Energy Secretary Chu defends loan program as White House report looms (post-Solyndra review)
Posted by admin / Under Chu Bura
Energy Secretary Chu defends loan program as White House report loomsBy Andrew Restuccia - 02/08/12 10:09 AM ET Just days before the White House unveils a post-Solyndra review of the Energy Department’s loan program, Energy Secretary Steven Chu defended the program Wednesday against sustained Republican attacks. Chu said the Energy Department made a series of changes to the program before and after the collapse of Solyndra, the California solar panel maker that received a $535 million loan guarantee in 2009. “Long before Solyndra became a common word, we have been looking at how, in everything we do in the Department...
Published on Thursday 9th of February 2012 02:45:42 PM
Energy Dept. Makes More Bad Bets with Taxpayer Money
Posted by admin / Under Chu Bura
As the U.S. government Venture Capitalist-in-Chief (and President) Barack Obama and his Department of Energy investment guru (and Energy Secretary) Steven Chu pour other peoples’ money into their favorite “clean” technology schemes, private backers appear to be following them off the cliff, “as publicly traded battery makers watched their stocks tank and their businesses stumble,” according to a Dow Jones report late last month. According to a Dow Jones-owned industry tracker called VentureSource, private investors put $372.7 million into 14 battery deals over the first three quarters of 2011. Whether they would have transferred so much cash into the...
Published on Thursday 9th of February 2012 02:45:42 PM
Russian Oligarch Tries to Cash In on Obama's Crony Capitalism
Posted by admin / Under Chu Bura
The Department of Energy announced on Friday it would not complete a low-interest, $730 million loan toSeverstal North America, after it had given the company a conditional commitment in July under its Advanced Technology Vehicles Manufacturing program. DOE gave no reason for its disapproval of the loan, but it had come under scrutiny about its judgment after the collapse of solar company Solyndra, which was lent $535 million in taxpayer dollars. House Oversight and Government Reform Committee Chairman Darrell Issa called upon Energy Secretary Stephen Chu to revisit the Severstal project – which would modernize its facility in Dearborn,...
Published on Thursday 9th of February 2012 02:45:42 PM
Steven Chu Should Lose His Job Over The Solyndra Scandal
Posted by admin / Under Chu Bura
Corruption: The Secretary of Energy takes responsibility for and defends the granting of a half-billion-dollar-loan guarantee to an imploding solar panel maker. But that's not where the campaign donor buck stopped. In testimony Thursday before the House Energy and Commerce Committee, Steven Chu, caught in a tangled web of administration deceit regarding a $535 million guaranteed loan to Solyndra, tried but failed to continue the administration line that the affair was just a good-faith bet that went bad. "As the Secretary of Energy, the final decisions on Solyndra were mine, and I made them with the best interest of the...
Published on Thursday 9th of February 2012 02:45:42 PM
And Now, Stimulus For Russia
Posted by admin / Under Chu Bura
Industrial Policy: Not only do taxpayers subsidize failing green energy here, they may soon be on the hook for a Department of Energy loan to a firm owned by a Russian billionaire. Just say nyet. When a foreign firm wants to build a facility in the U.S. that hires American workers and pays American taxes, we welcome it. We'd prefer they do it with their own money, not rely on this administration's failed industrial policy to provide them with a huge taxpayer-backed loan — especially when it's owned by a billionaire who doesn't need the help. The administration's latest green...
Published on Thursday 9th of February 2012 02:45:42 PM
Chu: No White House Influence on Solyndra Deal
Posted by admin / Under Chu Bura
WASHINGTON — Energy Secretary Steven Chu said Thursday that no one from the White House ever contacted him to make a political decision on a half-billion-dollar loan to a California solar company that later went bankrupt. Testifying under oath on a widening controversy, Chu said he was unaware of his staff predictions in 2009 that Solyndra was likely to face severe cash-flow problems. He said that market changes which led to a steep decline in the price of solar panels were "totally unexpected." Solyndra went belly-up after getting the $528 million loan from the government, and Chu told the House...
Published on Thursday 9th of February 2012 02:45:42 PM
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