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How Many More of These Corrupt Deals are out there?
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.
3 Answers
- 10 years agoFavorite Answer
This is an excellent question and one that should be on every TV news show every night.
We were promised some hogwash about "investing in green jobs," but we were all swindled. The obvious problems with these so called "investments" show massive incompetence by the present administration. It makes one wonder if he has any honest advisors.
It also should make us wary of any further "investments" proposed by this administration. (I'm thinking of the $447B "If you love me you've go to pass this bill" stimulus plan. The median estimates from a survey of 34 economists estimates this bill may create 275,000 jobs at a cost of $1.6M per job -- a rip off at half the price.)
We deserve a better media.
- SciLv 410 years ago
wow - this one is as scary as the Solyndra Solar kickback that Obama financed - well they got the loan guarantee because that's what Obama does - then he gets them to contribute to his campaign fund raising and we foot the bill after all, it's only our money.
- 10 years ago
this is yet another result of bad policies and goverment and remmember we the peapole only select these now its our trun
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