Obama Defends Federal Loan Program that Backed $536-Million to Now-Bankrupt Solar Company | CNSnews.com: (CNSNews.com) – President Barack Obama defended the federal loan program that funded the now-bankrupt Solyndra solar panel company with $536 million – now under investigation by the FBI -- asserting that some loan investments do not pay off as well as hoped, but that the policy behind the loans is vital.
“We knew from the start that the loan guarantee program was going to involve risks,” Obama said during a White House news conference on Thursday. “If it was a risk-free project, then we wouldn’t have to worry about it. But the overall portfolio has been successful. It has helped companies, for example, start advanced battery manufacturing in the United States. It’s helped create jobs. There were going to be some companies that did not work out. Solyndra was one of them.”
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