Energy Secretary Steven Chu
While the peasants were revolting on Wall Street yesterday, things were going on in Washington:
Energy secretary refuses to apologize over Solyndra loan
Energy Secretary Steven Chu is a physicist, not a politician, but he was unflappable under attack from Republicans and refused to apologize for a $535-million loan guarantee given to now-bankrupt solar equipment maker Solyndra.
In his first appearance before Congress since the Solyndra controversy broke nearly three months ago, Chu firmly pushed back against allegations that political favoritism and bureaucratic incompetence led his agency to approve the Solyndra loan guarantee.
“Was there incompetence?” Chu said in response to Michigan Republican Fred Upton’s request for an apology. “Was there any influence of a political nature? So I would say no. It is extremely unfortunate what has happened to Solyndra.”
Chu is the highest-level Obama administration member so far to testify about his agency’s role in the decision to back the Fremont, Calif., manufacturer, which closed its doors at the end of August.
Upton, the committee’s chairman, had framed the hearing as an inquiry into Chu’s involvement. “What did Secretary Chu know about the situation at Solyndra, when did he know it and how did he act on this information, if at all?”
Chu said he knew few of the details about Solyndra until the company began to falter late last year and needed its loan guarantee restructured. Many of the decisions about the loan were made by career civil servants, emails have shown.
Chu, a Nobel prize winner and Washington outsider, parried often-repetitive questions over the nearly five hours of the hearing. During his testimony, he made clear that he had little hope of recovering most of the money backed by the Energy Department’s guarantee.
That’s an improvement over “I don’t recall . . . I don’t recall . . . I don’t recall.” But not much of one.
Filed under: Barack Obama, Corruption, Crony Capitalism, Solyndra Tagged: | Barack Obama, Crony Capitalism, Solyndra
Yes, the timing of OWS’s made for Big Media stunts was highly fortuitous for the Occupier in chief.
I watched pretty much all of it. I can’t decide if he is supremely naive, or a willing or unwilling dupe. Well into it the Republicans made it clear that he runs nothing at the agency, that staff did everything behind his back (including talking to the WH, bundlers, companies with their hands out) and just stuck papers out for him to sign. Most of his “aides” who made the decisions have moved on (quit when investigators came around). The sad thing is that Chu is a true believer in green tech and it could have been a very good program if it had not been hi-jacked as a pay to play scam. Chu enabled that scheme.
He’s either corrupt, incompetent, or both.
I watched it, too. Your conclusions are exactly what I thought. He came off as having no clue what went on in his own department (unless he’s clever enough to just act that way). His “people” managed it all, it seemed, in collusion with the WH, and he didn’t have a clue how that was done.
For me, it exemplifies how Obotville uses people for their own private paybacks/games.
Assuming, of course, Chu was telling the truth, and wasn’t “coached” to play that game. Hard to tell.
One of the most telling moments was when a Repub asked him if he appointed his senior adviser (Matt Rogers , NoCal venture capitalist, Credite Suisse alum, Ivy leaguer, judge wife) and Chu hemmed and hawed and said he needed assistance overseeing the program and did not seem to know him from a hole in the road before he was sent over from somewhere (the WH?). Silverman (hedgefunder) too apparently lied to Congress as Chu made it clear he did not tell him stuff (he quit recently and Rogers left suddenly in July 2010). The lawyer who wrote the infamous subordination memo has worked for world finance organizations and various law schools and seems very familiar with ignoring laws (Chu kept referring to some Opec interpretation which probably came from her and the Repubs kept saying what the hell are you talking about Chu). Chu was surrounded by sharks at DOE and he needs to quit and rat them out. He has hurt the green tech stuff he so clearly believes in.
Well said. It’s just hard for me to believe such a brilliant scientist can be so practically foolish and unaware.
But you’re right. He has damaged the very science he believes in. Too bad, really.
Do I think the Obama people are capable of using and manipulating this man’s naivete? In a heartbeat.
He’s a brilliant scientist, and like we’ve seen, that comes with a giant but fragile ego and a huge blindspot as to his own gullibility and areas of incompetence. He don’t know squat about politics and he doesn’t really care about money — filthy lucre should be poured into beautiful science. In short he was played. Nobel prize patsy.
The Obama touch strikes again.
But he has hurt his cause and he needs to understand that. He seemed to have no concept of law, financial rules, and believed everything he was told. He should be furious but seemed to be parroting his betrayers.
Maybe he is in denial because if he admits he was betrayed than he has to admit he was wrong.
He is corrupt and seriously political. Has been for years. He knew what he was getting into and is part of the process. The Moose’s nose knows.
Hot Air:
This happened yesterday too
How quaint. (snark)
Hot Air:
Wow. 3 Pinochios. Kessler doesn’t give that kinda rating unless he’s nailed down the facts , for sure.
Always wondered why no one ever mentioned the Spain failure, and how it almost ruined—and certainly helped damage–their economy. Lotta spending for “green projects and jobs,” but very little market for same. And that was 2 years before our own government used the Stimulus to do the same.
Was no one except the OMB paying attention to the fact that there was no market for these products, or that China could produce them cheaper?
Was it all about paybacks, with a whole lotta razzle-dazzle to make it look like Obama/Biden were doing something for the economy? (Oh wait…..don’t answer that.)
Good for Kessler for calling em out!!!
Well over a year ago the AGW skeptic sites were quoting Spanish & German green lobbyists that they would need to sell their companies’ products in the US to keep from going belly up. Most of Europe had given up on them or lost money. The lobbyists explictly said only the US could save the Big Green companies and only the US could save Spain from going bankrupt over their green debt.
I go away for a couple of weeks and the whole world falls apart. What the heck.
And by the way, Stephen Chu is as corrupt as the day is long. Just some inside information about the asshole. Mums the word.