Skip to comments."Son-Power" Helps SunPower Get $1.2 billion loan from Feds
Posted on 10/11/2011 7:32:33 AM PDT by LewPuller
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 projectthree 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 companys fortunes.
(Excerpt) Read more at humanevents.com ...
Is there a single congressman who doesn’t have a wife, husband, child, brother, or sister who is a lobbyist?
I sincerely doubt it.
Another huge loan to a failing solar company with ties to dems. This is going to be a recurring story in the next few months.
It’s a proven path to wealth and success. Kudos to those smart enough to pull it off.
First the lobbyists. THEN the lawyers.
I think of them like the Wall Street banksters. They’ve figured out the game and play it very well. Nothing wrong with that.