Steven Chu; the new fall guy

His new abode seems to be under the bus. It must have been him they were visiting at the White House.  You know he is the fall guy when the Washington Post takes note and reports this:

Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency.

Chu spokesman Damien La­Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.”

Further into the article we find that was his mandate:

Chu, a Nobel laureate and physicist who came to the administration from academia, arrived in Washington with a mandate to push billions of dollars in stimulus funds into clean-energy companies and projects. With keen White House interest, Chu rode herd over an $80 billion showcase initiative that was supposed to spur a new “green” industry and economic growth.

You would think a Nobel Laureate and physicist would know better. But when I think about it, if their main economist doesn’t know anything about economics and green jobs why would we expect a physicist to know better.

This entry was posted in Nobel Peace Prize Funds and tagged , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

Anti SPAM - do the math *