Energy Secretary Admits He Bit Off More Than Taxpayers Could Chu

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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!