On the recordFebruary 7, 2012
It's an interesting thing: there are programs around here that are completely out of control, and one is the Department of Energy's Loan Guarantee Program that our Energy and Commerce Committee has been investigating for the past year. I'll tell you, I was thinking about an old country song when we were talking about this program today, which is: when you're in a hole, stop digging. That is certainly what applies to the Department of Energy's Loan Guarantee Program, and that is what DOE needs to do. We are seeking information to figure out exactly what has happened with taxpayer money. Now, everybody has heard about Solyndra. We all know how that has run off the rails. It went bankrupt; it wasted taxpayer money. Now we have Fisker, which is a company that received Federal loan guarantees. Right now, it's trying to renegotiate the terms of its initial loan. Guess what, now we find out that they're laying off employees--20 employees and 40 contractors. Yet, again, another Department of Energy Loan Guarantee Program, under the watch of Secretary Chu, is having difficulty, and Federal taxpayer money is being wasted. ____________________
