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| US Energy Secretary Steven Chu © AFP/Getty Images/File Chip Somodevilla |
WASHINGTON (AFP) - US Energy Secretary Steven Chu will testify to a key congressional committee November 17 about a half billion-dollar loan to now bankrupt solar panel firm Solyndra, the panel announced.
President Barack Obama's Republican foes have been hunting for evidence that politics at the White House improperly shaped the US Energy Department's decision to provide Solyndra with a $535-million loan guarantee.
The White House has denied acting inappropriately.
The chairman of the House Energy and Commerce Subcommittee on Oversight and Investigations, Republican Cliff Stearns, announced that Chu would testify before his panel and signalled that the official would face a grilling.
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Stearns also accused Chu and his department of illegally restructuring Solyndra's loan at a time when the failed firm "was fresh out of cash."
"Dr Chu's testimony is an important piece of the overall Solyndra puzzle as we seek answers on why taxpayers are now on the hook for a half billion dollars," the lawmaker added.
Critics of the administration say that the firm, once hailed as a shining example of Obama's push to create green jobs in a new energy economy, was instead an symbol of unwise federal handouts.
California-based Solyndra has now filed for bankruptcy, closed its doors and laid off 1,000 workers, leaving taxpayers on the hook for the loan.
© AFP -- Published at Activist Post with license
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3 comments:
In the real world he would be on the unemployment line.
Ahem. Does no one think to as just where all this money went? Money does not disappear! It just changes hands!!! So who has the money??? And why are you incapable of forming this question???
He'll get a $10 million severance paycheck for early retirement and the phone numbers of all the White House's overseas underage brothels.
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