October 11, 2011

SunPower.

Worse than Solyndra?

32 comments:

TML said...

How many of these can we expect in the coming months? 2012 is going to be interesting. If SPWR fails, too, game over for Old Bomma. No way he bears that weight.

traditionalguy said...

The reason he is President is to do these crooked deals under cover of CO2 is pollution pretense he uses to fool the weak minded ...that's us.

Carol_Herman said...

Oh, you can get this to "work." Pennies on the dollar! Fixed by a bankruptcy judge! Where the "investors" take a bath.

As to Obama?

He's winning.

He's not responsible for California's headaches.

Michael Lewis just did a piece on california, that's running in Vanity Fair.

Seems like Californians are like the Greeks. They don't like taking responsibility. Schwarzenegger couldn't stop the hemorrhaging.

And, the only avenue open is default.

From Michael Lewis' point of view ... NOT all of our 50 states are "nifty" states. With jobs.

California is probably the worst state going towards default.

"Solved" in bankruptcy court.

You thought there was another solution?

MarkG said...

Will his speech next year at the Democratic Convention include any crap about seas slowing their rise or the Earth beginning to heal? No. Probably not a word about the environment.

Carol_Herman said...

Using the Michael Lewis model ...

When you're bust ... you go bust.

But the jobs have already gone elsewhere.

The politicians, in California, are clueless on how to get the jobs back.

You know, "before Johnny Carson ... when he moved his TV show to Burbank. From NYC. This place didn't really hold jobs.

The weather brought lots of jobs.

Unfortunately, though, Californian's have run out of "other people's money."

So, too, did NY.

What kind of test could you use?

Well, Rush Limbaugh once lived in NYC.

And, Matthew Drudge once lived in Hollywood, California.

Both those men now live around Palm Beach. In Florida.

States that will do well hold tax advantages.

States that will suffer ... are burdened by the worst politicians that got elected. (And, they won't let go.)

Quayle said...
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Quayle said...

My friends, we're getting fleeced.

Fortunately, when Chris Christie is Romney's AG, all this money will be clawed back by the government, and the liars on the applications and prospectuses put in jail.

Carol_Herman said...

Obama is still winning, because the candidates the GOP's got ... aren't really competitive.

To give you an idea how bad this is?

Use the McCain model. Realize that McCain got 47% of the vote in 2008. The current list of candidates?

Well they could fall below 44%.

So, how does Obama win?

By being the LEAST ODIOUS!

Europe's headed for catastrophe.

And, what's the claims against Obams? He dithered.

Well so too did FDR when Hitler was rising. (We had our own problems, here.) But FDR kept winning.

Do you want to know how to fail?

GROW A BUBBLE. Feel euphoric.

Bad times, however, get people to change their behaviors. In terms of holding onto every nickel!

Not since the Great Depression have people faced reality like this!

(And, remember the rule. The GOP lost it with Hoover. And, they don't get "it back" ... until they ran to Eisenhower ... and begged him to take the nomination back in 1952.)

What did Eisenhower do?

He BLOATED the Executive!

Obama just has to stay the course.

The GOP is scaring people witless.

Lem said...

God knows how many other rat holes Obama has been draining tax payer money into.

The MSM could not be less interested.

Synova said...

It was a matter of faith that "green" companies and "green" energy were sound business choices. Why? Just because people wanted it to be true.

There is no way this is a surprise to *anyone* at all. Even the people with their fingers in their ears going la-la-la-la in a sort of "green is good business" denial had to understand the need for fingers and la-las.

EDH said...

Let me see if I get this straight:

Last minute loan guarantee, for an amount more than the company is worth, insiders sell-out to foreign company making a huge profit for themselves, manufacturing moved to Mexico.

While they were at it, why didn't they illegally subordinate the government to the investors on the debt!

I wonder if Karen Timulty wants to any of these guys in jail?

Naaah.

EDH said...

What was that earlier Althouse post today about optimism and brains?

Alan said...

All hail Obama the Sun King!

edutcher said...

And this will all be breaking over the next year, whether the media, or anybody else (Carol Herman, included) likes it or not.

Cedarford said...

EDH said...
Let me see if I get this straight:

Last minute loan guarantee, for an amount more than the company is worth, insiders sell-out to foreign company making a huge profit for themselves, manufacturing moved to Mexico.


===================
Nah, pretty good read, EDH. I see you caught the part about the owner-insiders lucrative sellout to a foreign energy concern and moving most jobs to Mexico as part of the deal.

As for Karen Timulty, no doubt she would like those "heroes of private enterprise, the Jobs Creators..." looked at for criminal violations. Right after the crony friends of both Republicans and Democrats have a single person amongst them investigated - for the 2 trillion dollars that are now on US citizens backs to pay off.

1. The crooks of the insurance industry.
2. The crooks of the banking houses.
3. The crooks in the Fed Government that were paid well to enrich those private sector crooks. People like Dodd, Hastert, Franks, Schumer, Nadler, Feinstein..

Coketown said...

I wonder how many middle class families could have received tax cuts with the $3 billion so far sunk into failed solar companies. Or should I say, spent reimbursing wealthy, politically-connected retards for the stupid decisions they made.

I'm just thinking if we frame this debate in the Left's class warfare rhetoric, we might get them to come around to our side.

Carol_Herman said...

Well, money is always spent on research. I'm not so sure this whole thing went down the sewer.

Because at some point it paid engineers to study this type of "heat source."

That it failed?

That's usually what happens when new things are tried.

It's not the end of the world.

Carol_Herman said...

I think ENRON was a bigger fail.

free431 said...

Cronyism and corruption run rampant in all branches of our government.

Consider what just happened in a Texas federal court. A Dallas business owner was involved in a civil dispute and paid hundreds of thousands of dollars to lawyers, and when he objected to additional fees after the case settled, they had a “friendly” judge seize all of his possessions, without any notice or hearing, and essentially ordered him to be an involuntary servant to the lawyers. The business owner has been under this "servant" order for 10 months and is prohibited from owning any possessions, freely traveling, prohibited from working, etc...

http://lawinjustice.com has details about this disturbing case:

free431 said...

Cronyism and corruption run rampant in all branches of our government.

Consider what just happened in a Texas federal court. A Dallas business owner was involved in a civil dispute and paid hundreds of thousands of dollars to lawyers, and when he objected to additional fees after the case settled, they had a “friendly” judge seize all of his possessions, without any notice or hearing, and essentially ordered him to be an involuntary servant to the lawyers. The business owner has been under this "servant" order for 10 months and is prohibited from owning any possessions, freely traveling, prohibited from working, etc...

http://lawinjustice.com has details about this disturbing case

Fred4Pres said...

Sunlight is the best disinfectant.

Nora said...

I was involved in solar energy technology development back in the 80s. Pilot plant after pilot plant after pilot plant went into dead end - to little, too expensive. The American company that was involved was Luz. It looks like they did not move far from were they were 20+ years ago: http://www.luz2.com/about_us . In the pictures it looks like they are using ideas from Weizman Institute research project from the 80s as well.

I thought Luz went broke long ago. They were always on the age back then. I wonder whether they got a cut from Obama's energy schemes

The Drill SGT said...

Nora said...
I was involved in solar energy technology development back in the 80s. Pilot plant after pilot plant after pilot plant went into dead end - to little, too expensive.


The only way the eco-power industry survives is because of Politico-power, in specfic:

1. mandates for use
2. subsidies on production
3. grants/loans (DoE)
4. tax breaks on production
5. tax breaks for use
6. green jobs grants

Look at any eco-power business plan and at the heart, you'll not see it based on cents per watt in production costs, but rather some feature in somebody's tax code.

What makes SunPower's business plan is this:

- The California government (you know, the ones that are Bankrupt) have mandated that a full 33% of the state's power be "renewable".
- PG&E is scrambling to meet the mandate
- ratepayers will get the bill, but low income ratepayers are protected, meaning, this is a redistribution scheme, from middleclass CA tazpayers to the pocket of George Miller's son and his buds

The Drill SGT said...

I stole this from NRO, but it confirms my regulatory premise:

Third: How is it that GE’s CEO, Jeffrey Immelt, can be the head of the President’s Council on Jobs and Competitiveness while his company is paying little or no federal income taxes? That question is particularly germane as the president never seems to tire of bashing the oil and gas industry for what he claims are the industry’s excessive tax breaks.

Over the past year, according to Yahoo! Finance, the average electric utility’s return on equity has been 7.1 percent. Thus, taxpayer money is helping GE and its partners earn more than four times the average return on equity in the electricity business.

A few months ago, I ran into Jim Rogers, the CEO of Duke Energy. I asked him why Duke — which has about 14,000 megawatts of coal-fired generation capacity — was investing in wind9energy projects. The answer, said Rogers forthrightly, was simple: The subsidies available for wind projects allow Duke to earn returns on equity of 17 to 22 percent.

In other words, for all of the bragging by the wind-industry proponents about the rapid growth in wind-generation capacity, the main reason that capacity is growing is that companies such as GE and Duke are able to goose their profits by putting up turbines so they can collect subsidies from taxpayers.

sorepaw said...
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sorepaw said...
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michaele said...

At least during the Bush administration years, some corporate crooks went to jail. ..Ken Lay and Jeff Skilling from Enron, Bernie Ebbers and Scott Sullivan from Worldcom, Dennis Kozlowski from Tyco. When is the Obama justice dept. going to kick into gear and produce a perp walk beyond Madoff.

Methadras said...

These are Obama's Enrons.

sorepaw said...
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Marshal said...

If teh occupiers were really against corporatism don't you think this would come up?

sorepaw said...
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I am New said...

we're getting fleeced.
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