Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems

Jackson

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Politics
Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems

With the Solyndra scandal still swirling, the Obama administration is under pressure to reveal the financial condition of the solar companies that received $4.75 billion in similar federal loan guarantees on the last day of the program.

Republican lawmakers on two House committees are seeking details about the loans given to First Solar, SunPower Corp. and ProLogis. Of those three companies, troubling financial revelations have emerged about SunPower, which received a $1.2 billion loan, more than twice the money approved for Solyndra, which filed for bankruptcy last month after receiving a $528 million loan.
Solar Firm That Received $1.2 Billion Federal Loan Plagued By Financial Problems | Fox News

$6 BILLION MORE ON THE LAST DAY OF LOAN GUARANTEES!!

What is going on? They have financial problems too. Just shaking my head... :(
 

Trajan

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is this the one who is creating 15 American jobs and 400 jobs in......Mexicali?
 

ScienceRocks

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It is clear that solar within the United states HAS FAILED. Any more loans being made by our government should be looked in to by congress and if a "crime" has been caused then who ever that has caused it needs to be made to step down.

Obama is just blowing money up a rat hole now...
 

waltky

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Moot point now...
:redface:
Solyndra CEO resigns
Oct. 13, 2011 -- Brian Harrison, chief executive officer for solar energy firm Solyndra has resigned, court papers filed in Delaware said.
In bankruptcy court amid controversy over the $535 million in government loan guarantees that failed to keep the company solvent, official filings say Harrison resigned last week, CNNMoney reported Thursday. The company has asked the court's permission to replace Harrison with R. Todd Nielson, who would serve as a chief restructuring officer. "The CRO will assist the debtors in their ongoing efforts to sell estate assets, winding down the debtors' operations following such sale or sales, and otherwise managing the cases," court filings say.

Solyndra filed for bankruptcy in August, putting the Obama administration on the defensive, with critics asserting the loan guarantees appear to have been misguided and even reckless. At a congressional hearing in September, Harrison and Solyndra executive W.G. Stover testified they had done nothing wrong. However, they also used the Fifth Amendment to avoid answering several questions.

For a bankruptcy case, a CEO stepping aside is business as usual, said Jason Kilborn, a scholar at the American Bankruptcy Institute. "It's the rare Chapter 11 reorganization where the CEO or whoever was really in charge of the show doesn't step down or isn't removed," Kilborn told CNNMoney.

Read more: Solyndra CEO resigns - UPI.com
 

ShaklesOfBigGov

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It is clear that solar within the United states HAS FAILED. Any more loans being made by our government should be looked in to by congress and if a "crime" has been caused then who ever that has caused it needs to be made to step down.

Obama is just blowing money up a rat hole now...

Obama was very quick to establish a moritorium with the gulf oil spill, putting a freeze on any more production before an investigation could be completed. Where was the investigation into Solyndra before more government money was wasted away? Obama didn't care about what happened in the gulf, if he did he wouldn't have sat on his ass and refused assistance from other nations with a desire to help (who gives a crap if they weren't "union" workers). This hypocracy between clean energy and oil is soley based on ideology. Looking at the the cost behind these investments, as well as the government creation of the expensive Chevy Volt during a economic recession, shows why government has no place in creating jobs. It's about time we as a nation push Congress to cut up the Democrats "credit card".
 
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Claudette

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These idiots do not care that they are wasting billions of our hard earned dollars.

I heard this story earlier this week and was flabbergasted. Chue, the head of DOE just threw the money out the door because the deadline was approaching.

Saw a show on solar the other day. These guys are doing well in the private sector and don't need taxpayer dollars for anything.

This is what happens when an ideolouge cares more about his bs green agenda than he does about wasting money.

Chu is another idiot trying to shove his bs agenda down our throats.
 

editec

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Wonder which of FOX's shady friends is selling SunPower short?
 

waltky

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Good idea...
:clap2:
Obama administration announces desert 'solar energy zones'
October 28, 2011 - Meant to encourage development in areas without environmental or cultural conflicts
The Obama administration on Thursday unveiled its road map for solar energy development, directing large-scale industrial projects to 285,000 acres of desert land in the western U.S. while opening 20 million acres of the Mojave for new development. The Bureau of Land Management's long-awaited "solar energy zones" are intended to make some of the desert's most sensitive landscapes less desirable for solar prospecting by identifying "sweet spots" that have already passed environmental requirements and therefore promise expedited permitting, U.S. Interior Secretary Ken Salazar said. "These 445 square miles of zones are … where development will be driven," Salazar said on a conference call with reporters.

The 17 solar energy zones in six western states — including two extensive areas in California — were identified by their absence of major environmental or cultural conflicts. But nothing prevents a developer from requesting permission to build on federal land outside the preferred areas. The policy, which is expected to be finalized sometime next year, would not apply to the 13 solar projects already under construction across the West, nor the 79 pending applications that would occupy 685,000 acres of public land. There are 20 utility-scale solar applications awaiting approval in California.

Industry and environmental groups have eagerly anticipated release of the plan, with both sides saying much is at stake. Solar developers need to site projects ahead of deadlines for billions of dollars in federal and state subsides. Conservation groups contend that the desert — home to scores of endangered plants and animals — is not capable of absorbing industrial-scale change. The solar industry, which had a hand in crafting the proposed regulations, applauded the additional clarity they provide but bridled at the zone approach.

"While we are still reviewing all of the details in this proposal, there are some significant areas of concern," said Rhone Resch, president of the Solar Energy Industry Assn. "Siting flexibility and access to transmission are key to the financing and development of utility-scale solar power plants. Both aspects must be reflected in the final" plan. And the Bureau of Land Management's failure to make vast swaths of the desert off-limits to development irked some environmentalists. The bureau "never will close the door on anything; that's the only thing that has been consistent in this whole process," said Janine Blaeloch, director of the Western Lands Project. "They won't put their foot down."

MORE
 

paulitician

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Horrifying scams for sure. It's corrupt cronyism at its worst. Americans should be protesting this stuff. This Administration needs to be held accountable for this. Heads need to roll.
 
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and to think of all the student loans barry could of paid off with all of the billions he has flushed down the toilet, and now he wants to help them refinance? are these college graduates aware of any of this?
 

paulitician

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It amazes me how so many can ignore these awful crimes. You want something to protest? Well here it is.
 

Mr.Nick

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Politics
Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems

With the Solyndra scandal still swirling, the Obama administration is under pressure to reveal the financial condition of the solar companies that received $4.75 billion in similar federal loan guarantees on the last day of the program.

Republican lawmakers on two House committees are seeking details about the loans given to First Solar, SunPower Corp. and ProLogis. Of those three companies, troubling financial revelations have emerged about SunPower, which received a $1.2 billion loan, more than twice the money approved for Solyndra, which filed for bankruptcy last month after receiving a $528 million loan.
Solar Firm That Received $1.2 Billion Federal Loan Plagued By Financial Problems | Fox News

$6 BILLION MORE ON THE LAST DAY OF LOAN GUARANTEES!!

What is going on? They have financial problems too. Just shaking my head... :(
Socialists have a knack with brainwashing people....

It's called desensitizing the public....

This is why we have 3rd grade lesbians and 2nd grade transsexuals...

The objective is internal conflict...
 

Avorysuds

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I'm wondering how they get these loans... Do they come up with 200 million + down or did Obama really just hand them the money.
 
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westwall

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Yeah, screw solar. Let the Chinese beat us at that too...that's the American way! :rolleyes:



I agree. Let the damn Chinese spend the money figuring it out. Then we can reverse engineer it and make it dirt cheap (because we havn't invested billions in research) like they allways do to us.

SOUNDS LIKE A GREAT IDEA!
 

ShaklesOfBigGov

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Yeah, screw solar. Let the Chinese beat us at that too...that's the American way! :rolleyes:



I agree. Let the damn Chinese spend the money figuring it out. Then we can reverse engineer it and make it dirt cheap (because we havn't invested billions in research) like they allways do to us.

SOUNDS LIKE A GREAT IDEA!


Look at all the money TAXPAYERS already wasted with companies like Solyndra. Did Henry Ford and Thomas Edison somehow miss their opportunity from the Federal Government? Was it investment through Government or private enterprise that made innovation successful?


The Ford Model T was introduced in 1908. The first mass-produced, affordable motor vehicle of its time, the car was a marvel compared to its predecessors; it was reliable, easy to maintain and could cope with the poor roads of the time. Best of all, it was cheap. The car sold for as little as $260 (about four months wages for a manual labourer), while competing cars cost up to $3,000. The combination of these two fac- tors propelled the Model T — and Ford Motors — to fame and success.
http://www.fiasys.com/The Model T of investment analytics.pdf
 
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Neotrotsky

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Yoiur Handy Dandy EnergyGate Cheat Sheet #solyndra

Doug Ross


Statism is a wonderful thing .......
at least for some

Don't think of is as crony capitalism, they are "global warming sympathizers "


• James Johnson, erstwhile Fannie Mae chairman during the height of its subprime lending, was a bundler for Obama in 2008 and is listed as raising as much as $500,000 for the 2012 race
• Johnson also heads Washington-based Perseus Group
• Johnson's Perseus investments include the Vehicle Production Group, which received $50 million in "clean energy" loans

• Patrick Murphy, a confidant of Harry Reid, was paid at least $290,000 by "clean energy" company SunPower
• Murphy wasn't the only beneficiary; SunPower's political action committee also gave more than $16K to Democrat Congressional candidates in 2010
• The son of Rep. George Miller (D-CA) is SunPower's top lobbyist and Miller visited SunPower last October with Interior Secretary Ken Salazar
• Miller and Murphy appear to have helped SunPower get $1.2 billion in loan guarantees from the DOE

• Harry Reid, according to The New York Times, "was instrumental in securing" DOE financing for "clean energy projects on government-owned land"
• Reid, in particular, helped secure $145 million for a company called "Nevada Geothermal Power"
• Reid has not publicly commented on a recent audit by Deloitte & Touche that expressed doubt that the company would survive
• Reid also hasn't called for investigations of where the taxpayers' money went; he's apparently too busy

• Anthony Podesta raised over $350,000 for Democratic campaign committees this year
• Podesta's lobbying company has received roughly $670,000 in the last two years lobbying on behalf of a "green energy company" called SolarReserve
• Podesta's lobbying apparently helped get SolarReserve a $737 million DOE loan last week

• Ronald Pelosi is the brother-in-law of former House Speaker Nancy Pelosi
• Pelosi is an executive with Pacific Corporate Group, a private equity group
• Pelosi's firm invested in SolarReserve
• Pelosi's firm benefited directly when the DOE approved a $737 million loan last week

• Billionaire George Kaiser raised at least $50,000 for Barack Obama's 2008 presidential campaign.
• Kaiser's company, Solyndra, received a $535 million loan guarantee from DOE.
• Kaiser's company received the loan before DOE received final copies of outside reviews of the deal.
• Kaiser is also listed as a board adviser with SolarReserve, the Pelosi-linked firm that received a a $737 million DOE loan last week

• Steven Spinner raised $500,000 for Barack Obama's 2008 presidential campaign.
• Spinner then became one of Energy Secretary Steven Chu's key loan advisers.
• Spinner later wrote that he "helped oversee the more than $100 billion" in loans and guarantees.
• Spinner executed 29 stock trades in energy companeis while serving as a DOE adviser
• Spinner held shares in at least four companies that received DOE loans
• Spinner's wife's law firm collected around $2.5 million while representing Solyndra
• Spinner's wife's law firm also represented two other companies that received $34 million from DOE

• Steve Westly raised $500,000 for Barack Obama's 2008 presidential campaign.
• Westly then became one of Energy Secretary Steven Chu's key advisers.
• Westly was an investor in five firms that received half a billion dollars in energy grants and loans from DOE.

• John V. Roos raised $500,000 for Barack Obama's 2008 presidential campaign.
• Roos' law firm (the same firm Spinner's wife worked for) collected "millions" from DOE-funded companies.
 
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