Townhall - by Debra Saunders - In September 2009, Chu approved the Solyndra loan. He clearly missed the Office of Management and Budget staff's recommendation that the deal be "notched down" in light of "the weakening world market prices for solar generally." When he showed up at Solyndra's groundbreaking, Chu announced, "If you build a better solar panel, the world will beat a path to your door." As Rick Perry would say, "oops." In March 2010, PricewaterhouseCoopers warned that Solyndra's recurring losses and negative cash flows raised "substantial doubt about (its) ability to continue as a going concern." And still, Chu was a booster.
In May 2010, Obama appeared at a Solyndra event, chatting up Chu's Nobel history and proclaiming, "The true engine of economic growth will always be companies like Solyndra." A month later, Solyndra canceled a planned $300 million public offering. This might be a good place to mention that shortly after winning its first loan guarantee, Solyndra applied for a second, this one for $400 million. To its credit, the administration did not approve the loan. By October, CEO Brian Harrison had informed the Energy Department that the company was about to lay off workers. According to an email from Kaiser's investment fund, "the DOE ... requested a delay until after the election (without mentioning the election)." Read full column here: News New Mexico
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