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Our next guest says secretary -- who broke the law.
Joining us now a member of the house committee that -- -- today congressman Joseph Barton Republican of Texas congressman.
The it's rather uninteresting that he said he regretted.
What happened to -- -- I -- but not to the taxpayer.
I -- I wonder that was just and an oversight on his.
-- I I share your comment and concern.
Because I was sitting right next chairman -- and when that comment was made in my thought was what about the taxpayer it's a half a billion dollars.
They subordinated the loan to the private sector so that the likelihood of getting any of that money back unfortunately is very slim indeed.
But what did the secretary say when he was asked why he would subordinate the taxpayers' money.
Two private interest.
Well it's pretty convoluted that.
First of all they made the decision to subordinate the loan before.
They checked on the legality of it yeah.
They spent the next two months they decided in December of 2000.
To do subordination because the company was threatening bankruptcy.
If they didn't.
And in the next two months trying to cover their tracks legal this thickly.
And finally came up with a very convoluted.
Legal analysis -- Citi if you change the loan.
Then you can subordinated well if that's literally -- everybody gets a loan from the government our loan guarantee would immediately petition.
They haven't changed so it the taxpayer when they first.
First in -- well maybe you can straighten me out on something the automobile.
Dismissed the bond holders all the gather.
And and remove them.
From the from the chain.
In in this instances they honor.
The bond holdings and dismissed the taxpayer.
Which is the -- of this administration which is lawful.
You'll have to ask them that that's a very good our question -- may very well -- doing so I assure you congressman Ford you go next to this investigation.
Well we weeks we had -- testimony from sector retreat today.
We'll continue on -- still.
A lot of officials in Office of Management and Budget.
I think some of the officials.
In the White House in some -- recently retired from the White House.
I need to be interviewed.
There's -- yes much yet to be done and we also have a lot of existing loans.
That the secretary was very.
Non forthcoming on about their status so far to the three -- granted.
In this solar energy sector have gone bankrupt that's a pretty poor track record it's.
All right congressman always good to talk -- -- thanks for being with us congressman Joseph -- --
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