Clean energy loan program head leaving Obama admin

[Valin]

AP/Townhall:

10/6/11

The head of the Energy Department's embattled clean energy loan program is leaving in what officials called a planned departure.

Jonathan Silver, who has headed the loan program since November 2009, is leaving to join a nonpartisan think tank.

Energy Secretary Steven Chu said in a statement that Silver informed him in July he was leaving. A key section of the loan program expired on Friday. The program has come under fire from Republicans after a California solar energy company collapsed despite receiving a $528 million federal loan.

(Snip)

What a coincidence!

[RandyM]

Is going to a think tank the same as being sent to sit in the corner in time out?

[clearvision]

In this case, too much is being made of it. The program is over, he said (I think on the record in July) he was leaving after September.

[SrWoodchuck]

Still......keep his new address handy for any prosecution of fraud in government.

[WestVirginiaRebel]

Fox News:

The director of the controversial loan program that cleared the way for a $535 million taxpayer guarantee to bankrupt solar firm Solyndra is stepping down, the Energy Department confirmed Thursday.

Jonathan Silver, head of the Loan Programs Office, plans to join the organization Third Way as a "distinguished visiting fellow." The career change comes in the middle of heavy scrutiny from Congress over the department's handling of the Solyndra agreement. Documents that have emerged over the past month show officials were warned about potential problems with the company as it sought government help.

But President Obama on Thursday defended the Energy Department's vetting. And Energy Secretary Steven Chu said in a statement that Silver's departure was expected.

Chu said Silver told him in July that he planned to return to the private sector soon after Sept. 30, when the loan program expired.

"Since he joined the Department in November 2009, Jonathan assembled and managed a truly outstanding team that has transformed the program into the world leader in financing innovative clean energy projects. Under his 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," Chu said. "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."

Silver joined the department in November 2009, two months after the Solyndra loan guarantee was finalized. Solyndra, which later went bankrupt and is now under multiple investigations, ended up being lent $528 million in taxpayer money.

But defending the program, Obama said Thursday that lending by nature is inherently risky. At a wide ranging news conference, Obama said his administration knew that some companies participating in the loan guarantee program started under the Bush administration would fail.

"There were going to be some companies that did not work out; Solyndra was one of them," he said. "But the process by which the decision was made was on the merits, it was straightforward."
________

In other words, it was honest corruption...