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

    09/30/2011 4:51:44 PM PDT · by sunmars · 33 replies
    Washington Post ^ | September 29, 2011
    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.” On the political front, Chu’s admission came as some members of Congress were asking whether Chu went too far...