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Energy Secretary Chu says White House did not pressure him on loan to failed solar firm
WASHINGTON (AP) ' Energy Secretary Steven Chu says no one from the White House ever contacted him to take action on a half-billion-dollar loan to a California solar company that later went bankrupt.
Chu tells a House committee under oath that he made all decisions involving the company known as Solyndra ' and says he made those judgments with the best interests of the taxpayer in mind.
Chu also says he wasn't aware of his staff's predictions in 2009 that Solyndra was likely to face severe cash-flow problems. He says market changes that led to a steep decline in the price of solar panels was, in his words, "totally unexpected."
Chu also says he doesn't think taxpayers will recover much of the $528 million loan made to Solyndra under the 2009 economic stimulus law.