Top U.S. Treasury Official Testifies Before Congress: Never In 28 Years Seen a Loan Deal Like SolyndraA top U.S. Treasury official has testified that never before in his 28 years at the department had a loan guarantee been restructured so that private investors could leapfrog over taxpayers to be repaid in a bankruptcy situation. At least, not before bankrupt solar panel manufacturer Solyndra.
Gary Bruner, who said he had been at the Treasury Department for 28 years, including five in his current position as the chief financial officer at the department's Federal Financing Bank, made the revelation under questioning from Rep. Cliff Stearns, R-Fla., chairman of the House Energy and Commerce committee's oversight panel.
The committee is holding a hearing on the Treasury Department's involvement (or lack thereof) in restructuring of the $535 million loan guarantee made to Solyndra to put private investors in front of the line -- a crucial decision that meant taxpayers would have to absorb the brunt of Solyndra's losses when it defaulted.
You can see video of his testimony below.
I wonder if the MSM would be trying to bury this if Solyndra was named "Halliburton" instead.
