Fox Distorts Energy Secretary's Words In New Solyndra AttackOctober 2, 2013 1:08 PM EDT ››› MAX GREENBERG
Fox News misleadingly suggested that Energy Secretary Ernest Moniz declared bankrupt solar company Solyndra a "success" in recent remarks. In fact, he was praising the broader clean energy loan program that supported it, noting that its loan recipients, such as Tesla Motors, are mostly still in business.
The new attack came after Moniz defended the Department of Energy's (DOE) green loan initiative in an interview with C-SPAN. He explained that despite the hype surrounding Solyndra, the portfolio has been a "terrific success," as evidenced by the fact that losses represent only a little over 2 percent of the $34.4 billion in loan guarantees, and under 10 percent of the reserve fund that Congress set aside to cover any defaults, knowing that not every company would succeed. Indeed, according to a Bloomberg Government analysis, the amount set aside by Congress for defaults will be more than enough even if every high-risk project fails. This is indicative of the caution that undergirded the program, which mostly apportioned funds to inherently low-risk power generation projects.
But Wednesday's edition of Fox & Friends suggested that Moniz was championing one of the program's rare failures, running a clip from Moniz's interview with a chyron reading "CELEBRATING SOLYNDRA. Energy Official: Failed Solar Co. A 'Success.'"
Watch what Moniz said and how Fox News reported it:
Fox has repeatedly seized on individual companies' troubles to declare the entire solar industry either on the "brink of collapse" or "tanking our economy." Media at-large have not been much better, relentlessly promoting Solyndra as the face of the green loan program and, at times, of clean energy itself, even as they ignored other, more promising developments. However, contrary to this narrative, clean energy sources including solar, are on the rise: