Energy Sec. Defends Solyndra Loan

    WASHINGTON, DC - NOVEMBER 17:  Energy Secretary Steven Chu is sworn in while testifying before the House Energy and Commerce Committee's Oversight and Investigations Subcommittee hearing about the government support for the failed solar panel company Solyndra on Capitol Hill November 17, 2011 in Washington, DC.  Chu said "the final decisions on Solyndra were mine." The Energy Department provided the California maker of solar panels with a $535 million loan guarantee and refinancing before it went bankrupt in August 2011.  (Photo by Chip Somodevilla/Getty Images)

    Chip Somodevilla / Getty Images

    In testimony before Congress, Energy Secretary Stephen Chu said no one from the White House ever contacted him to make a political decision on the now-defunct solar-energy company Solyndra. "I want to be clear: over the course of Solyndra's loan guarantee, I did not make any decision based on political considerations," said Chu. He also said he had never heard of George Kaiser, a fundraiser for President Obama who had invested in the company, until after Solyndra went bankrupt. As for the decision to restructure Solyndra’s stimulus loan after it ran into financial trouble, Chu said that it was a tough decision and that he takes responsibility for it. "Immediate bankruptcy meant a 100 percent certainty of default, with an unfinished plant as collateral. Restructuring improved the chance of recovering taxpayer money by giving the company a fighting chance at success," Chu said.

    Read it at Associated Press