Another Obama Green Loan Scheme bites the dust.
Another US solar power company – SunPower, known as the next Solyndra – and another Obama ‘Green Jobs’ fiasco. SunPower manufactures solar panels, tiles, and even builds ranches. And just before the program expired last month – it got $1.2 billion in taxpayer guaranteed loans.
Solyndra lost US$.5 billion and only 158 jobs created so this fiasco is twice as devastating to the cash strapped American taxpayer. Soon to be announced is Solyndra’s US$2.4 million legal bill.
Is this poor judgement by the Obama administration or endemic of the type of fraud and mismanagement these schemes attract?
The Gillard Government has shown how hopeless and incompetent it is when managing schemes like the NBN and the BER, so we can only hold our breathe and cross our fingers when it comes time to them allocating money from the carbon tax.
SunPower has gone belly up after a US$1.2 billion energy department loan. And for just 15 jobs, or US$80 million taxpayer dollars per job. The US Department of Energy said it would create 350 temporary construction jobs. And 15 permanent jobs
Gerri Willis on the Willis Report said:
$1.2 billion for 15 jobs. Let’s do the math again – since this Administration apparently doesn’t: That comes out to $80 million dollars per job! The company will also be opening up another plant that will surely bring in more jobs. So where is that plant going to be? Mexicali, Mexico!
Taxpayers are giving this company money to help boost the Mexican job market.
And more ……
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.
The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain.
The radio program explaining the fraud and how SunPower’s guarantee was made hours prior to its collapse is here: http://youtu.be/SfV8xF_m-3I