“Culture Or Corruption” Adds New Chapter
Stephen Chu Lies Like A Rug On Solyndra Deal
By Dell Hill
Hat Tip - Hot Air
One of the key roles
of any Cabinet Secretary is that of a firewall for the President — a
person to take the blame when things go wrong. As the Solyndra scandal
deepens, Energy Secretary Stephen Chu went to Congress this morning to
fulfill that role … in part, anyway.
Chu released his opening statement to the press this morning, in which he takes responsibility but ducks any remorse or blame for the Solyndra debacle:
the Secretary of Energy, the final decisions on Solyndra were mine, and
I made them with the best interest of the taxpayer in mind,” Chu has written in testimony prepared for his first appearance before Congress to answer questions about the failed loan.
want to be clear: over the course of Solyndra’s loan guarantee, I did
not make any decision based on political considerations,” says Chu’s prepared testimony, which was made public by his aides late Wednesday. “My
decision to guarantee a loan to Solyndra was based on the analysis of
experienced professionals and on the strength of the information they
had available to them at the time.”
Well, that’s false on its face. DoE auditors raised red flags
on the Solyndra loan well before its approval, but got overruled by the
political appointees, including Chu. Not only did Chu approve the
loan, the DoE also got Solyndra a sweetheart deal on the rate. Even Solyndra’s investors thought that it had turned into a risky bet, and the DoE was well aware of it at the time.” (Emphasis added)
make matters even worse, in what appears to be an obvious effort to
bail out Solyndra just days after the initial loan guarantee was issued,
the Obama administration was fully prepared to dump several million
MORE of your dollars into this toilet we call Solyndra. That action, of
course, was an effort to save face over the incredible failure at the
any high ranking government official with a modicum of common sense
visited the Solyndra facility, they would have instantly noticed the
lavishly decorated plant and offices - suggesting strongly that tax
payer guaranteed loans had been squandered on luxury surroundings rather
than the production of solar energy products.
Do we know of any such government official?
Well, no, we don’t.
But President Barack Obama was there.
President Joe Biden has been fully engaged with the Solyndra debacle
from the beginning, as we read in this report from the Wall Street
Journal, September 4, 2009 edition.
“The Obama administration
on Friday used the California site of a planned solar-panel factory to
complete the first-ever loan guarantee for a renewable-energy project, a
$535 million deal that will allow Solyndra Inc. to create hundreds of
announcement, outlined by Vice President Joe Biden and Energy Secretary
Steven Chu in a region battered by an auto-factory shutdown, comes as
Obama administration officials are hoping to show that investments in
clean energy projects can help reverse almost two years of job losses.
March, Solyndra became the first company awarded a loan guarantee under
a 2005 program intended to spur renewable energy projects. But the
company for months had been unable to lock in the loan because of
problems raising the necessary private funds required by the Energy
Department to close the deal.
for Solyndra, its venture backers stepped up, investing $198 million in
equity in a round led by shareholder Argonaut Private Equity, an
investment vehicle for Oklahoma billionaire George Kaiser. Other
investors in the company include CMEA Ventures, Madrone Capital
Partners, which manages capital of the Rob Walton family, Rockport
Capital and Virgin Green Fund, which was launched with backing of the
remarks beamed via satellite to a groundbreaking ceremony in Fremont,
Calif., Biden said: “These are the jobs of the future, these are the
green jobs, these are the jobs that won’t be exported.”
was right about one thing - these jobs won’t be exported - because
“these jobs” no longer exist. They went the same route as your tax
dollars, which are now being used to pay off the massive debts
guaranteed by Chu and Obama, along with the strong backing of Joe Biden.
is bankrupt and YOU’RE going to pay the bills. With deals like
Solyndra, is it any wonder the federal deficit has skyrocketed to $15
One more example of the “Hope and Change” you voted for in 2008?