Solyndra continued to receive government money after it defaulted.

Mickey Kaus

The 2016 Chu GT–Car of Your Dreams! Edward Niedermeyer of Truth About Cars tries to make sense of President Obama’s reported claim that

“[Energy] Secretary [Steven] Chu has assured me that within five years, we can have a battery developed that will make a car with the equivalent of 130 miles per gallon.’”

What does “130 miles per gallon” even mean in a car that doesn’t use gallons at all?

When I saw that I wondered what the hell that meant. 130 miles per gallon in an electic car?

What????  Is that 130 miles per gallon "created or saved"???? 


Via the Washington Post: 

In late autumn of 2010, company executives confided to the Energy Department that they were running out of cash and could not make a required payment to a cash-reserve account. The company was supposed to begin making the first of $5 million payments to create a $30 million cash reserve on Dec. 1.

Solyndra officially defaulted on its loan that day. Chu approved a softening of the loan requirements so that the company could continue receiving loan installments.

“Ultimately, the choice was between imminent liquidation or giving the company and its workers a fighting chance to succeed,” LaVera said in the statement, first reported by Politico.

File under "how fast can you shovel taxpayer dollars out the door and into the pockets of your contributors."