Posted on 11/15/2005 7:41:48 AM PST by NormsRevenge
GOV. ARNOLD Schwarzenegger is making a high-profile trade trip to China this week. It's supposed to benefit you and me by opening up Chinese markets for California goods. But the guest list is a dead giveaway: Of the 80 businessmen, government officials and others accompanying the governor, about two dozen are big-bucks Schwarzenegger supporters who have together contributed more than $2.5 million to his campaign committees.
For many of these Schwarzenegger donors, this China junket is more likely to help their own companies than California. And in some cases, that might actually do the rest of us harm.
Consider venture capitalist Tim Draper, one of the businessmen onboard with the governor. He and his family have contributed over a quarter of a million dollars to Schwarzenegger-controlled campaign committees. What business does a venture capitalist like Draper have in China? It makes sense that he would be looking to move money into that market.
But the governor's trade trip is supposed to bring money home, not send it abroad. Draper and his firm, Draper Fisher Jurvetson, may benefit from sending capital to China, but if California ventures lose capital to Chinese companies, what's good for Draper et al could be bad for us at home.
Draper isn't the only money guy on the trip. Others traveling under the state seal and with an incentive to export their dollars are venture capitalists F. Warren Hellman ($50,000 contributor to Schwarzenegger) and William Edwards ($21,200), along with the California Bankers Assn. ($25,000) and Paul Wachter (of Main Street Advisors, which handles Schwarzenegger's personal investments in a blind trust).
(Excerpt) Read more at latimes.com ...
Too bad we don't have an honest junket-leader, like Grey Davis or bill clinton. Then the LAT would have nothing to complain about.
When infobabes try reporting on economics we all lose. Sure, send poor people to China. They would enjoy the Special Olympics. It doesn't take money to make deals. (sarc) Whoever started this follow the money formula didn't reveal that by itself it is not a story, and it is not a complete or competent analysis. Hallibuttin, Allahburtin, etc. (sarc)
Unfortunately, in Arnold's case, when you do follow the money (and his ideological mentors), what you find is a money trail strongly indicating political corruption.
Quick edit for a truer statement:
Unfortunately, in Bill Clinton's case, when you do follow the money (and his ideological mentors), what you find is a money trail strongly indicating political corruption.
I'm not an Arnold-bot, but at least the Governator hasn't given a pardon to the likes of a Marc Rich.
Schwarzenegger urges world to depend less on oil
Governor suggests China invest in California's clean technology
San Francisco Chronicle, November 15, 2005
(snip)SunPower raises IPO price to $16-$18 per shareSchwarzenegger, on the second day of his trade mission to China, praised the Chinese for their progress toward greater energy efficiency and suggested they increase their trade relationships with California businesses that specialize in clean technologies.
The governor pulled a tiny silicon chip from his pocket, saying it was developed in Silicon Valley and manufactured in China.
"This is the most efficient solar chip in the world ... a symbol of unlimited potential that we can realize," the governor said of the chip, produced by SunPower Corp. of Sunnyvale.
WASHINGTON, Nov 15 (Reuters) - Solar power equipment maker SunPower Corp. on Tuesday raised the expected price of its planned initial public offering to between $16 and $18 per share from a previous range of $12 to $14.Before you think about investing, hold on to your wallet. According to the SEC filings, this is a company that had revenues of only $10 million in 2004, has never turned a profit, and has a cumulative deficit through Sept 2005 of $58 million. It relies on subsidies from governments of Germany, Japan, and California. 80% of its revenues come from only 4 customers.The Sunnyvale, California-based company still intends to sell 7.7 million shares in the offering, according to an amended prospectus filed with the U.S. Securities and Exchange Commission.
They have only one solar cell production line in operation, located in the Philippines. Their assembly functions are conducted by third-party subcontractors in China. It's 5 year lease with the Irvine company for a plant in Sunnyvale ran out in May 2005. It has subsidiaries in the Cayman Islands and Switzerland.
I wonder if they will be involved in Arnold's "Million Solar Roofs" program, as well.
Given his ties to organized gambling, I wouldn't go that far.
The Governator is trying to make California solvent again....through legal DVD sales.
The price is actually less than a dollar.
If Schwarzenegger could ever, God forbid, bring himself to pull out his Bic pen and sign the veto line on a proposed budget it would send out a huge message.
Insinuation of criminality without proof is sleazy.
Accusations of sleaze when the information is so common is lazy.
Two million ain't chump change, sweetheart. At the very time Arnold was claiming not to be taking "special interest" money, he was raking in the dough from the Maloofs. When confronted about his collections from Wall Street (who later cost California a totally unnecessary $250 million in lost revenues and fees on Arnold's bond measures), he said that "special interests" consisted of Indian tribes and prison guards.
Arnold belongs to the same crowd as funded Davis. That's why NOTHING has changed.
How to double-the-plug, double-the-profit:
SunPower IPO Jumps 55%
Company with an efficient solar cell gets a warm welcome on the Nasdaq.
November 17, 2005
Two days after getting a widely reported plug from California Governor Arnold Schwarzenegger, SunPower’s stock jumped 55 percent after going public at $18 per share.Governator to China: Go GreenThe shares rose $8.18 to $26.18 in recent trading. Earlier, they touched $28.01—-55 percent above the offering price.
SunPower got a timely boost from Governor Schwarzenegger on Tuesday, when the movie star-turned-politician praised its solar chip during a trade mission to China (see Governator to China: Go Green). The same day, SunPower raised its price expectation for the upcoming IPO by $4 to a range of between $16 and $18 per share from the previously expected range of $12 to $14 per share.
In a promotional coup for clean energy companies, California Governor Arnold Schwarzenegger began his trade mission in China Tuesday by touting the need for more solar power, fuel-cell vehicles, and energy efficiency.The governor specifically praised a solar chip from SunPower, a solar company in Sunnyvale, California. “This is the future, ladies and gentleman,” he said.
The chip, designed in California and manufactured in China, is “an amazing China-California success story” that represents the future, Mr. Schwarzenegger said.
SunPower claims its solar cells are between 20 percent and 21.5 percent efficient, meaning it converts about a fifth of the captured sun’s energy to power. Mr. Schwarzenegger said that makes them 50 percent more efficient than the average cell.
(snip)
Mr. Schwarzenegger’s plug could give SunPower a timely boost. SunPower filed for the IPO in August and is expected to go public on Friday.
On Tuesday, SunPower raised its price expectation for the upcoming IPO by $4 to a range of between $16 and $18 per share from the previously expected range of $12 to $14 per share. SunPower, currently a Cypress Semiconductor subsidiary, plans to sell 7.7 million shares.
Ahem, and just where was my ping?
Ooops. Sorry!
Your forgiven. Don't let it happen again or I will sick Fair Opinion on you.
ouch! lol.
Or ten lashes with a wet noodle, whichever hurts the most.
Gee, I wonder if having your "Blind Trust" administrator , Paul Wachter, along on a "trade" mission will pay off down the road for the Gub in the re-elect donation coffer.
I'd be curious how many shares Wachter exercised thru buying or selling of yesterday and today and tomorrow, but Hey, that's just me. ;-)
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