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

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Energy Secretary Steven Chu on Thursday acknowledged 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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Ylan Q. Mui 30 Sep, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=704227529cfc72898d67598d4703230b
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