More Obama Boondoggle: A 3rd Failed Solar Company

I posted yesterday on the company, Solar Reserve.
http://fellowshipofminds.wordpress.com/2011/10/11/whats-the-definition-of-insanity-oh-yea-read-below-as-the-idiots-are-doubling-down-after-solandra/
Now, in addition to Solyndra and Solar Reserve, there is yet another failed solar panel company into which Obama had poured millions of taxpayer dollars. Does 3 strikes and you’re out count anymore?
——————————– ~Steve~————————————
From Human Events
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.
“The path to a clean energy economy starts here, in places like SunPower’s research and development facility,” said Salazar during the tour.
Rest of story HERE!!

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0 responses to “More Obama Boondoggle: A 3rd Failed Solar Company

  1. Dear Grouchy:
    I have no idea! We on the FOTM don’t administer/control subscriptions, It’s all WordPress’ doing. For that matter, I can’t even un-subscribe an obnoxious troll who’s a subscriber. 🙁

     
  2. Don’t you ever, ever change!
    If you continue to have problems with subscription to the blog or to reply comments, just re-subscribe. 🙂

     
  3. Thank you, GF, for that enormous compliment.
    Oh, would that I were even an infinitesimal fraction of those wondrous angelic creatures…..

     
  4. We have got to run these clowns off.
    This is insane.
    -Dave

     

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