Saturday, October 15, 2011
Green Cronyism is noted in California's "SunPower"
SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama
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.
Two men with insight into the process are SunPower rooter Rep. George R. Miller III, (D.-Calif.), the senior Democrat on the House Education and Workforce Committee and the co-chairman of the Democratic Steering and Policy Committee, and his SunPower lobbyist son, George Miller IV.
Miller the Elder is a strong advocate for SunPower, which converted an old Richmond, Calif., Ford plant in his district to a panel-manufacturing facility.
The congressman hosted an Oct. 14, 2010, tour of the plant with company CEO Thomas H. Werner and Interior Secretary Kenneth L. Salazar to promote the company’s fortunes.
“The path to a clean energy economy starts here, in places like SunPower’s research and development facility,” said Salazar during the tour.
“The work that comes from these facilities transforms renewable energy ideas into a reality. When renewable energy companies continue to invest in places like California, the realization of a new energy future is within our reach,” he said.
Miller the Elder said he was grateful for Salazar's interest.
“We’ve worked hard to make renewable energy a priority because it represents America’s future economic growth. Today, businesses like SunPower are moving forward, hiring 200 people for good clean energy jobs in the East Bay,” he said.
“By fostering a business climate that encourages companies like SunPower, even more good jobs will be created locally, we’ll reduce demand for dirty energy sources, and we’ll cut customers’ utility bills. That’s the right direction,” he said.
SunPower’s political action committee (PAC) was not shy about participating in the political process either.
According to the SunPower PAC filings for its activities in the 2010 midterm election campaign cycle, it donated more than $36,000. Of the $15,650 donated to House and Senate candidates, $14,650 went to Democrats, with these top recipients: $4,000 to Sen. Harry Reid (D.-Nev.), $3,000 to Rep. Gabrielle Gifford (D.-Ariz.) and $2,900 Sen. Barbara Boxer (D.-Calif.).
The congressman was not forgotten either. The SunPower PAC remembered him with $500 for his 2010 campaign. While SunPower was a financial partner in the congressman’s reelection campaign, it straight-out hired his son.
Friday, October 14, 2011
"Arab Spring" Spurs Ethnic Cleansing
"We will be willing to and open to working with a government that has representatives who are committed to non-violence, who are committed to human rights, who are committed to the democracy that I think was hoped for in Tahrir Square, which means that Christians will be respected, women will be respected, people of different views within Islam will be respected. We have said we will work with those who have a real commitment to what an Egyptian democracy should look like."
- SECRETARY CLINTON
Related news- Egypt's air force chief said on Thursday that Egyptian warplanes are patrolling Sinai without Israel's consent, despite a 1979 peace treaty limiting Egypt's military presence in the peninsula.
"Sinai is our land, and we do not need permission to increase our forces on our land," General Reda Hafiz told the official MENA news agency. -read more