Five billion MORE $$ for green crony socialism.

[gsvol]

Gov't backs 4 more solar loans as deadline looms - CBS News

 

[volinbham]

I'm not a corporate structure legal expert but I have to wonder about this:

In a filing with the U.S. Bankruptcy Court in Delaware, the Justice Department said it was seeking the appointment of a trustee because top Solyndra executives refused to answer questions about its finances and operations. Solyndra CEO Brian Harrison and financial chief W.G. Stover refused to testify before Congress last week, citing their Fifth Amendment protections against self-incrimination.

The Justice Department did not allege any wrongdoing but said "the inability or refusal of the corporate officers to answer material questions . establishes cause for the appointment of a trustee."

It seems like they just make it up as they go and have no respect for contracts (see GM bondholders for exhibit 1)

 

[gsvol]

Well the CEO of the now defunct Lehman Brothers profited to the tune of over a billion dollars between 2000 and 2007 before becoming the first domino in the 'too big to fail' scam that left future generations of America holding the bag of trillions in unpaid debt.


Reported in the Washington Post:

The Obama administration’s Department of Energy was
poised last summer to give Solyndra a second major
taxpayer loan of $469 million, even as the company’s
financial situation was growing more dire.

The Energy Department was actively pushing to provide
the second loan guarantee to the troubled solar-panel
manufacturer in April and May 2010, when Solyndra’s
auditors warned the company was in danger of closing
due to its rapidly mounting debts and expenses,
according to complete e-mails just released by a House
committee investigating the original loan.

White House career staffers, who had first raised
concerns in the fall of 2009 about the Department
of Energy providing Solyndra with its first taxpayer
-backed loan of $535 million , wrote e-mails in gallows
humor in April 2010 about the prospect of giving
Solyndra more money. That spring, industry analysts
were publicly questioning how the Silicon Valley startup
could so quickly be running out both the federal loan
and $933 million in private capital.

“Apparently the loan size for Phase II is $469 million,”
one Office of Management and Budget analyst wrote
of DOE seeking a second loan for Solyndra. The
analysts’s name was not released by the committee.
“I’ve been told we should expect the see that project
soon for conditional commitment.”

Another joked: “Possible to close and default on one
before closing on a second??? Could be a new
record."

Of course we know when the WAPO mentions an even
worse scandal, 'fast and furious', hell will have frozen
over.

The beat goes on.

Here is some info on one of the new loans (some of
these fiascoes have been outright government grants
that went nowhere), most of which include people who
were/are big Obama/demo donors, Chicago connected
and one even has been married to one of the White
House personal staff.

“A third project, worth $1.4 billion, will support
installation of about 750 solar rooftop panels in 28
states.” (leaving only 29 more states to cover)

A whopping $1.87 MIL PER bldg!

Apparently the 750 installations are on their own
buildings, 750MGW worth, which is 1.87 million per
MW. Someone we know pays .30 per KW/hr in California,
750MW/HR on the market at that rate would be
$225,000/HR, or 5.4 million per day @ 100% availability.

ProLogis Gets $1.4 Billion Guarantee for Rooftop Solar Project - BusinessWeek

More facts. (all have links to printed news articles)

This company is ProLogis.

In November of 2008 the CEO 'quit' and they almost
went Bankrupt.

From Dec 31, 2008 to Dec 31, 2010 their Gross Profit
steadily went down from $1,493,258,000 to
$644,572,000 dollars

And their Operating Income went down from
$623,527,000 on Dec 31, 2008 to a LOSS of
($593,978,000) on Dec 31, 2010.

Again, from Dec 31, 2008 to Dec 31, 2010 their Net
Income Applicable To Common Shares went from a
LOSS of ($432,196,000) to a whopping LOSS of
($1,295,920,000)!!!

And as recently March 31, 2011 they had another
LOSS of ($46,616,000) just for that One Quarter!

Walter C. Rakowich, Co-Chief Exec. Officer, Trustee,
Director & Head of the Exec. Committee, was
'compensated' $3,010,000 Million as of Dec 31, 2010.

William E. Sullivan, Chief Financial Officer, was
'compensated' $1,160,000 Million as of Dec 31, 2010.

Mr. Edward S. Nekritz J.D., Chief Legal Officer, Gen.
Counsel, and Sec., got a tidy sum of $909,000 for 2010.


Wonder if Droski would recommend buying stock in
this floundering company, (provided they would not
get federal dollars.)

 

[gsvol]

More Pay for Play… Obama DOE Awarded $400 Million Loan Guarantee to Top Bundler’s Solar Investment Project | The Gateway Pundit

Like Solyndra’s George Kaiser, Colorado also
features an Obama bundler whose direct
investments included a solar company that
received $400 million in loan guarantees
from an enthusiastic and willing Obama
administration.

Obama supporter Pat Stryker, who bundled
$87,500 for the president in 2008, is a major
investor in Abound Solar, a company that was
awarded a $400 million stimulus loan. Obama
even bragged about his support for the company
in a July 2010 Weekly Address.
-----------------------------

Obama announced the $2 billion “investment”
into green energy projects in his July 3,
2010 Weekly Address.

Of course all this in only nitpicking the
detail of the greater scam, AGW and the
snake oil remedy, dolar and wind.

Barnhardt.biz - Commodity Brokerage (watch video)

Obama is not a crook – Solyndra Bankruptcy – YouTube Oh Dem Clowns (another video)

 

[gsvol]

$32 Million Per Job: DOE Awards Another $646 Million Loan Guarantee to Solar Company - By Andrew Stiles - The Corner - National Review Online
$32 Million Per Job: DOE Awards Another $646 Million
Loan Guarantee to Solar Company

D-Day For Green Energy Loan Guarantees As Another Solar Firm Files For Bankruptcy - Forbes
D-Day For Green Energy Loan Guarantees As Another
Solar Firm Files For Bankruptcy

When a plane crashes, the FAA and NTSB will ground
similar planes until they figure out what happened.

We seemed to be launching more sorties of the same type of the crash and burn flights every day.

But only to the politically connected.

 

[gsvol]

The math is simple: to have 8,500 megawatts of
solar capacity, California would need at least 23
projects the size of Ivanpah, covering about 129
square miles, an area more than five times as large
as Manhattan. While there’s plenty of land in the
Mojave, projects as big as Ivanpah raise environmental
concerns. In April, the federal Bureau of Land
Management ordered a halt to construction on part
of the facility out of concern for the desert tortoise,
which is protected under the Endangered Species Act.

(AS IF those turtles aren't crawling around looking
for shade!) Besides, who doesn't like turtle soup? :loco:


As someone said, this is the tip of the ice berg.
(no disrespect to endangered desert tortoises
or endangered poar bears.)

Exelon Corporation: John W. Rogers, Jr.

Profile

Mr. John W. Rogers, Jr., has been a director of Exelon
since October 20, 2000.

Mr. Rogers’ experience on the boards of a number of
major corporations based in Chicago in a variety of
industries has made him a leader in the Chicago
business community with perspective into Chicago
business developments.

John Rogers is divorced from ousted WH social secy
Desiree Rogers (one child).

Rogers, owner of Ariel Capital Management, and one
of Obama’s chief fundraiser, became the first African-
American winner of a Woodrow Wilson Award for his service to the Princeton alumni community, the Chicago
community, the African American community and the financial community.

(Ex-WH czar, commie Van Jones, just got a one-year
joint appointment as a distinguished visiting fellow at
Princeton’s Center for African American Studies and
Woodrow Wilson School of Public and Int Affairs, where
he will teach a seminar on environmental and economic
policy).

Rogers is co-chairman of Jesse Jackson’s annual Wall
Street Project minority conference (AKA The Annual
Shakedown), chairman of the Chicago Urban League,
a member of four corporate boards and was a leading
campaigner for Princeton basketball legend and United
States Senator Bill Bradley’s 2000 United States
presidential campaign.

Three of the boards he serves on are Fortune 500
companies: McDonald’s, Aon Corporation, and Exelon
Corporation.

(Obama’s chief of staff, Rahm Emanuel, helped create
Exelon. when Emanuel was at the investment bank
Wasserstein Perella (now Dresdner Kleinwort). In his 2-
year career there Emanuel earned $16.2 million,
according to congressional disclosures. His biggest deal
was the Exelon merger. David Axelrod was Exelon’s PR
man.

Emanuel e-mailed Exelon’s John Rowe on the eve of
the House vote on global warming legislation and asked
that he reach out to some uncommitted Democrats.
“We are proud to be the President’s utility,” says
Elizabeth Moler, Exelon’s chief lobbyist. “It’s nice for
John to be able to go to the White House and they
know his name.”

Rogers is a trustee of the University of Chicago. He
has served numerous civic, educational and arts
organizations as a director or trustee, including the
Rainbow/PUSH Coalition, the Oprah Winfrey Foundation
and the Chicago Symphony.

At Princeton, he was a trustee of the University from
1990 to 1994 and more recently has served as a member
of the Association of Black Princeton Alumni (ABPA) and the Princeton Varsity Club board of directors, as well as
the Alumni Schools Committee. He has been an
advocate for greater diversity in upper-level corporate
positions.

In the early 1990s, Rogers served as a fundraising leader
in Project Vote voter registration efforts led by President
Barack Obama (aided by ACORN).

(There was criticism of the financial ties and close
cooperation between President Obama’s campaign and
ACORN and its sister organizations Citizens Services Inc.
and Project Vote. The groups came under fire during the
campaign after probes into possible voter fraud in a
series of presidential battleground states, including
Ohio, Pennsylvania, Michigan, New Mexico and Nevada.

ACORN and its affiliates are currently the target of at
least 14 lawsuits related to voter fraud in the 2008
election and a Racketeer Influenced and Corrupt
Organizations (RICO) Act complaint filed by former
ACORN members.)

Rogers.. He was part of the inner circle of the Barack
Obama presidential campaign.He is a long-time Obama
associate who serves as the co-chair of Obama’s Illinois finance committee and who has been a major Democrat
fundraiser.

He served along with Bill Daley, Pat Ryan, Penny Pritzker
and Julianna Smoot on Barack Obama’s 2009 presidential
inauguration committee.

Rogers website makes sure we understand that Rogers’
Ariel Fund is NOT affiliated, associated nor in any way
related to Ariel Fund Ltd, the hedge fund controlled by
J. Ezra Merkin; Gabriel Capital LP fund; GMAC LLC;
Cerberus Capital Management LP......... or any other
feeder funds controlled by J. Ezra Merkin that were
used by Bernard Madoff in his alleged Ponzi scheme.

SOURCE Exelon's Carbon Advantage - Forbes.com)

But we the people are to believe that nothing stinks
about all this blatant corrution. :loco: