Thursday, 28 July 2016
Last updated 45 min ago
Oct 7 2011 | 10:38am ET
Tiger Management veteran Jonathan Silver has resigned as head of a federal loan program that finds itself in hot water over a $535 million guarantee to bankrupt solar power company Solyndra.
Silver's exit was not directly related to the Solyndra matter, which Republicans have seized on to attack President Barack Obama. According to Energy Sec. Steven Chu, Silver had decided in July to leave the program at the end of last month.
Silver did not approve the loan to Solyndra, which came prior to his tenure. But he oversaw the guarantee as Solyndra slid towards bankruptcy, filing for it last month.
"Jonathan assembled and managed a truly outstanding team that has transformed the program into the world leader in financing innovative clean-energy projects," Chu said.
Silver worked at Tiger, serving on its committee, in the early 1990s, before joining the administration of President Bill Clinton.