DOE Chief Chu Defends $535M Solyndra Loan

Law360, New York (November 17, 2011, 4:19 PM EST) -- Energy Secretary Steven Chu on Thursday defended the U.S. Department of Energy’s decision to approve a $535 million loan guarantee to bankrupt solar panel maker Solyndra LLC, rejecting claims by some members of the U.S. House of Representatives that political favoritism motivated the move.

In a House Energy and Commerce Committee hearing that lasted from 10 a.m. until well into the afternoon, Chu said the final decisions on the loan guarantee rested with him, but repeatedly told lawmakers that he made them based on a rigorous...
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