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USANews版 - Chu takes responsibility for a loan deal to Solyndra
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相关话题的讨论汇总
话题: solyndra话题: chu话题: loan话题: company话题: obama
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l****z
发帖数: 29846
1
Chu takes responsibility for a loan deal that put more taxpayer money at
risk in Solyndra
By Carol D. Leonnig and and Joe Stephens, Published: September 29
Energy Secretary Steven Chu acknowledged 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.”
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Video
Executives from Solyndra, a failed California solar panel company, come to
Washington to testify on how the firm went bankrupt despite a $535 million
federal loan guarantee. They are expected to invoke their right against self
incrimination. (Sept. 23)
Executives from Solyndra, a failed California solar panel company, come to
Washington to testify on how the firm went bankrupt despite a $535 million
federal loan guarantee. They are expected to invoke their right against self
incrimination. (Sept. 23)
Video
The collapse of California solar panel manufacturer Solyndra raises new
questions about President Obama's push for alternative energy — and whether
White House pressure played a role in a loan guarantee that has taxpayers
on the hook for millions. (Sept. 16)
The collapse of California solar panel manufacturer Solyndra raises new
questions about President Obama's push for alternative energy — and whether
White House pressure played a role in a loan guarantee that has taxpayers
on the hook for millions. (Sept. 16)
Also 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.
Chu, a Nobel laureate and physicist who came to the administration from
academia, arrived in Washington with a mandate to push billions of dollars
in stimulus funds into clean-energy companies and projects. With keen White
House interest, Chu rode herd over an $80 billion showcase initiative that
was supposed to spur a new “green” industry and economic growth.
Solyndra was the first company approved for a loan guarantee under the Obama
administration; its application originated several years earlier during
George W. Bush’s presidency. Early on, there were concerns about Solyndra’
s finances, but the company was still endorsed by President Obama and
received high-profile support from Chu. Both visited the firm at different
press events. Chu flew to California to announce the loan approval at the
groundbreaking for a $750 million factory that was built mostly with funds
from the loan.
In announcing the Solyndra deal in March 2009, Chu boasted of the “speed at
which the department can operate,” according to an agency news release.
“Secretary Chu initially set a target to have the first conditional
commitments out by May . . . but today’s announcement
significantly outpaces that aggressive timeline,” the release said.
In April 2010, the company’s auditors raised doubts about whether the
company could continue as a “going concern” because of cash-flow problems.
The following month, Obama visited the company to praise it as an “engine
of growth.”
In late autumn of 2010, company executives confided to the Energy Department
that they were running out of cash and could not make a required payment to
a cash-reserve account. The company was supposed to begin making the first
of $5 million payments to create a $30 million cash reserve on Dec. 1.
Solyndra officially defaulted on its loan that day. Chu approved a softening
of the loan requirements so that the company could continue receiving loan
installments.
“Ultimately, the choice was between imminent liquidation or giving the
company and its workers a fighting chance to succeed,” LaVera said in the
statement, first reported by Politico.
The agency authorized the Federal Financing Bank to give two additional cash
installments to Solyndra — one in December 2010 and another in January
2011. Both payments came before Energy Department officials finalized a deal
to restructure the loan and forestall the company’s collapse in late
February.
On Capitol Hill, Republicans continued to complain Thursday that the Obama
administration and Chu had not protected taxpayers.
Video
Executives from Solyndra, a failed California solar panel company, come to
Washington to testify on how the firm went bankrupt despite a $535 million
federal loan guarantee. They are expected to invoke their right against self
incrimination. (Sept. 23)
Executives from Solyndra, a failed California solar panel company, come to
Washington to testify on how the firm went bankrupt despite a $535 million
federal loan guarantee. They are expected to invoke their right against self
incrimination. (Sept. 23)
Video
The collapse of California solar panel manufacturer Solyndra raises new
questions about President Obama's push for alternative energy — and whether
White House pressure played a role in a loan guarantee that has taxpayers
on the hook for millions. (Sept. 16)
The collapse of California solar panel manufacturer Solyndra raises new
questions about President Obama's push for alternative energy — and whether
White House pressure played a role in a loan guarantee that has taxpayers
on the hook for millions. (Sept. 16)
“Why was the leadership at DOE so stubborn, ignoring every warning sign
that Solyndra was a bad bet, continuing to throw good money after bad right
up until Solyndra’s fate was sealed and taxpayers were left holding the bag
on DOE’s $535 million bust?” said Rep. Cliff Stearns (R-Fla.), chairman
of the House Energy and Commerce oversight and investigations subcommittee.
Chu is tentatively scheduled to appear before the subcommittee next month.
The House probe seeks to determine whether the White House sought to help
Solyndra for political reasons. The nature of the separate criminal probe
was first reported in an online story by Bloomberg News on Thursday evening.
The leading private investors in Solyndra were investment funds tied to
Oklahoma billionaire George Kaiser, a prominent fundraiser for Barack Obama
’s 2008 presidential campaign.
Some Democrats also have questioned Chu’s decision, including Rep. Henry A.
Waxman (Calif.), the ranking Democrat on the Energy and Commerce Committee.
Rep. Gene Green (D-Tex.) said Thursday that he wants to know why Chu
restructured Solyndra’s loan to put taxpayers behind a group of private
investors to be repaid if the company went bankrupt. Two investors,
including an equity fund tied to Kaiser, provided an additional $75 million
to keep the company afloat.
“I guess I’m surprised that Secretary Chu made the decision earlier this
year to give the private sector priority over the federal commitment,
because your fiduciary duty is to the taxpayer, and not to an applicant. .&#
8201;. . Your responsibility is to the American people,” Green said.
T**********1
发帖数: 2406
2
The stupidity of these people/parasites is beyond this world.

decision
guaranteed

【在 l****z 的大作中提到】
: Chu takes responsibility for a loan deal that put more taxpayer money at
: risk in Solyndra
: By Carol D. Leonnig and and Joe Stephens, Published: September 29
: Energy Secretary Steven Chu acknowledged 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

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I will never, ever acknowledge him as a leader in any context of authorityMenendez 还找雏妓
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奥巴马能源部负责贷款的官员Jonathan Silver辞职了加州通过恶法:3岁儿童不能再继续合法拥枪了!
GM could be heading for bankruptcy again哈哈, IRS说不好意思,我们那些email都找不到了
相关话题的讨论汇总
话题: solyndra话题: chu话题: loan话题: company话题: obama