will continue to have work if they can solve the chicken vs egg riddle.
One...more,,,time! Solyndra, Part 2?
As failed solar panel manufacturer Solyndra rides through the
investigative ringer in Congress, revelations of another
politically-connected company that received what appears to be a
less-than-virtuous $1.2 billion loan guarantee are surfacing.
The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program's deadline.
SunPower isn't as financially sound as the public was led to believe
when it secured a loan guarantee twice the size of Solyndra's $535
million loan. Just this week — less than a month after taxpayers landed
on the hook for SunPower's $1.2 billion loan guarantee — company
executives announced that they expect to lower their 2011 earnings projections.
The company also carries $820 million in debt, which is $20 million more than its market capitalization. (Emphasis mine)
It gets better, folks:
How the company got the loan guarantee, and the players involved
paint a picture of what at least appears to a combination of political
favoritism and crony capitalism.
Last October, President Barack Obama's Interior Secretary Ken Salazar and California Democratic Rep. George Miller toured
SunPower's plant in California. Both touted the company. Miller said
SunPower was an example for "renewable energy" production and "America's
future economic growth."
But, Miller failed to mention how his son, George Miller IV, is
SunPower's top lobbyist in California. Miller's son was pushing for the
$1.2 billion loan guarantee taxpayers are on the hook for now. Miller is
a powerful Democratic congressman, and currently serves as the ranking
minority member of the House Education and Workforce Committee.
Miller's congressional office has not returned TheDC's requests for
comment on what role he and his son had in securing the loan guarantee.
SunPower has not returned TheDC's requests for comment on that
revelation or any others. (Emphasis mine)
Read on and you'll see how Republicans are also involved, proving once again that crony capitalism is a bipartisan activity - although it seems that in the "green energy" area, this Administration seems to have elevated (?) the practice to banana republic levels.