Government was invented so f*#k-ups like this would have a place to practice their craft during their brief excursions outside academia. Their slapstick incompetence might actually be funny if they weren’t playing with our money:
Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency.
Chu spokesman Damien LaVera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.”
Hypothetical scenario: In the real world, what would happen to a bank executive who approved more credit for a customer who had already defaulted on a half billion, with “it will put them in a better position to repay the orignal defaulted amount” as rationale for a new loan?
I can imagine the conversation that took place:
Solyndra: Can we borrow more money?
Chu: But you just defaulted on the $535 million.
Solyndra: Yeah, and if you loan us another $535 million we’ll be able to pay it back!
Chu: Now you’re makin’ sense!
