This one will make Solyndra look small

Mar 2011
35
Solar Firm Given $1.2 Billion Federal Loan By Obama Admin Teetering On Verge Of Bankruptcy?

? 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.

The Energy Department says on its website that the $1.2 billion loan to help build the California Valley Solar Ranch in San Luis Obispo County, a project that will help create 15 permanent jobs, which adds up to the equivalent of $80 million in taxpayer money for each job.

In April, the Energy Department gave SunPower a conditional loan guarantee, even though the company was receiving financing in the capital markets. Shortly after the conditional guarantee, French energy giant Total bought a majority ownership in SunPower and extended a $1 billion credit line to the company.

But SunPower posted $150 million in losses during the first half of this year and its debt is nearly 80 percent higher than the market value of all its outstanding shares. The company is also facing class action lawsuits for misstating its earnings.

http://weaselzippers.us/2011/10/12/sola ... ankruptcy/

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The Department of Energy bragged about giving a $1.2 billion loan guarantee to SunPower, a politically connected solar energy company, to create ?10-15 permanent jobs,? raising critical questions as to if California SunPower is the next Solyndra in the ongoing Crony-Gate scandal.

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About 12 permanent jobs were created. We paid about $80 million per job.

Bend over tax payers!

Folks ....this is an Obamanation!!
 
Mar 2011
35
Loan to Solar Company of Dem. Rep. George Miller’s Son Bigger Than Pelosi’s Brother-In-Law and Solyndra Combined…

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.

http://www.chandlerswatch.com/2011/10/11/loan-to-solar-company-of-dem-rep-george-millers-son-bigger-than-pelosis-brother-in-law-and-solyndra-combined/

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WTF....I thought the purpose of giving out all this tax money was to create jobs....IN AMERICA!