Solyndra’s body isn’t even cold yet and look at this! The solar company in Fremont, California, that filed for Bankruptcy after receiving a $535 million loan guarantee from the Obama administration under dubious circumstances, hasn’t even been auctioned off and already it’s looking like we have another contender for a similar failure after receiving $1.2 billion in loan guarantees from the Obama administration.
Reports are now surfacing that SunPower isn’t perhaps in very stellar financial condition, either. According to the Daily Caller today……
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.
So why the largess from the Obama administration so soon after the Solyndra debacle? Well, as usual, let’s follow the money and connections……
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.
Sounds to us like more crony socialism is afoot. It will be interesting to see what happens at SunPower over the next few months. Could it be a Solargate II, with some CO2 Insanity tossed in for good measure? Time will tell.
Source: Daily Caller