Energy Sec. Defends Solyndra Loan

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.