Speakeasy forum

General discussion

Just in time for Halloween: Another solar horror story?

by Paul C / October 11, 2011 7:29 PM PDT

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.

Discussion is locked
You are posting a reply to: Just in time for Halloween: Another solar horror story?
The posting of advertisements, profanity, or personal attacks is prohibited. Please refer to our CNET Forums policies for details. All submitted content is subject to our Terms of Use.
Track this discussion and email me when there are updates

If you're asking for technical help, please be sure to include all your system info, including operating system, model number, and any other specifics related to the problem. Also please exercise your best judgment when posting in the forums--revealing personal information such as your e-mail address, telephone number, and address is not recommended.

You are reporting the following post: Just in time for Halloween: Another solar horror story?
This post has been flagged and will be reviewed by our staff. Thank you for helping us maintain CNET's great community.
Sorry, there was a problem flagging this post. Please try again now or at a later time.
If you believe this post is offensive or violates the CNET Forums' Usage policies, you can report it below (this will not automatically remove the post). Once reported, our moderators will be notified and the post will be reviewed.
Collapse -
It sounds like the "Occupy Wall Street" crowd
by Steven Haninger / October 11, 2011 8:08 PM PDT

will continue to have work if they can solve the chicken vs egg riddle.

Collapse -
by James Denison / October 11, 2011 9:16 PM PDT

"Occupy Wall Street" is supposed to distract us from all this other stuff.

Popular Forums
Computer Newbies 10,686 discussions
Computer Help 54,365 discussions
Laptops 21,181 discussions
Networking & Wireless 16,313 discussions
Phones 17,137 discussions
Security 31,287 discussions
TVs & Home Theaters 22,101 discussions
Windows 7 8,164 discussions
Windows 10 2,657 discussions

The Samsung RF23M8090SG

One of the best French door fridges we've tested

A good-looking fridge with useful features like an auto-filling water pitcher and a temperature-adjustable "FlexZone" drawer. It was a near-flawless performer in our cooling tests.