Category Archives: Politics

Solargate: Let the excuses begin!

$527 Million Tax Dollars Down the Tubes?

We have barely heard that the Solyndra executives testifying before Congress will invoke the 5th Amendment and we already have propaganda being put forth by Solyndra.

In announcing that Solyndra executives would invoke their Fifth Amendment rights when they appear before Congress this week, a spokesman for the bankrupt solar energy company laid the blame for its demise at the feet of the same Department of Energy that invested $527 million into the failed enterprise.

Sure folks, the same agency that gave Solyndra $527 million when they probably shouldn’t have are now the same agency who pulled in their horns when asked to guarantee more investors and caused Solyndra to shut down and file for Chapter 11 bankruptcy. Come on now, you can’t have it both ways!

Lets hear what Representative Henry Waxman (D-CA) has to say about Solyndra.

I’m particularly concerned because the CEO of Solyndra met with me in July and said they were doing very well economically, they were going to double their revenues. Then a month later they declared bankruptcy. That makes me wonder what kind of misrepresentation they might have made to the administration.”

Misrepresentation sounds too nice to me, but I guess Representative Waxman wants to investigate more to see if he should be using the term fraud or not.

It will be interesting to see if anything turns up at the hearing besides I’ll take the 5th Amendment for $527 million Alex.

Yes more CO2 Insanity, something that seems to almost be akin to perpetual BS motion.

Source: New York Times 

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Solargate: Solyndra execs will take the 5th Amendment

$535 Million Tax Dollars Down the Tubes?

In a what doesn’t surprise me in the least move, Solyndra executives have announced they will be taking their 5th Amendment right when testifying before Congress this week. For those unaware, below is the 5th Amendment to the Constitution of the United States of America.

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

While I’m not one of their attorneys, I’d suspicion the part highlighted above is what they’re referring to. This could mean that they have done something illegal and won’t be ratting on themselves before Congress, or perhaps they could be using this to cover for others involved with Solyndra, or both. In either event I find it very reminiscent of testimony by alleged Mafia members during Congressional hearings in the 1950’s and 1960’s.

I’d say you can rule out Attorney General Eric Holder doing anything about this because it certainly appears that, based upon e-mails made public, that Solargate at the very least will lead to some Obama Administration officials and potentially it could even lead to President Obama.

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Solargate: Solyndra Private Investors Get Paid Back Before Taxpayers

In addition to all the other problems surrounding Solyndra,  we now get even more stupidification, also known as the taxpayers get screwed again. According to Associated Press:

 The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors – including a fundraiser for President Barack Obama – moved ahead of taxpayers for repayment in case of a default, government records show.

Gee, talk about covering your buddies asses at the taxpayers expense, this is it. Why should the taxpayers take a back seat to Obama’s buddies? I also mention stupidification because of the next statement:

Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.

Now, please tell me who came up with this brilliant idea? The reality is that if Solyndra had been allowed to go bankrupt, like it should have to begin with, the taxpayers wouldn’t be stuck for $535 million dollars. Restructuring the loan to save a whopping 1,000 or so jobs for such a short time was braindead. It would have been much cheaper to use some common sense and let Solyndra fold.

Heads should roll, people should probably be jailed,  but we all know that probably won’t happen and if any do roll, it will most likely be some lower echelon government employee who becomes the sacrificial lamb.

You can read more of the Gore-y details by clicking on the source below.

Source: Associated Press

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Speaker Boehner Backs Obama Down on Costly EPA Regulation

House Speaker John Boehner (R-Ohio) is on a winning streak this week. First he said “no” to President Obama’s request to speak before a joint-session of Congress on September 7th, which happens to be the same night as the Republican Presidential debate. Now he has the President backing down on ultra-expensive EPA regulations that the US can ill afford at this time.

Speaker Boehner recently asked President Obama for a list of proposed regulations that would cost the tax-payers over $1 billion. President Obama responded with the below list (PDF). You can see the shocking totals for yourself. The first one alone, the one eliminated,  is estimated to cost between $19 and $90 billion. Knowing the government, it would probably ended up costing way more than $90 billion.

(Click to enlarge)

As of today it is evident that Speaker Boehner has President Obama backing off again. According to Fox News:

President Obama is directing his administration to withdraw a controversial proposed regulation updating government smog standards.

In a statement, Obama says he made his decision in part because it is important to reduce regulatory burdens on businesses as the economy recovers. He says he is still committed to protecting public health and the environment.

No, I’d say the President backed off because his approval rating is tanking at a low of 40% and there is a large problem with jobs. It was announced today that there was zero (0) jobs growth for August, 2011, the first time this has happened since 1945.

So, I say to House Speaker John Boehner, keep up the good work. You have a window of opportunity because the President is on the ropes. Reigning in the job-killing EPA is an excellent start. Don’t stop, please keep the pressure on.

Source: Fox News

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UN’s Climate-Change Initiative Needs Private Financing

Well, in spite of all the BS, lies and numerous climate conferences, it seems no one wants to contribute to the UN’s Climate-Change Initiative.

A fund to help channel $100 billion in climate-change aid annually to developing nations should encourage private financing instead of counting mostly on money from cash-strapped industrialized countries, Bloomberg New Energy Finance said.

Private financing? I thought sucker countries around the world were jumping to squander tax-dollars so the UN can play uncle redistribution and send that money to countries that need it like African dictatorships and rich countries like Saudi Arabia that don’t need it to begin with.

Last year, a UN panel with members such as billionaire George Soros, chairman and founder of Soros Fund Management LLC in New York, and Larry Summers, former director of U.S. President Barack Obama’s National Economic Council, said it would be “challenging but feasible” to raise at least $65 billion by taxing foreign-exchange transactions and auctioning pollution permits.

It turns out it is a challenge that not many will accept, thus making it unfeasible to say the least.

Nations won’t participate in such proposals, Liebreich said in the report. “There is simply no point in advocating global taxes on shipping, aviation and financial transactions, and/or a global carbon price, where there is zero chance of these being adopted in the current political cycle — possibly ever,” he said.

So let’s see if the big players in the climate change scam will donate some of their own dollars. People like Al Gore, George Soros, Maurice Strong and other loudmouth’s should immediately send their millions and billions to the United Nations so they can save the planet.

Meanwhile I’ll wait for President Obama to switch to the Republican Party. Something that has about as much chance of happening. More CO2 Insanity.

Source: Bloomberg

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Solargate: Solyndra Bankruptcy Announcement

Solyndra Suspends Operations to Evaluate Reorganization Options

FREMONT, Calif., August 31, 2011 – Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the Company to suspend its manufacturing operations. Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise.  As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately.

Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops, Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers.  This competitive challenge was exacerbated by a global oversupply of solar panels and a severe compression of prices that in part resulted from uncertainty in governmental incentive programs in Europe and the decline in credit markets that finance solar systems.

“We are incredibly proud of our employees, and we would like to thank our investors, channel partners, customers and suppliers, for the years of support that allowed us to bring our innovative technology to market.  Distributed rooftop solar power makes sense, and our customers clearly recognize the advantages of Solyndra systems,” said Solyndra’s president and CEO, Brian Harrison.  “Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion.  Raising incremental capital in this environment was not possible.  This was an unexpected outcome and is most unfortunate.”

Customers who have implemented Solyndra solutions can be assured that their systems will generate economical, clean, solar power for decades.

###

Contact:  Dave Miller, Director Corporate Communications (510) 440-2979.

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Solargate: Update – Solyndra to Lay off 1,100 and file Chapter 11 Bankruptcy.

Just heard on KCBS, San Francisco, California. Solyndra to lay off 1,100 workers and file Chapter 11 Bankruptcy.

From Gigacom:

“Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the Company to suspend its manufacturing operations,” the company said in a statement.

So, back to that $534 million federal loan guarantee. Will the taxpayers get stiffed? Will anyone be prosecuted?0 Remember, the ex-CEO is a Obama buddy, so I wouldn’t hold my breath waiting for any action.

I’d call this another Obama downgrade and another green jobs fail for Governor Jerry Brown, ex-Governor Schwarzenegger and the state of California.

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Solargate: Solyndra to close?

DOA ?

UPDATE: Just heard on the radio that Solyndra is filing for Chapter 11 bankruptcy and will lay off 1,100 employees, essentially their entire workforce.

Yesterday I questioned what’s going on in the solar industry and picked Solyndra as a potential candidate to close its doors since it’s losing titanic amounts of money.

I wasn’t off the mark at all. This morning, it sounds that Solyndra may announce it’s closing its doors. According to KTVU Channel 2 News in Oakland, California this morning, employees are being laid off and given unemployment packets. Today, I again wonder if they’ll now file bankruptcy and take their manufacturing to China like Evergreen Solar of Massachusetts?

The Street reports:

U.S. solar company Solyndra, which once had dreams of a big IPO, is headed into bankruptcy.

A analyst in the solar market said an announcement from the embattled U.S. solar company was imminent, expected at noon on Wednesday, after speaking with an employee of the firm in Europe, where all employees were told on Wednesday that they were being let go.

A local Bay Area NBC affiliate also posted a report saying doors of a Solyndra California location had been shuttered and quoted employees as saying the company was finished.

KRON TV in San Francisco, California,  is also now reporting live that workers are getting pink slips and are getting ready to attend a meeting inside Solyndra HQ to hear about what is happening.

No wonder the CEO resigned and appears to be hiding out. Now I wonder how much of that loan money and VC money he has stuffed in his bank accounts and what will happen to it? After visiting this plant and touting green jobs I wonder what President Obama will  have to say about this? He’ll probably remain silent and play golf or go on another vacation.

That’s $535 million of your tax dollars thrown out the window by President Obama. That’s what the federal loan guarantee was and no doubt Solyndra won’t be able to make good on it. With things like this it’s no wonder we need to increase the federal debt limit.

As for Jerry Brown and Arnold Schwarzenegger, who have been touting all these wonderful green jobs in California, here’s another massive green jobs fail for you. Now California will again get to blow more money on unemployment checks instead of raking in tax dollars. Their sub-contractors will no doubt be laying off their people next and the city of  Fremont, California, will not be getting any revenue from this bad deal either. There will now be two Solyndra building that will be empty or almost empty sitting beside Highway 880 in Fremont.

Want to bet no one goes to jail over this? I hope Congress takes a hard look at this. Yet more CO2 Insanity of the expensive kind.

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Solargate: How much longer will Solyndra (and others) be around?

Another solar company flop?

I’ve ragged about Solyndra before. There’s weird stuff going on with this company who even after obtaining a $535 million government loan guarantee and venture capital funds has suffered the inability to go public. They had to lay off employees and shut down one facility immediately after California’s Prop 25 initiative failed (the one that would have neutered California’s global warming law AB32). They’re now being investigated by Congress  (House Energy and Commerce Committee) and their CEO recently bailed out. All in all it doesn’t appear to be a pretty picture for Solyndra, California,  or their green jobs poster boy Governor Jerry Brown.

Wall Street Pit has some pretty damning information not only about Solyndra but the solar industry in general:

Solar stocks have been a terrible investment over the past few years. Some of the big public names have been hammered.

FSLR – First Solar = -65%
LDK – LDK Solar = -88%
ESLR – Evergreen Solar = -100%
SPWR – SunPower = -88%

Regarding their failed IPO:

What was in the prospectus wass (sic), no doubt, the real reason that investor chose to take a ‘pass’ on the deal. There were revenue/expense numbers for the nine months preceding the proposed deal:

Revenue: $58.8mm
Cost of Goods Sold: $108.0mm

That is an absolute complete disaster. This is a low margin business to begin with. At Solyndra they were losing 84 cents for every dollar of sales.

Based on that and the rest of what’s in this article about Solyndra, one has to wonder how much longer they’ll be in business. Will they do what Evergreen Solar did and move their operations to China and then file bankruptcy to get out of their massive debt in the United States?

Or, will some other state offer them greener pastures like these two companies, who couldn’t get away from California’s high taxes, business stifling  regulations, congestion, high housing and labor costs fast enough.

Sooner or later reality has to hit the people who think solar and wind provide magic free electricity. Until then it’s more CO2 Insanity.

Source:  Wall Street Pit

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Even Rick Perry gets the climate change fraud

Yes, even Rick Perry gets the climate change fraud. From the Dallas Morning News…….

He offered a deeply skeptical view of the need to change energy policy to address climate change, asserting that “there are a substantial number of scientists who have manipulated data so that they would have dollars rolling in to their projects. We’re seeing it almost weekly or almost daily, scientists who are coming forward and questioning the original idea that manmade global warming is what is causing the climate to change.”
“The cost to the country and to the world of implementing these anti-carbon programs is in the billions if not in the trillions of dollars,” he said, and he would refuse based on questionable research.

I’d say stick with trillions because that’s what the UN, via the IPCC,  is trying to screw the globe out of.  So, if you don’t want another greentard in the White House Governor Perry might be a viable candidate for your vote as he’s one candidate without CO2 Insanity.

Source: Dallas Morning News

 

 

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