Head Of Federal Program Behind Failed Solyndra Loan Steps Down

I'm telling you, Solyndra and Fast & Furious are this regime's Watergate. there is so much coming out on both stories, not sure how he can survive, even with an accomplice lamestream media. Much, much, much more to co me on these stories.



Posted: October 6th, 2011 1:57 PM | Author: Henry D'Andrea

The head of the federal program behind providing now bankrupt and FBI raided Solyndra a loan guarantee, Jonathan Silver, has stepped down.

The Washington Post reported:
The head of the Energy Department’s controversial loan guarantee program has decided to step down, department officials confirmed to The Washington Post on Thursday.

Jonathan Silver, who was named executive director of DOE’s Loan Programs Office in November 2009, has come under fire from congressional Republicans since the solar manufacturer Solyndra declared bankruptcy Aug. 31 after receiving a $535 million federal loan guarantee. While DOE made the initial loan to Solyndra before Silver took the program’s helm — a point he made repeatedly during his congressional testimony last month — he remained the administration’s point person for the embattled initiative.

Energy Secretary Steven Chu said in a statement Thursday that Silver had informed him in July, when it was clear that no significant new funds were being budgeted for the loan program, that he would leave at the end of the fiscal year.

The program’s authorization expired Friday: On its last day the agency committed an additional $4.7 billion in loan guarantees to support four major clean-technology projects across the country.

“Because of my absolute confidence in Jonathan and the outstanding work he has done, I would welcome his continued service at the Department, but I completely understand the decision he has made,” Chu said.

Chu made a point of defending the agency’s loan guarantee operation, saying, “Under his [Silver’s] leadership, the loan program has demonstrated considerable success, with a broad portfolio of investments that will help American companies compete in the global clean energy market.”

Under Silver’s leadership, the program grew to be the largest project finance effort in the United States. He headed both a $35.9 billion dollar investment program in alternative energy and a $20 billion investment program in advanced automotive technology.

The House Energy and Commerce Oversight Subcommittee is investigating a range of issues surrounding the federal government’s loan guarantee to Solyndra, including the fact that DOE officials learned the company was violating its loan deal and subsequently changed the loan terms so that it could continue receiving taxpayer funds.