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Words of Wisdom

"Time is what we want most, but what we use the worst."
~William Penn

Tuesday, October 11, 2011

SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama

Another 1.2 Billion Dollars down the drain...

As the majority of the country struggles with life on a day-to-day basis, this crony capitalism runs rampant.  Why isn't this a major news story today??  Because everyone's too focused on the "protesters" occupying space and taking up good air.  These billions of dollars are being thrown around like Monopoly money, going to those that have no business being IN business.  Yes, I agree that new forms of energy need to be researched, but this form of "renewable" has proven to be a black hole of American dollars.  This has got to stop, it needs to be investigated and those found guilty be subject to the proper punishment.  AND, the company announced that their new factory would be built in Mexico, and their loan was approved in hours.... and most folks can't even get an approval for a small business loan in months.  Sad, very sad.

I've posted the entry to the story, courtesy of Neil W. McCabe and Human Events.  Read the entire story and you'll be putting off your own "Renewable Energy"... I assure you. ~Jeff/TOR

SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama
 Congressman's son lobbied for failing solar panel company 
 by  Neil W. McCabe

How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.

The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization.  If SunPower was a bank, the feds would shut it down.  Instead, it received a lifeline twice the size of the money sent down the Solyndra drain.

Two men with insight into the process are SunPower rooter Rep. George R. Miller III, (D.-Calif.), the senior Democrat on the House Education and Workforce Committee and the co-chairman of the Democratic Steering and Policy Committee, and his SunPower lobbyist son, George Miller IV.

Miller the Elder is a strong advocate for SunPower, which converted an old Richmond, Calif., Ford plant in his district to a panel-manufacturing facility.

The congressman hosted an Oct. 14, 2010, tour of the plant with company CEO Thomas H. Werner and Interior Secretary Kenneth L. Salazar to promote the company’s fortunes.   ...Read the entire story HERE.

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