From Reuters:
Chu, a bookish physicist and Nobel laureate, took full responsibility for decisions on the loan, but did not apologize. He said his department did its due diligence on the risks, and was not influenced by Solyndra investor George Kaiser, an Obama donor.
He tried to give long and detailed answers, irking Republicans running the hearing.
“I don’t want you to take all of my time – can you just give a really short answer?” said Cliff Stearns, the Florida Republican who has led the committee’s probe.
Republicans argue the government could have pulled the plug earlier, but instead restructured the deal.
Chu said he believed the department made the best of a bad situation. “It was a difficult decision and we were always, always focused on that path that led to as much taxpayer recovery as possible,” he told lawmakers.
But Solyndra was not able to find any acceptable buyers by a Wednesday deadline. The company and its main creditors agreed to put off an auction of its assets for two months in the hope stronger bids emerge.
Chu said he now does not expect the government to recover much of its investment.
“That remains to seen, but I’m anticipating not very much,” he said.
Read more here. Note that Chu was testifying under oath and claimed to have no contact from the White House regarding the loan. Note also that, as Peter Schweizer’s new book details, Solyndra is just the tip of the ice-berg.
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.