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Despite the widespread defaults of recent years, the firm had only one mortgage sourced from PCG miss a payment and not a single loan to an investment banking client was delinquent.
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In his remarks Wednesday morning, Chu said that when he arrived in Washington he was surprised to find out that the energy department had not issued a single loan guarantee for two years.
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So by definition, every single government loan guarantee in this program is to a company or a technology that the free market, knowledgeable investors, and industry insiders have rejected as a bad investment.
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