Skip to comments.The Spreading Green Jobs Scam
Posted on 09/16/2011 5:01:41 PM PDT by Kaslin
Boondoggles: With a minimum of five green firms going bankrupt, taxpayers find themselves on the hook for at least one possibly illegal loan while paying ghastly sums for each green job created. We've been sunburned.
As solar panel manufacturer Solyndra was sliding into a long-predicted bankruptcy, Energy Department officials began negotiations with the company and two of its main investors about restructuring its $535 million loan to keep afloat the business that was supposed to be a good investment.
Under the restructuring agreement, Solyndra's private investors were moved to the front of the line and taxpayers were put on the hook for at least the first $75 million if the company should default. Subordinating taxpayers to private investors in recovering loan money is an "apparent violation of the law," according to Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee.
During hearings last week, Rep. Steve Scalise, R-La., and other Republicans noted that the Energy Policy Act of 2005 says obligations, or loan guarantees, shall not be subordinated to other financing.
In other words, taxpayers get first dibs on any money recovered and private investors take a number.
Why was the Solyndra loan restructured in this way? Was it because a major donation bundler for President Obama's 2008 campaign was also a principal investor in Solyndra? Is that why the administration ignored repeated warning's of Solyndra's insolvency?
(Excerpt) Read more at investors.com ...
What about the political donations given to politicians immediately prior to filing for bankruptcy ( $118,000 known)?
Can’t that money be recouped so as to diminish the financial loss ?
Just one more criminal act and we hear once again “this could be the one to bring this house down” yet thier still in business and no one wants to take him and them to task. NO ONE WANTS TO TELL THE EMPEROR HE HAS NO CLOTHES he’s a fake a phoney and a fraud and should be put behind bars along with his crew. The color barrier has them frozen in fear
PV solar power makes no sense in situations where the power grid can be accessed. ...big waste—another welfare scam for the suburbs.
The Detroit News is reporting that an Auburn Hills, MI company that makes solar panels is about to be de-listed from NASDAQ. They have a grace period but their stock has been under $1 for a while now.
I wonder how much taxpayer money they'll get?
Auburn Hills solar company posts $70.8M loss
The company does 70 percent of its business in Europe, especially France and Italy, where sales dropped off after severe cuts to renewable energy subsidies.
“Lower-cost competition coming in from Asia is pushing margins down for everyone and pushing margins into the negatives for some of the higher-cost manufacturers in the U.S. and Europe,” said Brett Prior, senior analyst at GTM Research in Boston.
Asian competitors especially China have several advantages over U.S.-based manufacturers, Prior said. These include lower costs for labor, electricity and raw materials, which are usually already made in China, the availability of low-interest loans from the Chinese government and looser environmental regulations
Countdown until Zer0 leaves Office: 490 days as of September 17, 2011.
Hey this is just normal Chicago politics. Community organization at its best. I just hope that the jackasses who voted for this clown realize what they have done. It will take a long time to heal this country after this guy leaves.
Most Emporers don't care if they have any clothes, as long as they get to be Emporer...
I think their feeling is more along the lines of “If we report on this story we will wind up with President Palin / Perry / Bachmann / Cain / etc...”
The MSM are tremendous liberals - they won’t do anything to hurt the cause.
Prison time for all the power-hungry, self-serving, corrupt politicians in DC, in this Administration all the way to the top, and at every level of government in this country.
Clean the sewers for future generations.
"ROCHESTER HILLS, Mich., Jan. 21 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, today announced that its affiliate United Solar Ovonic LLC has received stimulus support from the Department of Energy and the Department of Treasury. The company was notified late last week that its application for a Manufacturing Investment Tax Credit was approved. The $13.275 million credit will support United Solar Ovonic's plan to invest $42 million in its Auburn Hills 1 facility to upgrade equipment used in its commercial solar deposition process."