Another, More Expensive Solyndra-Type Taxpayer soaking

Discussion in 'News / Current Events' started by Bro. Curtis, Oct 19, 2011.

  1. Bro. Curtis

    Bro. Curtis
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    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.
    ...


    http://www.humanevents.com/article.php?id=46761


    Someone in the White House is altering this company's press releases...

    http://www.cnbc.com/id/44963294

    The changes occurred in two press releases from the Department of Energy's loan guarantee program — the same program that has been the center of controversy surrounding the failed solar company Solyndra.
    Both were changed to remove the name of a company that has received negative press attention in recent days, SunPower, and replace it with the name of another company, NRG Energy [NRG 20.89 [​IMG] -0.14 (-0.67%) [​IMG]] .
    Generally, it is not considered correct procedure to revise old press releases retroactively on the Web. More commonly, government agencies will issue a new press release with a current date explaining any changes that have occurred.
    In the April case, the Department of Energy loan programs office announced in a press release on April 12 "conditional commitment" to a $1.187 billion loan guarantee to support the California Valley Solar Ranch project, which it said was "sponsored by SunPower Corporation." ...
     
  2. targus

    targus
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    It seems like every decision that the democrats make is based on how many of our tax dollars they can hand out to their friends who will kick back a political contribution.

    Where's the vomit icon?
     

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