Nightly News | November 17, 2011
Chu: Solyndra went bust due to drop in demand
In a House committee hearing, Energy Secretary Steven Chu said the California solar company Solyndra went bankrupt due to an unexpected change in market conditions. NBC’s Brian Williams reports.
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This content comes from a Full-Text Transcript of the program.
BRIAN WILLIAMS, anchor: On Capitol Hill today, a hearing on failed solar energy company Solyndra which got half a billion dollars in government loan guarantees, then went bankrupt. Energy Secretary Steven Chu , who was in charge of the loan program, defended his agency's handling of the situation under aggressive questioning from skeptical Republicans who allege big campaign donors had too much influence over this loan program.
Mr. STEVEN CHU (Department of Energy): The final decisions on Solyndra were mine, and I made them with the best interests of the taxpayer in mind.
Representative STEVE SCALISE (House Energy and Commerce Committee): I don't see any chain of emails looking out for taxpayer money. I see a whole lot of emails in the administration that are concerned about the politics. That's what stinks the most about this.
WILLIAMS: Solyndra was based in Fremont , California . President Obama himself visited the company last year. Its failure cost all 1100 workers there their jobs.