related: Energy Secretary Chu Defends How Obama Admin Handled Solyndra
Solyndra Emails Show The Obama Administration Pushed Them To Keep Layoffs Quiet Until After 2010 Elections
White House Emails Show Rahm Emanuel Urged White House To Promote Solyndra
White House Was Warned Of ‘Coming Storm’ Over Solyndra ‘And Other Inside Energy Deals’
Solyndra Email: “They About Had An Orgasm In Biden’s Office When We Mentioned Solyndra”
White House Ignores Solyndra Subpoena Deadline
Emails Prove White House Lied, Billionaire Obama Donor, Kaiser, Discussed Solyndra Deal With WH
Solyndra Rails In $6.2 Million From Asset Auction, Taxpayers Rail In Zip
WHITE HOUSE SUBPOENAED — All Solyndra Documents Must Be Turned Over
Obama Considered Bailout For Solyndra Before It Went Bankrupt
Solyndra Executives Cashed In Before Filing For Bankruptcy
Energy Secretary Steven Chu To Testify To Congress On November 17 About Solyndra
Solyndra-Connected Fundraiser Still Working For Obama Reelection Campaign
Solyndra To Auction Off Assets, U.S. Taxpayers Won’t See A Penny
CRONY CAPITALISM – IRS Gave Now Bankrupt Solyndra Special Tax Break
Obama Refuses To Turn Over Solyndra Documents
Obama Ignored Legal Warnings On Solyndra Loan Guarantee
Solyndra Emails Show Obama Was Poised To Approve Second Loan For $469 Million
Obama Warned Not To Visit Solyndra By Senior Officials, Didn’t Want To Embarrass Him Later
WTF – Obama Says He Doesn’t Regret Loan To Solyndra, Calls It a “Good Bet”
FBI Probing Solyndra For Possible Fraud
SOLARGATE UPDATE: Solyndra Said To Have Violated Terms Of Its U.S. Loan
Concerns About Solyndra Loan Progarm Were Raised Directly To Obama During White House Meetings
It Just Got Better… Solyndra Bankruptcy Docs List California Democratic Party As Creditor

Read my Washington Times Communities Column: Obama’s Solyndra Fiasco

For the latest on the Solyndra scandal, click here.