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More Failed Solyndra-Like Loans by Corrupt Obama Admin For Failing Companies - US Taxpayers Lose Additional $400 Million

[caption id=”attachment_2538” align=”alignright” width=”350”]More Solyndra-Like Loans by Corrupt Obama Admin For Failing Companies - US Taxpayers Lose Additional $400 Million More Solyndra-Like Loans by Corrupt Obama Admin For Failing Companies - US Taxpayers Lose Additional $400 Million[/caption]Thanks to Obama’s inability to do anything right, more companies that received huge green energy loan guarantees are going bankrupt.

The latest in Obama’s horrible record of failed loans to his friends and supporters was the huge loan to Abound Solar Inc, which is costing US Taxpayers an additional $400 million in lost funds.

Obama thinks he is getting away with his green energy scams, where the Obama administration gives huge loan guarantees to their friends and supporters, knowing full well that the green energy companies were only started in order to get in on the free money from Obama, while the Obama administration knew these companies were bound to fail.

Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will close its doors and file for bankruptcy because its panels were too expensive to compete with Chinese products, according to the U.S. Energy Department.

Abound, based in Loveland, Colorado, borrowed about $70 million against the guarantee, the Energy Department said today in a statement. Calls to Abound executives weren’t returned today.

The failure would follow that of Solyndra LLC, which shut down in August after receiving a $535 million loan guarantee from the same Energy Department program. Abound stopped production in February to focus on reducing costs after a global oversupply and increasing competition from China drove down the price of solar panels by half last year.

“When the floor fell out on the price of solar panels, Abound’s product was no longer cost competitive,” Damien LaVera, an Energy Department spokesman, said in a statement on the agency’s website.

U.S. taxpayers may lose as much as $30 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, he estimated.

“This is not surprising at all,” Anthony Kim, an analyst at Bloomberg New Energy Finance in New York, said today in an interview. “They were trying to sell to a competitive, over- supplied market with limited production. That keeps costs high.”
Unbuilt Factory

Abound was awarded the loan guarantee to build two factories to make thin-film panels using cadmium telluride. It completed one plant, in Longmont, Colorado, and never began construction on the second, which was planned for Tipton, Indiana.

The Energy Department awarded loan guarantees to four solar manufacturers. The remaining recipients are 1366 Technologies Inc. and SoloPower Inc.

The agency has provided almost $35 billion in loans, loan guarantees and conditional commitments to renewable energy companies. About 35 percent of that is for solar-generating projects, which benefit from falling panel prices, compared with less than 4 percent for solar manufacturers, according to LaVera.

Besides Abound and Solyndra, two other solar manufacturers received loan guarantees. 1366 Technologies Inc. won approval to borrow as much as $150 million to produce polysilicon for solar panels and SoloPower Inc. was awarded a $197 million guarantee to make rolls of flexible solar panels using a copper-indium- gallium-selenide composite.

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Obama Has Driven U.S. Off Financial Cliff - Wasting $ Trillions of Taxpayer Money

Obama likes attacking Mitt Romney for his time at Bain Capital - a company that has saved or created far more jobs than the Obama administration - yet Obama’s record in the financial field is the worst of anyone we have ever seen! Obama has wasted $ Trillions of taxpayer money to pay off his friends and supporters, and to help buy the next election.

Lets look at just a few of Obama’s Financial Failures.

  • Obama gave Raser Technologies $33 million taxpayer-funded grant while the company still owes $1.5 million in back taxes
  • Obama gave ECOtality - a failing company - $126.2 million in taxpayer money - Now tells Obama administration “We may not achieve or sustain profitability on a quarterly or annual basis in the future.”
  • Obama gave Nevada Geothermal Power a $98.5 million taxpayer loan guarantee - Now reports ‘significant doubt about the company’s ability to continue”
  • Obama gave First Solar $3 billion in loan guarantees - Company has racked up $401 million in restructuring costs, and has fired 30 percent of its workforce.
  • Obama gave Abound Solar, Inc. a $400 million loan guarantee shortly before the company halted production and laid off 180 employees.
  • Obama gave Beacon Power a $43 million loan guarantee even after Standard and Poor’s had given the project a dismal outlook of ‘CCC-plus.’
  • Let’s not forget Solyndra, who Obama gave a $535 million in federal loan guarantees after the Bush administration denied the loan, and an auditor found that the company was in deep financial troubles.

Add up just these 7 Obama financial failures, and we have a total of $4,235,000,000.00 wasted taxpayer money by the Obama administration, and this is just the tip of the iceberg, as Obama has actually thrown away and wasted $ Trillions of our money, yet nobody in the corrupt and dying media will hold Obama to his many failures, which put our nation in a much deeper hole than we started in.

Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney’s tenure at Bain Capital. But the strategy could backfire in ways Obama did not anticipate. After all, if Romney’s record in private equity is fair game, then so is Obama’s record in public equity — and that record is not pretty.

Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters — leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider just a few examples of Obama’s public equity failures:

● Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.

● ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company’s president, Don Karner, in the first lady’s box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtality’s own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, “We may not achieve or sustain profitability on a quarterly or annual basis in the future.”

Worse, according to CBS News the company is “under investigation for insider trading,” and Karner has been subpoenaed “for any and all documentation surrounding the public announcement of the first Department of Energy grant to the company.”

● Nevada Geothermal Power (NGP). The Obama administration gave NGP a $98.5 million taxpayer loan guarantee in 2010. The New York Times reported last October that the company is in “financial turmoil” and that “[a]fter a series of technical missteps that are draining Nevada Geothermal’s cash reserves, its own auditor concluded in a filing released last week that there was ‘significant doubt about the company’s ability to continue as a going concern.’ ”

● First Solar. The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company “fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.”

● Abound Solar, Inc. The Obama administration gave Abound Solar a $400 million loan guarantee to build photovoltaic panel factories. According to Forbes, in February the company halted production and laid off 180 employees.

● Beacon Power. The Obama administration gave Beacon — a green-energy storage company — a $43 million loan guarantee. According to CBS News, at the time of the loan, “Standard and Poor’s had confidentially given the project a dismal outlook of ‘CCC-plus.’ ” In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.

This is just the tip of the iceberg. A company called SunPower got a $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth. Brightsource got a $1.6 billion loan guarantee and posted a string of net losses totaling $177 million. And, of course, let’s not forget Solyndra — the solar panel manufacturer that received $535 million in taxpayer-funded loan guarantees and went bankrupt, leaving taxpayers on the hook.

Amazingly, Obama has declared that all the projects received funding “based solely on their merits.” But as Hoover Institution scholar Peter Schweizer reported in his book, “Throw Them All Out,” fully 71 percent of the Obama Energy Department’s grants and loans went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Obama said this week it’s not the president’s job “to make a lot of money for investors.” Well, he sure seems to have made a lot of (taxpayer) money for investors in his political machine.

All that cronyism and corruption is catching up with the administration. According to Politico, “The Energy Department’s inspector general has launched more than 100 criminal investigations” related to the department’s green-energy programs.

Now the man who made Solyndra a household name says Mitt Romney’s record at Bain Capital “is what this campaign is going to be about.” Good luck with that, Mr. President. If Obama wants to attack Romney’s alleged private equity failures as chief executive of Bain, he’d better be ready to defend his own massive public equity failures as chief executive of the United States.

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Above-The-Law Obama Rejects Solyndra Scandal Subpoena

The Above-The-Law Obama administration, which is the most corrupt and secretive administration in U.S. History, has decided that they will not cooperate with the subpoena of documents relating to the Obama administration’s role in the Solyndra government loan scandal and coverup.

Obama is so dirty, and corrupt, and his administration is in big trouble in the next election as well, so they have a lot to hide.

They talk about how many pages, of the wrong documents, they have handed over already, but the Obama administration is hiding the documents that show what corrupt activities and crimes they have been involved in.

President Obama’s attorney sent a letter to Congressional investigators on Friday, saying the White House would not cooperate with a subpoena requesting documents related to its doling out a $535 million loan guarantee to now bankrupt solar panel manufacturer Solyndra.

"I can only conclude that your decision to issue a subpoena, authorized by a party-line vote, was driven more by partisan politics than a legitimate effort to conduct a responsible investigation," Obama’s counsel, Kathryn Ruemmler, wrote in a letter to the top Republicans on the House Energy and Commerce committee. (Read Ruemmler’s full letter here).

Committee chairman Rep. Fred Upton, R-Mich, blasted the White House response:

“We have been reasonable every step of the way in this investigation, and it is a shame that the Obama Administration and House Democratscontinue to put up partisan roadblocks to hide the truth from taxpayers. Solyndra was a jobs program gone bad, and we must learn thelessons of Solyndra as we work to turn our economy around and put folks back to work. Our judicious and methodical work over the last eight months has garnered tens of thousands of pages of documents from DOE and OMB that have proven we are on the right track. Now, we need to know the White House’s role in the Solyndra debacle in order to learn the full truth about why taxpayers now find themselves a half billion dollars in the hole. The White House could have avoided the need for subpoena authorizations if they had simply chosen to cooperate. That would have been the route we preferred, and frankly, it would have been better for the White House to get the information out now, rather than continue to drag this out. Our request for documents is reasonable - we are not demanding the President’s blackberry messages as we are respectful of Executive Privilege. What is the West Wing trying to hide? We owe it to American taxpayers to find out.”

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Another Obama Green Energy Company Files for Bankruptcy After Receiving $43 Million Government Loan

Yet another one of the companies that Obama’s Energy Department gave $43 million in government-backed loans has filed for bankruptcy, sticking the American taxpayer with the bill.

Just as we have seen with Solyndra, Sun Power, and others, the Obama administration doesn’t worry about how much of our money is being wasted. They only care about how much money and support their wasteful and criminal spending will return to their re-election campaign.

The Obama administration’s inability to not waste money is becoming more than a problem, and we need to do everything in our power to stop the wasteful and most likely criminal abuse and waste of our tax dollars.

A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

Beacon Power had received a federal loan guarantee to help build an energy storage plant in Stephentown, N.Y., that began operating in January. The Treasury Department’s Federal Financing Bank provided the loan.

Beacon sought bankruptcy protection two days after the White House ordered an independent 60-day evaluation of the Energy Department’s loan programs aimed at ensuring effective management and monitoring.

The review, conducted by a former Treasury Department official, will include examination of how Beacon’s project is performing going forward, and whether there are additional steps that can be taken to protect taxpayers, according to the Obama administration.

The Beacon bankruptcy comes roughly two months after the California solar panel maker Solyndra, which had received a $535 million Energy Department (DOE) loan guarantee in 2009, went belly up and laid off 1,100 workers.

Solyndra’s collapse unleashed a torrent of GOP-led attacks on the Energy Department’s loan guarantee program.

Solyndra and the broader loan guarantee program are under investigation in the House Energy and Commerce Committee and the House Oversight and Government Reform Committee.

“This latest failure is a sharp reminder that DOE has fallen well short of delivering the stimulus jobs that were promised, and now taxpayers find themselves millions of more dollars in the hole,” said Rep. Cliff Stearns (R-Fla.), the GOP’s point man on the Solyndra investigation and a senior member of the Energy and Commerce Committee, in a statement to The Hill and other outlets.

“Unfortunately for the American taxpayers, I am deeply concerned that other DOE programs could follow which goes to the heart of the President’s flawed economic program,” he said.

Stearns is chairman of the Energy panel’s Oversight and Investigations subcommittee, which is expected to vote Thursday to subpoena internal White House communications about Solyndra.

Energy Department spokesman Damien LaVera said there are “many protections for the taxpayer” in the agreement with Beacon Power.

“The Department’s loan guarantee is for the project Stephentown Regulation Services, LLC, not the parent company, and the loan was set up in a way that ensures the Department is not directly exposed to the liabilities of the parent company,” he said in an email Monday.

The department also sought to contrast the Beacon Power project and Solyndra, noting that Solyndra stopped manufacturing operations when it went bankrupt, while Beacon Power intends to continue operating the New York energy storage plant.

“It is important to note that this plant itself, which is operational and generating revenue, is a valuable collateral asset. In addition, under the terms of our loan guarantee agreement, Stephentown Regulation Services, LLC currently has cash reserves and proceeds from the plant that it was required to hold as collateral on the loan,” LaVera said.

The Energy Department also noted that the federal government retains its “senior status” for repayment in the loan agreement with Beacon Power.

In contrast, the Solyndra loan guarantee was restructured in early 2011 to put private investors — who had agreed to provide another $75 million to the struggling company — first in line for repayment if the company liquidated.

Beacon drew $39 million of the guaranteed loan to help finance the plant.

Beacon’s bankruptcy filing lists assets of $72 million and debts of $47 million, according to Bloomberg.

“The current economic and political climate, the financing terms mandated by DOE, and Beacon’s recent delisting notice from Nasdaq have together severely restricted Beacon’s access to additional investments through the equity markets,” CEO F. William Capp said in the bankruptcy filing, according to the financial news service.

The Energy Department has lauded Beacon’s flywheel energy storage technology as a way to improve power grid stability and help bring renewable power sources into the system.

“We will continue to support the development and deployment of innovative energy systems like this energy storage project that support our goal of expanding renewable energy generation and reducing greenhouse gas emissions,” Energy Secretary Steven Chu said when announcing the finalization of the agreement in August of 2010.

The loan guarantee program was first authorized in a 2005 energy bill crafted under GOP control of Congress and signed into law by then-President George W. Bush, and expanded under President Obama’s stimulus law.

The program was slow to get off the ground, and the first loan guarantees were not issued until the Obama administration took power.

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Crony Corruption: Obama Advisor David Prend was Solyndra Investor & Solyndra Inside Man at WH

[caption id=”attachment_1434” align=”alignright” width=”350” caption=”Obama Advisor David Prend was Solyndra Investor & Inside Man for Solyndra at WH”]Obama Advisor David Prend was Solyndra Investor & Inside Man for Solyndra at WH[/caption]The Soylndra Solar Panel green-jobs scandal gets worse for the Obama administration everyday, and we are now learning of a new figure central to the Obama scandal which gave his friends and supporters over $500 billion of taxpayer money, just before going bankrupt.

David Prend is an Obama adviser, who pushed hard for the $500 million federal loan guarantee, even though Rockport Capital, Mr. Prend’s company, stood to greatly benefit from the loan because Rockport Capital was an investor and partial owner of Solyndra.

These “Green Jobs Scandals” go all the way to the top of the Obama administration, and they are currently doing their best to mitigate the damages by covering up their roles in the scandals. We will probably never see the evidence showing how up the ladder high these scandals go, but we all know it stops on Obama’s doorstep.

“I thought the White House might want to take advantage of this event to highlight a highly successful public/private partnership.”

— Obama adviser David Prend in an email to a White House aide encouraging the president to publicly embrace Solyndra, a solar-panel manufacturer that Prend’s investment firm partly owned.

The latest figure to emerge in Soylndra green-jobs scandal is David Prend, a co-founder of the Boston-based venture capital firm Rockport Capital, who used his role as a green energy adviser to the Obama administration to push for a half-billion-dollar subsidized loan for Solyndra even though his company was a major investor in the solar-panel manufacturer.

Emails obtained by congressional investigators show that Prend was perhaps the first to push for Solyndra inside the administration, touting the company in a February 2009 meeting with Carol Browner, President Obama’s former global warming and energy czar. At the time, Prend’s firm held a 7.5 percent stake in Solyndra.

Prend also pushed for Solyndra to be included in a Navy contract as part of the administration’s plan to switch the military to green energy. The Wall Street Journal reports that the Navy effort came in the spring of this year, long after it was clear that the company was kaput. The Navy seemed to be on the cusp of including Solyndra in the $1 million pilot project, but had to drop the well-connected firm as bankruptcy approached in September.

The Navy deal came after Rockport and other investors agreed to a $75 million rescue loan package to keep Solyndra afloat after the firm’s initial violation of the federal loan agreement at the end of last year.

The other inside man on the Solyndra loan was Steve Spinner, a former NBC executive who became a green energy guru who helped steer energy and environmental policy for the administration starting in the 2008 transition team. Spinner pushed for Solyndra to get the loan even though his wife was the lawyer for the now defunct solar firm.

But the best friend Solyndra had was George Kaiser, whose family foundation was the largest investor in the firm. Kaiser made 16 trips to the White House between March 2009 and April 2011 to consult with officials. Kaiser, a billionaire devoted to liberal causes who donated $53,500 to Obama’s 2008 campaign and raised may times more, has said that he didn’t lobby for the government loan. But the frequent presence of such an important patron who was visibly attached to Solyndra would have been an encouragement of its own.

http://nation.foxnews.com/solyndra/2011/10/14/another-inside-man-solyndra-white-house#ixzz1an96rSNl

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Billionaire Obama Solyndra Bundler, George Kaiser - Evaded Paying Taxes for Years

[caption id=”attachment_1418” align=”alignright” width=”350” caption=”Obama’s Billionaire Solyndra funder Kaiser paid zero taxes for years”]Obama's Billionaire Solyndra funder Kaiser paid zero taxes for years[/caption]The IRS believes the tax loopholes used by Obama bundler George Kaiser to make many millions of dollars from the American People is illegal, and we would agree 100%.

Isn’t it funny how Obama’s class warfare-based campaigning has been attacking Republicans because we do not want higher taxes. Obama has said no less than 100 times, that “Everyone needs to pay their fare share”, but many Democrats and all of Obama’s ultra-rich friends are tax evaders.

Oklahoma billionaire George Kaiser has been in the headlines in recent months thanks to his role as a major investor in Solyndra LLC, the now-bankrupt California solar panel maker hailed by President Obama as a model for America’s “clean energy future.”

Congress is investigating why the Obama administration gave Solyndra a $535 million loan guarantee despite multiple warnings from career bureaucrats and private sector investment experts that the company was a poor risk, lacked a realistic business model and was likely to go bankrupt as a result.

Other investigations are being conducted by the FBI and the Treasury Department’s Inspector-General, and the issue is likely to remain on the public mind throughout the 2012 presidential campaign as Republicans claim Solyndra’s failure demonstrates that government “cannot pick winners and losers in the marketplace.”

Because Kaiser was a campaign “bundler” - an individual who collects contributions to a candidate from others that are then simultaneously given to the candidate - who raised about $250,000 for Obama during the 2008 campaign, congressional Republicans and media analysts have speculated that the Solyndra loan guarantee was nothing more than using tax dollars to reward a political supporter.

But the Solyndra scandal is far from Kaiser’s first brush with political controversy. As the Sunlight Foundation’s Bill Allison reports today, Kaiser has become extraordinarily wealthy by taking advantage of the federal tax code in ways that some tax experts - including the IRS - believe to be illegal.

As Allison describes it in his Sunlight post today, “in one six year period, during which he increased his net worth enough to land him on the Forbes list of the 400 wealthiest Americans, Kaiser reported taxable income to the Internal Revenue Service just once, totaling $11,699—equivalent to a full-time hourly wage of $5.62.”

During the 1980s bust in the oil industry in Oklahoma and Texas, Kaiser bought up struggling energy companies whose losses provided him with tax deductions that effectively hid his own income.

As an example, Allison points to Kaiser’s purchase of Waterford Energy, “which had all of $7 million in assets and some $151 million in losses on its books. The losses were valuable—under the Internal Revenue Code, a company can use past losses as credits, known as net operating losses, to reduce their tax burden in profitable years.”

That acquiring the firm’s losses for his tax use was a key reason for Kaiser’s purchase of Waterford was acknowledged when the firm “filed a plan of reorganization in a Texas bankruptcy court that stated that one of the principal motivations of the plan was to ‘preserve the tax attributes of the debtor in order to allow the debtor to realize the benefits of the tax attributes,’” according to Allison.

But in 1997, the IRS rejected the Waterford losses, Allison reports, saying “losses resulting from acquisitions made to evade or avoid income tax are prohibited.” Kaiser challenged the IRS in court and ultimately settled with the tax agency for $3.7 million, or 15 cents on the dollar.

Taking advantage of tax loopholes is, of course, legal, and Kaiser is far from unique among wealthy investors in doing so. Even so, critics across the political spectrum to point such cases as evidence the tax code encourages evasion, influence peddling and other forms of political corruption.

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Obama’s New $1.2 Billion SunPower Loan Scandal - Twice As Big As Solyndra

[caption id=”attachment_1365” align=”alignright” width=”400” caption=”Obama’s New $1.2 Billion SunPower Loan Scandal - Twice as big as Solyndra”]Obama's New $1.2 Billion SunPower Loan Scandal - Twice as big as Solyndra[/caption]The Obama administration gave another obviously failing California solar company $1.2 billion in federal loan guarantees, even though the company had only weeks earlier announced that they would be building a new manufacturing plant in Mexicali, Mexico to manufacturer the solar panels.

So much for American jobs, as well as so much for the billions of our tax dollars the Obama administration flushed down the toilet, as payouts to their friends and supporters.

The Obama administration - Corruption and Crony Capitalism at it’s finest.

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.

“The work that comes from these facilities transforms renewable energy ideas into a reality. When renewable energy companies continue to invest in places like California, the realization of a new energy future is within our reach,” he said.

Miller the Elder said he was grateful for Salazar’s interest.

“We’ve worked hard to make renewable energy a priority because it represents America’s future economic growth. Today, businesses like SunPower are moving forward, hiring 200 people for good clean energy jobs in the East Bay,” he said.

“By fostering a business climate that encourages companies like SunPower, even more good jobs will be created locally, we’ll reduce demand for dirty energy sources, and we’ll cut customers’ utility bills. That’s the right direction,” he said.

SunPower’s political action committee (PAC) was not shy about participating in the political process either.

According to the SunPower PAC filings for its activities in the 2010 midterm election campaign cycle, it donated more than $36,000. Of the $15,650 donated to House and Senate candidates, $14,650 went to Democrats, with these top recipients: $4,000 to Sen. Harry Reid (D.-Nev.), $3,000 to Rep. Gabrielle Gifford (D.-Ariz.) and $2,900 Sen. Barbara Boxer (D.-Calif.).

The congressman was not forgotten either. The SunPower PAC remembered him with $500 for his 2010 campaign. While SunPower was a financial partner in the congressman’s reelection campaign, it straight-out hired his son.

Miller the Younger is not registered to lobby in Washington, but he is a member of its bar. He is not a member of the California bar, home of his lobbying firm, Lang, Hansen, O’Malley and Miller (LHOM), of which he is a founding partner.

According the firm’s website LHOM specializes in providing advice to clients on larger macro political issues trends. “Utilizing our broad experience in California and Washington, D.C., we can furnish ‘big picture’ analysis of developing political and policy trends which may affect client interests and goals.”

What does Miller the Younger bring? Read here: “George Miller brings a lifetime of friendships, relationships, and contacts together with over 15 years of front-line advocacy experience. He’s an attorney with expertise that ranges from insurance and banking to transportation, taxation and gaming law,” according to the website. “Unlike most advocates, George is at ease working both the corridors of Sacramento power or the halls of Congress.”

What is the stated purpose of the SunPower’s DOE 1705 program loan guarantee?

SunPower has different lines of business. In addition to manufacturing solar panel and roof tiles, it builds solar panel ranches, which it then sells off, but retains the services contract.

The loan guarantee is earmarked for the job numbers for the California Valley Solar Ranch (CVSR) in San Luis Obispo County, which it has already sold to NRG Solar, but will continue to maintain.

According to the Department of Energy (DOE) website, the CVSR project will create 350 construction jobs during the two-year build and 15 permanent jobs—presumably those are the squeegee men for keeping the panels clean.

If $80 million per permanent job seems a little high, even for the current Obama administration, you are correct. In addition to the 350 construction jobs and the 15 squeegee men, there will an as-yet-undetermined number of jobs created building the panels for the CVSR—in Mexicali, Mexico.

The company is looking for a facility of up to 320,000 square feet, where it will build three different solar panel models and its solar roof tiles, according the company’s Aug. 5 statement.

Marty T. Reese, the company’s chief operating officer, said, “Establishing our own manufacturing facility in Mexicali means we will be positioned to quickly deliver our high-efficiency, high-reliability solar products to a growing North American solar market.”

Mexicali Mayor Francisco Perez Tejada Padilla said he was thrilled. “Mexicali is rapidly becoming an industrial hub for high-tech companies, offering an educated workforce and a growing manufacturing area,” he said. “We welcome SunPower to our city and are pleased that they have chosen Mexicali to establish its solar panel manufacturing facility.”

The good news for Mexican jobs seekers did not affect the DOE’s loan guarantee to SunPower. Hours before the DOE 1705 loan program expired at the end of Fiscal Year 2011 on Sept. 30, the $1.2 billion in loan guarantees was approved for the company.

Insiders get liquid through for $1.4 billion friendly buyout from France.

If that timing seems odd to you, consider the time line of company events around when the loan was announced April 12: just two weeks before France’s Total Oil (TOT-NYSE) launched its friendly takeover.

The deal, made public April 28, was in effect a 60% buyout at $23.25, then a 60% premium over the stock’s current trading price, which allowed insiders to get liquid.

SunPower CEO Werner is typical of the insiders. On May 24 he exercised his right to purchase 428,343 shares at $3.30 per share, a $18 discount from the day’s trading range. He sold 478,084 shares June 15, the day the Total Oil takeover closed, at $23.25 for proceeds of $11,115,453.

Remember, Total Oil was offering at $23.25 per share in what was in effect a private sale. The SPWR, Class A or B, shares have not traded above $23 since June 10, 2010.

SunPower is a company in trouble.

In his Sept. 26 column for SeekingAlpha.com, Stoyan Elitzen lists SunPower as the ninth-most-shorted solar stock in either the New York Stock Exchange or NASDAQ markets. Short sellers are betting that a stock price will go down, as opposed to those who buy long, who expect a stock price to up.

According the Elitzen, the size of SunPower’s short position is equal to 15 days of its average daily volume of 725,000 shares per day. By any measure, such pessimism is a banshee screaming in the night for a company’s stock price that has already lost 94% of value from its 2007 apex.

Although its stock has recovered from its all-time low Oct. 4 of $6.60 per share to trade between $8 and $9 per share, it has been a steep slide from its all-time high Dec. 3, 2007 of $133. Then, the company was worth $13 billion.

Today, its market capitalization is $800 million, just short of its debt of $820 billion, according to the company’s July filings for the second quarter.

The Oct. 4 sell-off, which gave shareholders a 12% haircut, was triggered by the company’s Oct. 3 aftermarket statement announcing the company was paying down its $50 million credit line with a consortium of European banks and opening a new $200 million credit line with Deutsche Bank.

According to the statement, Dennis V. Arriola, the company’s chief financial officer said the new credit line will improve the company’s ability to operate.

“However, the challenging market conditions continue to impact our global residential and commercial business. As a result, we will revise our 2011 revenue and earnings outlook on our third-quarter earnings conference call to be held on Nov. 3,” he said.

As much as Arriola’s negative guidance shook up the markets, it also reflects a lesson learned.

In addition to all its other challenges, the company and its officers are defendants in a federal shareholder lawsuit, whose plaintiffs include, the Austin (Texas) Police Retirement System, the Arkansas Teachers Retirement System and a number of institutional investors for an alleged scheme to deceive the investing public by making false statements contrary to nonpublic information known to the insiders.

The allegations cover the period between April 17, 2008, to Nov. 16, 2009, the day the company announced that it had discovered unsubstantiated accounting entries to its operations in the Philippines, which led to the significant restating of the company’s financials.

There are a number of lawsuits filed in California courts relating to the same period alleging gross mismanagement, breach of fiduciary responsibility, unjust enrichment and abuse of control.

The first of the lawsuits was filed Nov. 18, 2009, and they have yet to be resolved.

It is a fair question to ask how a company with such serious charges lodged against its management team could receive a $1.2 billion loan guarantee from the taxpayers, so it could built a new manufacturing plant in Mexico to build the solar panels it will install at a photovoltaic ranch that will create a total of 15 permanent jobs.

Certainly, the time is right for Miller and Miller to clarify their roles in this mess.

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Obama Admin Planned Additional $469 Million for Solyndra As Financial Troubles Worsened

Now we are learning that, even as Solyndra’s financial situation grew worse and worse, the Obama administration still planned on approving an additional $469 million loan to the now bankrupt solar panel manufacturer, which would have increased the total loss to the American People to over $1 billion.

[caption id=”attachment_1245” align=”alignnone” width=”550” caption=”Obama Admin Planned Additional $469 Million for Solyndra As Financial Troubles Worsened”]Obama Admin Planned Additional $469 Million for Solyndra As Financial Troubles Worsened[/caption]

We would think that Obama administration has their head stuck up their butts, but were pretty sure that the Obama administration knew exactly what they were doing when they gave the $ billions in loans to a failing company, which was run by Obama friends and supporters.

In reality, it’s becoming more clear that Obama really just gave a half billion dollars of our money to his friends and supporters, as a “Thank You” for their support of Obama.

The Obama administration’s Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the company’s financial situation was growing more dire.

The Energy Department was actively pushing to provide the second loan guarantee to the troubled solar-panel manufacturer in April and May 2010, when Solyndra’s auditors warned the company was in danger of closing due to its rapidly mounting debts and expenses, according to complete e-mails just released by a House committee investigating the original loan.

White House career staffers, who had first raised concerns in the fall of 2009 about the Department of Energy providing Solyndra with its first taxpayer-backed loan of $535 million , wrote e-mails in gallows humor in April 2010 about the prospect of giving Solyndra more money. That spring, industry analysts were publicly questioning how the Silicon Valley startup could so quickly be running out both the federal loan and $933 million in private capital.

“Apparently the loan size for Phase II is $469 million,” one Office of Management and Budget analyst wrote of DOE seeking a second loan for Solyndra. The analysts’s name was not released by the committee. “I’ve been told we should expect the see that project soon for conditional commitment.”

Another joked: “Possible to close and default on one before closing on a second??? Could be a new record.”

The agency didn’t shelve the idea for a second loan until October 2010, a Department of Energy spokesman has confirmed. That was the month that Solyndra executives and investors first warned the department that the company was facing the threat of having to liquidate without emergency cash.

Solyndra, which suddenly shut down on Aug. 31 and sought bankruptcy protection, has left taxpayers on the hook for repaying that first half-billion-dollar loan. Its also left many, both Republicans and Democrats, questioning why the Obama administration was so supportive of the startup. Republicans have alleged the administration was showing favoritism to a firm backed primarily by investment funds tied to a major Obama campaign bundler, George Kaiser.

Solyndra, the first clean energy company that the fledgling administration backed with a stimulus-funded loan, had been a showcase of Obama’s effort to spur a clean energy industry on U.S. soil. Obama personally visited the firm in May 2010, after being warned not to go by a donor and adviser in the venture capital field who noted the auditors’ warnings the firm could very likely fail.

Even in May 2010, Energy Secretary Steven Chu’s top advisers — his senior adviser on stimulus , Matt Rogers, and his chief of staff, Rod O’Connor — were telling the White House not to worry about the auditors’ warnings on Solyndra’s finances. They also referenced the need for more federal money for Solyndra.

O’Connor told a top White House adviser to Vice President Biden that the warnings were exaggerated, when a venture capitalist and Obama donor had flagged the company’s finances as a reason the president shouldn’t visit Solyndra as scheduled on May 25. O’Connor also raised the issue of more government support for Solyndra

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

More Solar Companies Receiving Federal Loans Tied to Democratic Donors

Very soon we will all see very clearly that the Obama administration used their loan guarantee power as a means to pay back the people who helped the Obama administration - either with political support (Nancy Pelosi - Tonopah Solar) or with cash donations (George Kaiser - Solyndra Scandal).

In the past 2 years, the brash Obama administration may have been able to pull off this type of scandal without taking much heat, but the American People have awoken from their teleprompter-induced trance, and are now paying close attention to the actions of the Obama administration.

A Daily Caller investigation has found that in addition to the failed company Solyndra, at least four other solar panel manufacturing companies receiving in excess of $500 million in loan guarantees from the Obama administration employ executives or board members who have donated large sums of money to Democratic campaigns.

And as questions swirl around possible connections between political donations and these preferential financing arrangements, the Obama White House suddenly began deflecting The Daily Caller’s questions on Wednesday to the Democratic National Committee.

Asked Wednesday to comment on the connection between large Democratic donors and Obama administration loan guarantees to the companies they represent, the White House responded to TheDC with a single sentence: “We refer your question to the Democratic National Committee.”

Concerns about the long-term viability of Solyndra, first made public by The Daily Caller back in February, have now expanded to include the financial health of other loan-guarantee recipient firms as well.

These companies have suffered from declining stock prices despite their favored status in the White House. Yet as the end of the federal government’s fiscal year looms on Friday, a new series of loans could be finalized amounting to more than nine times what taxpayers have already lost on the failed company Solyndra.

“Who was visiting the White House during this period of time?” Texas GOP Rep. Joe Barton asked when contacted by TheDC. Barton is a former chairman of the House Energy and Commerce Committee. “Who were they talking to and what were they talking about? Are there more loans at risk of not being paid back? Are these good investments or political favors?”

“The American people just lost a half billion dollars and they deserve answers to these questions before more money is wasted. Until we know exactly what happened, I think we should slow down this loan program and take a closer look at each case.”

“It is becoming more clear with each revelation that warning signs were ignored in the Solyndra case,” Barton continued. “Yet in the next 48 hours — because of a deadline that can still be changed — the Department of Energy is going to hand out another $5 billion in loans.”

Companies like First Solar, SolarReserve, SunPower Corporation and Abengoa SA have already, collectively, received billions in loans through Obama administration stimulus programs to build solar power plants in the southwestern United States.

Yet each, with the exception of the privately held SolarReserve, has seen its stock price hammered at the same time it was lobbying the Obama administration and Congress for billions in loan guarantees.

http://dailycaller.com/2011/09/29/more-solar-companies-led-by-democratic-donors-received-federal-loan-guarantees/#ixzz1ZLaaqrtE

Stand Up To Government Corruption and Hypocrisy - usbacklash.org

Obama’s Energy Department Approves Two More Solyndra-Like Loans

Meet the next two Solyndra-like Obama loan scandals that are sure to be in the news in the very new future.

The Obama administration’s Energy Department has just approved two more government-backed loan guarantees, worth more than $1 billion, for two more solar energy companies, similar to the loan they gave Solyndra.

  • Tonopah Solar - $737 million gov loan
  • Mesquite Solar - $337 million gov loan

Soon, we will also be learning about what friends and supporters of Obama’s are involved with the companies, and how much the companies have donated to Obama.

The Energy Department on Wednesday approved two loan guarantees worth more than $1 billion for solar energy projects in Nevada and Arizona, two days before the expiration date of a program that has become a rallying cry for Republican critics of the Obama administration’s green energy program.

Energy Secretary Steven Chu said the department has completed a $737 million loan guarantee to Tonopah Solar Energy for a 110 megawatt solar tower on federal land near Tonopah, Nev., and a $337 million guarantee for Mesquite Solar 1 to develop a 150 megawatt solar plant near Phoenix.

The loans were approved under the same program that paid for a $528 million loan to Solyndra Inc., a California solar panel maker that went bankrupt after receiving the money and laid off 1,100 workers. Solyndra is under investigation by the FBI and is the focal point of House hearings on the program.

SolarReserve LLC, of Santa Monica, Calif., the parent company for Tonopah, is privately held. The Energy Department said its rules prevented it from discussing the company’s financial information. Sempra Energy of San Diego, which owns Mesquite, is publicly held.

Spokesman Damien LaVera said the two projects had extensive reviews that included scrutiny of the parent companies’ finances.

Chu said the Nevada project would produce enough electricity to power more than 43,000 homes, while the Arizona project would power nearly 31,000 homes. The two projects will create about 900 construction jobs and at least 52 permanent jobs, Chu said.

"If we want to be a player in the global clean energy race, we must continue to invest in innovative technologies that enable commercial-scale deployment of clean, renewable power like solar," Chu said in a statement.

Senate Majority Leader Harry Reid, D-Nev., is a strong supporter of the Nevada project, which he says will help his state’s economy recover.

The loan approvals came just two days before a renewable energy loan program approved under the 2009 economic stimulus law is set to expire. At least seven projects worth more than $5 billion are pending.

A government watchdog group said the Solyndra bankruptcy shows the need for greater oversight of all the department’s loan guarantee programs.

"It is time for a full audit of their activities, their management, and their results," said Tom Schatz, president of Citizens Against Government Waste, Washington-based advocacy group.

"Candidly, it might be time for the federal government to rethink the whole idea of loan programs," Schatz added, calling the government’s track record on loan guarantees "lousy."

Too often, the government either backs risky or failing ventures, resulting in a loss of taxpayer money, or subsidizes companies and industries that are mature and profitable and don’t need the money, such as the oil and gas industry, Schatz said.

Stand Up To Government Corruption and Hypocrisy - usbacklash.org