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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    Oct 25, 2001
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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.

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

    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

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    Feb 10, 2008
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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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