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Solyndra - 'the future of green energy'
October 10, 2011 - Ron Hart
y Ron Hart "An insane business model; the numbers just don't work, and they never did."
--Peter Lynch, a solar industry analyst on Solyndra
In 2008 and until an intervention in the form of the 2010 elections, the Democrats had a supermajority with the House, Senate and presidency. They looted the country like it was Katrina again, knowing the cops would soon be there.
A part of that was a $535 million "fast tracked" loan to Solyndra that was sped up so Obama could visit them and use them in a speech applaud himself. The loan was denied under Bush.
Trumpeted by Obama as the future of green energy, Solyndra, with accumulated losses of $558 million in its five-year existence, filed bankruptcy. It was in violation of its debt covenants last year. Solyndra went broke leaving us taxpayers with the bill. So I guess Obama was right, that is the future of his deals.
We learned that community organizing is not the best training to be a venture capitalis (Enlarge) FBI agents carry dozens of boxes of evidence from Solyndra headquarters in Fremont, Calif., Thursday, Sept. 8, 2011. The FBI are executing search warrants at the headquarters of California solar firm Solyndra that received a $535 million loan from the federal government.
PAUL SAKUMA, ASSOCIATED PRESS t. Solyndra's solar panels did not work well; turns out Snooki from The Jersey Shore absorbs more sunlight. We could have created more energy by burning our $535 million in one dollar bills in a power plant. That technically is green-back energy, so Obama can brag about that.
This is what happens with Chicago-style crony capitalism. The business fails, the taxpayers foot the bill and political friends rack up. Former Massachusetts Governor William Weld will do well too; he will charge $800 an hour to lawyer the bankrupt company. It's called reaching across the aisle.
Al Gore, a government employee for life, broke the code on getting rich on this green energy scam. Celebrity Networth says Gore has over $100 million. Shaking down opportunities for money using the government as the heavy is a great gig for ex-Democrats with no real marketable business skills. It combines pretending you can harness the sun for energy with the salesmanship of Bernie Madoff. The cool thing is that you never really have to produce a product people want to buy – just say you will.
In fact, the "green" business is environmentally gentle in that it uses only recycled politicians.
Like Chrysler, when Obama circumvented 200 years of bankruptcy law to benefit them, billionaire George Kaiser (the original investor in Solyndra) finagled a deal where his investment gets paid back in front of the United States' $535 billion loan. Coincidence I am sure, but he was one of the biggest donors to Obama in 2008.
Also, information came out on Monday that the Democrat Party in California was listed as a creditor of the bankruptcy filing. The Dems in California took exception; they are usually viewed as a liability.
Of course they put this business in California, a solidly liberal Democrat stronghold with the worst unemployment rate in the country to show for it. The unemployment would be worse in California had they not had be boom of health food stores turned in to marijuana dispensaries the last few years. The only growing business there is company relocation concerns helping corporation's exodus the state. California also funds college for illegal immigrants helping them realize the dream of going from an employed farm worker, to collecting unemployment as a Cal Berkley grad in Art History – the new "American Dream" under Obama.
Obama has long preached the green energy religion to his followers, but I wonder; is he the televangelist himself, smoothly snookering saps out of their money, or the mark who sends his paycheck in to the preachers on TV because they are convincing?
Like with tent preachers, God is a great partner: He is a powerful influence on customers and does not take a cut of the tithes. It is similar with government shake down artists: The government is a powerful partner with free money and only takes political kickbacks.
Solyndra is not about wasted money and political payback. It is about the scope and role of government, and the notion that they should pick winners and losers in what used to be our private sector. Does Obama know more than 310 million Americans and 7 billion people worldwide about what we want and what we are willing to pay for it? Let the marvel that is the markets do this for us; it has done a fantastic job so far and not only does it not cost us anything, you can tax it. Obama has to like that.
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