World's Largest Solar Plant, With Second Largest Ever Department of Energy Loan Guarantee, Files For Bankruptcy

Tyler Durden's picture




 

Solyndra was just the appetizer. Earlier today, in what will come as a surprise only to members of the administration, the company which proudly held the rights to the world's largest solar power project, the hilariously named Solar Trust of America ("STA"), filed for bankruptcy. And while one could say that the company's epic collapse is more a function of alternative energy politics in Germany, where its 70% parent Solar Millennium AG filed for bankruptcy last December, what is relevant is that last April STA was the proud recipient of a $2.1 billion conditional loan from the Department of Energy, incidentally the second largest loan ever handed out by the DOE's Stephen Chu. That amount was supposed to fund the expansion of the company's 1000 MW Blythe Solar Power Project in Riverside, California. From the funding press release, "This project construction is expected to create over 1,000 direct jobs in Southern California, 7,500 indirect jobs in related industries throughout the United States, and more than 200 long-term operational jobs at the facility itself. It will play a key role in stimulating the American economy,” said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America and Executive Chairman of project development subsidiary Solar Millennium, LLC." Instead, what Solar Trust will do is create lots of billable hours for bankruptcy attorneys (at $1,000/hour), and a good old equity extraction for the $22 million DIP lender, which just happens to be NextEra Energy Resources, LLC, another "alternative energy" company which last year received a $935 million loan courtesy of the very same (and now $2.1 billion poorer) Department of Energy, which is also a subsidiary of public NextEra Energy (NEE), in the process ultimately resulting in yet another transfer of taxpayer cash to NEE's private shareholders.

As Bloomberg notes: "The company joins Energy Conversion Devices Inc., a U.S. solar manufacturer that suspended production last year; LSP Energy LP, the owner of a natural-gas-fired power plant in Mississippi; Ener1 Inc., maker of lithium-ion batteries for plug-in electric cars; solar-panel maker Solyndra LLC; and energy storage company Beacon Power Corp. (BCONQ) in bankruptcy."

And so central planning fails again, and again, and again, and again. But it sure will be better with the centrally planned monetary (and in the absence of a working Congress - also fiscal) policy. Because this time it really will be different.

From Reuters:

Solar Trust of America and several affiliates filed for protection from creditors with the U.S. bankruptcy court in Delaware. It estimated to have as much as $10 million of assets, and between $50 million and $100 million of liabilities.

 

Blythe is about 220 miles (354 km) southeast of Los Angeles.

 

"We have been working with Solar Trust of America for a couple of years in getting this project going," David Lane, Blythe's city manager, said in an interview. "Although the project is not in the city limits, we are the only city within 100 miles. My sense is that with the large investment in what was to have been the world's largest solar power plant, someone somewhere will buy it and build it."

At least someone's reputation will be tarnished as a result of this latest epic failure of the Obama administration to misallocate capital :

Solar Millennium said it has been sued by former Chief Executive Utz Claassen over public statements by company representatives that he claims have damaged his reputation and left him unable to find a job. Solar Millennium said the lawsuit would not directly affect its insolvency proceedings.

Two people, however, who won't be humiliated at all are California Governor Jerry Brown, and Secretary of the Interior Ken Salazar, who reprise the role of Joe Biden, last seen praising not only MF Global's Jon Corzine, but that other epic administration failure: Solyndra. Watch them praise the groundbreaking for the Blythe facility.

Epic embarrassment. And not even a full year ago.

But before that, of course, we had the funding of the plant with a $2.1 billion loan guarantee from the US Department of Energy, the second largest ever, smaller only than Georgia Power's $8.33 billion loan guarantee.

From the DOE:

U.S. Energy Secretary Steven Chu today announced the offer of a conditional commitment for a $2.1 billion loan guarantee to support Units 1 and 2 of the Blythe Solar Power Project, sponsored by Solar Trust of America, LLC. The concentrating solar thermal power plant includes two units comprising a combined 484 megawatt (MW) generating capacity, an eight-mile transmission line and associated infrastructure. The project will be built adjacent to the City of Blythe in Riverside County, California and is expected to create over 1,000 construction jobs and approximately 80 operations jobs. The plant is estimated to avoid over 710,000 tons of carbon dioxide emissions annually, equivalent to the annual greenhouse gas emissions from over 123,000 vehicles.

 

“Loan guarantees play an important role in facilitating the development and deployment of innovative technologies at massive scope and scale,” said Secretary Chu. “Continued investments like this project make solar power more efficient and cost competitive while creating thousands of jobs and strengthening the economy.”

 

“California is the national leader in clean energy, and our great state is poised to become the world leader in renewable energy generation,” said Governor Jerry Brown. “I commend President Obama and Secretary Chu for making another major investment in California.”

 

“This clean energy project will create more than 1,000 jobs and strengthen the economy of Riverside County. Investments like this one are critical to reducing America’s dangerous dependence on foreign oil, protecting our children from pollution and creating clean energy jobs here in California,” said Senator Barbara Boxer.

And while we do not know just how much the government will have to pay out of pocket, we do know that STA had at least $50 million in debt at filing.

What we do know for sure is that at least the firm's financial advisors made money on the deal. From the company's Investors page:

World-Class Financial Advisors

In October 2009 Solar Trust engaged Citigroup Global Markets Inc. and  Deutsche Bank Securities, Inc. as advisors to assist in securing more than $6 billion in financing for construction of the company’s solar  power plants in California and Nevada. Citigroup and Deutsche  Bank are also providing advisory services for Solar Trust’s efforts to  develop models for debt and equity project financing for  its solar power plant projects.

Great job there Citi and Deutsche: can you please advise us how much in taxpayer cash you received as part of your incalculable "advice" please?

Also, as noted earlier on, as part of its first day filings, the company was prompt announce the procurement of DIP funding (link), which will come in the form of a $22.3 million secured loan (against what assets?) at Libor + 800bps, courtesy of NextEra Energy Resource, LLC. The same NextEra featured in the following press release:

NextEra Energy Resources' subsidiary closes on $935 million financing and secures a DOE loan guarantee for its Genesis solar project

 

JUNO BEACH, Fla. – NextEra Energy Resources, LLC, announced that its subsidiary, Genesis Solar, LLC, has closed on construction and term financing consisting of $702 million in project bonds, a $150 million project term loan facility and an $83 million project letter of credit facility. The U.S. Department of Energy has provided a loan guarantee of 80 percent of the principal and interest on the project bonds and project term loan under its Financial Institution Partnership Program. Proceeds from the financing will be used primarily for the construction of the Genesis project, a 250-megawatt utility-scale concentrating solar thermal generating facility featuring proven parabolic trough solar thermal technology, located in Riverside County, Calif.

 

“This financing marks a significant milestone in the development of the Genesis project,” said Armando Pimentel, executive vice president and chief financial officer of NextEra Energy, Inc., the parent of NextEra Energy Resources. “We are very pleased with both the strong investor reception for this financing, which we view as a validation of our solar development efforts, and the receipt of a loan guarantee from the Department of Energy Loan Programs Office.”

That's right: one ward of the state, bailing out another ward of the state, all to reduce those evil carobn emissions. Although that is not all. NextEra is also a subsidiary of the publicly traded, albeit with very private investors, NextEra Energy (NEE). Which means that every dollar extracted out of Solar Trust via the DIP, and ultimately via a Credit Bid in which NextEra will acquire the STA assets at pennies on the dollar, will go straight to NEE's shareholders. Who are these shareholders you ask? Here they are: spot the odd one(s) out. 

And that is how in crony America taxpayer money goes from one insolvent pocket, to another, to Wall Street, all under the guise of idealistic pursuits and clean energy.

There is more to this story but we will stop here as we have had enough.

For those interest here is the first day affidavit, as well as the DIP term sheet. And the last time we saw an Org Chart this fun, the company's name started with En and ended in ron.

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Mon, 04/02/2012 - 20:18 | 2311337 sunnydays
sunnydays's picture

What absolute Bullshit!  Where did all the money go to? Lining pockets?  How is it they got this much money from the taxpayers.

 

People wonder where their taxes go?  Goes to friends of the Presidents when they are in office.

Mon, 04/02/2012 - 20:26 | 2311361 brewing
brewing's picture

commander-in-thief...

Mon, 04/02/2012 - 20:42 | 2311400 Ahmeexnal
Ahmeexnal's picture

Hope and Change!

Mon, 04/02/2012 - 21:03 | 2311443 flacon
flacon's picture

Blythe bitch(es)! 

Mon, 04/02/2012 - 21:15 | 2311476 iDealMeat
iDealMeat's picture

Citi Plant..

Prior to joining STA, Mr. Clapp was a Managing Director in Citigroup's Global Power Group and was responsible for leading Special Initiatives across Citi's global power franchise. Upon joining the bank in 2004, Mr. Clapp partnered with Citi's relationship bankers to advise power companies on strategic issues, while also developing innovative financing products and services for Citi’s global power clients.

 

http://solartrustofamerica.com/about-us/management-team/john-d.-clapp-co...

Mon, 04/02/2012 - 21:43 | 2311571 Ray1968
Ray1968's picture

I only hope that Al Gore was fully invested in all these BS companies.

Mon, 04/02/2012 - 23:48 | 2311923 economics9698
economics9698's picture

Fucking bull shit.  Fuck Obama.

Tue, 04/03/2012 - 00:01 | 2311958 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Can you trust a man name Uwe?

I once tried to get into solar power a career. Looks like my failure might be a good thing. Disgusting.

Tue, 04/03/2012 - 01:32 | 2312089 Oh regional Indian
Oh regional Indian's picture

Actually what is happening is quite clear.

Fund then Bankrupt. Fund then Bankrupt.

Because it all Regulatory capture after all. 

Pretty soon all this alt. energy will be "Only" in Gubberment hands. 

Creating an alternate energy backbone on the backs of people. Worldwide. Quite a scam.

We don't understand energy, not conservation NOR efficiency. Thus, only running downhill works in-spite of us, not because of us.

ori

the-curse-of-free-energy/

Tue, 04/03/2012 - 02:23 | 2312145 OldPhart
OldPhart's picture

It has other costs, too.

Just sent this off to the Company owner/president and to his dad, the CEO.

Our company just lost $2.5 million in contract work.  We hired 12 Ready Mix drivers, 5 Aggregate Drivers and 3 Powder Drivers to train to service the work.  Twenty people are about to be culled from the employed.

Luckily we didn't need to purchase additional trucks, we've idled 100 of them since 2008.  But we did incur about $225k in costs in getting them road worthy and fully licensed.  I guess we'll rotate them around for the next year.

I'll be writing $30k in receivables off tomorrow. 

I had a bad feeling about this when the Sales Manager started talking about it.

Tue, 04/03/2012 - 03:17 | 2312182 Ratscam
Ratscam's picture

Qcells, Germany's biggest solar panel producer, just filed for insolvency as well.

Tue, 04/03/2012 - 08:53 | 2312466 Element
Element's picture

The Australian Solar situation is also a complete farce:

--

26 October 2006
World's biggest solar plant for Australia
http://www.cosmosmagazine.com/news/800/worlds-biggest-solar-plant-australia

" ... it's a brave new world! ...."  (yada yada yada)

August 24, 2007
White Cliffs solar energy glory recognised
http://www.abc.net.au/news/2007-08-24/white-cliffs-solar-energy-glory-re...

" ... The solar plant is now closed but it has earned a national award that will see it preserved as a piece of alternative energy heritage ... "

i.e. ROFL!!!  it's such a fucking white-elephant that they're turning it into a cultural 'heritage' site (rather than just demolish and STFU about it) before the paint even dries on it!

October 19, 2009
Rudd abandons Australia's first solar power plant
http://www.greenleft.org.au/node/42578

" ... The government had already promised $125 million to support the Mildura project under the Low Emissions Technology Demonstration Fund. But Turner said only $500,000 had been delivered. ..."

SAT 18 JUNE 2011
Green light to build Australia's largest solar projects
http://www.pm.gov.au/press-office/green-light-build-australias-largest-s...

"Putting a price on carbon will also help drive the investment we need in renewable and clean energy technologies such as solar." The Gillard Labor Government will contribute $464 million for the project in Chinchilla worth an estimated $1.2 billion and $306.5 million towards the project in Moree worth an estimated $923 million.  Together, the projects are expected to generate enough power to support the electricity needs of more than 115,000 Australian homes per year. [well, partial needs, during bright sunlight] ... The Moree Solar Farm consortium, led by BP Solar will build a 150 MW photovoltaic power plant near Moree.  This is nearly twice the size of any photovoltaic power plant operating in the world today.

[so let's see, that's ~$2.2 billion AUD in startup cost to partially supply only 115k homes, or $18,700 AUD per house ... and no batteries included! ... thus they still need to pay for a base-load coal or hydro plant and it's infrastructure -- AS WELL!  What a fucking bargain!]

August 18, 2011
Government's withdrawal of solar subsidy scheme leaves industry in trouble
http://www.theaustralian.com.au/national-affairs/governments-withdrawal-...

The findings come as Silex Solar, operator of Australia's only solar-panel manufacturing plant, yesterday announced it would shut part of its operation with the loss of 30 jobs.  Industry representatives said they faced a growing crisis as state-based subsidy schemes were wound back and competition intensified from overseas. They predicted up to 4000 jobs could go by the end of the year in NSW alone.  ... AuSES CEO John Grimes labelled the government's lack of support an "attack by stealth" on the solar industry, and accused the government of wanting to "lock solar in the bottom drawer and forget about it".  NSW Energy Minister Chris Hartcher said the industry had "been built on the back of government subsidies", and it was time to end the boom and bust cycle.

16 NOVEMBER, 2011
UPDATE: Silex Solar Suspends Australian Solar Panel Production
http://www.energymatters.com.au/index.php?main_page=news_article&article...

Silex chief executive Michael Goldsworthy said the combination of a global oversupply of panels, the strong Australian dollar, most states slashing feed in tariffs and the Federal government's reduction of the Solar Credits rebate were the main factors in the decision to suspend manufacturing operations.  According to an Interim Operational Update from Silex Systems : "SilexSolar has decided to suspend all manufacturing operations and place the plant in 'care and maintenance' mode until the future direction of the business can be determined. Most of the manufacturing employees have been made redundant, along with several engineering, technical and administrative staff."

9 November 2011
BP Solar closing solar panel manufacturing plants and focussing on large projects.
http://www.australianwindsunpower.com.au/news/bp-solar-closing-solar-pan...

"We are going to exit our module-only sales through our distribution network," spokesman Pete Resler said. "Looking at the market today... we think we can have a much stronger business going forward focusing on developing projects."

27th March 2012
Emission targets change as solar plants stagnate
http://www.abc.net.au/7.30/content/2012/s3465055.htm

Grand designs indeed, but they haven't left the drawing board. And both failed to meet financial deadlines. So why is the Solar Flagships scheme stalling?  ... What we've got is a Government just arbitrarily picking projects for whatever reason, whether it's a political reason or what have you. They're getting it wrong. ... Really it was a thought bubbles of a series of politicians that, wouldn't it be impressive for us to build a really, really big project, in fact the biggest in the world. ... The Federal Government provides one-third of the funding needed to build the big solar projects. The other two-thirds have to be raised from the private sector. To secure that investment solar plant developers have to lock in contracts to sell the solar power. To do that they must strike deals with electricity retailers who on sell the power to businesses and households and that's proving to be the snag. ...  But without a sod turned at Moree or Chinchilla, the scheme to boost green energy technology is seen to be struggling to deliver on its promise to build a vibrant solar industry.

--

So why is anyone surprised that in a country where coal is everywhere, and this supplies cheap power, day and night, that people aren't stupid enough to pay top-dollars for a solar power that disappears when the sunlight does, unless you buy several hundred million inefficient batteries (in DC to AC conversion and resistence losses terms) for electron storage and usage at night?

Which makes the solar option, not just very expensive, but astronomically expensive!  Plus this also renders solar an industry with a major pollution footprint, firstly from when the panels are manufactured, then the batteries manufactured, then the need to recycle or dispose of them, as you pay to replaced them again about 10 years further along the gravvy train ... and the panels and electronics need to be replaced soon after.

Thus this mass-delusion talk about "base-load solar power" is finally come unstuck, and is meeting-up with economic and industrial realities. 

Only a overly-fattened Govt could devise and oversee such a totally fucked and farcical un-economic non-starter, that's pretending to be an alternative energy plan, and a path to future national "clean-green" diminished 'prosperity'!

Fortunately, the one thing we here don't need is an 'alternative' energy supply here.  But in the meantime, the Labor Govt of Julia Gillard is going to get crucified at the next poll, Firstly for the undeclared and hidden inflation they claim does not exist, the extra hours we thus all have to work to make ends meet, the 'high' interest rates (which are actually still very much on the low side!!) and the skyrocketing electricity costs with each new bill, for the past 10 years, curtesy of the much reviled new "carbon-tax", and the numerous 'free' subsidies for Greenie alternate-energy queens, and the so-called 'smart-grids' etc. (which for some unfathomable reasons we simply MUST HAVE!!!!!!!!!!!! ...though I'm stuffed if I can figure out why), and who's contributions to hip-pocket pain is still to arrive over coming quarters.

--

Oh yes ... there will be blood ...

http://www.youtube.com/watch?feature=player_detailpage&v=FNafU1DQVhE

Tue, 04/03/2012 - 15:29 | 2314242 JW n FL
JW n FL's picture

 

 

Fox Claims Solar Trust "Received A $2.1 Billion Conditional Loan Guarantee" Before Bankruptcy

http://mediamatters.org/mobile/research/201204020017

 

Tue, 04/03/2012 - 00:52 | 2312033 Michael
Michael's picture

I just thank God and mother nature for their extended solar minimum that put the Obama administration and the lunatic so called environmentalists in their place. The real science blogs like WUWT and Climate Depot did a good job too.

http://www.climatedepot.com/

http://wattsupwiththat.com/

Tue, 04/03/2012 - 02:58 | 2312167 Pinch
Pinch's picture

real science blogs like WUWT

OMFG! WUWT is run by Anthony Watts, you oaf! He doesn't even have a college degree! The level of stupidity of commenters on this site is unreal. They almost all believe in global warming myths and most are "libertarians" (read: far right wingers who want to pay no tax at all and f*ck the consequences).

 

BARF.

 

 

Rush Limbaugh in his own words: I'M A NAZI, OH YES I AM!

Tue, 04/03/2012 - 06:32 | 2312289 jpalm
jpalm's picture

" want to pay no tax at all and f*ck the consequences "

Yeah, because unlike today's highly successful, 15 trillion dollar debt America, the pre-1913 America of no income taxes was a total disaster chocked full of "consequences" like limited government, freedom, liberty and those silly free markets.

By the way, I've been to many Libertarian functions and I am yet to meet one who believes in man-made global warming.

Tue, 04/03/2012 - 09:53 | 2312667 Gohn Galt
Gohn Galt's picture

I don't think anyone can deny:

Man is polluting the planet

Bureaucracy is not the answer

We are supposed suppress the government, not the other way around

Personal knowledge, liberty, responsibility and action is the answer

 

Tue, 04/03/2012 - 17:19 | 2314625 jpalm
jpalm's picture

Ofcourse man is polluting the planet, but to believe that we actually infuence temperature fluctuations and weather patterns is preposterous.

Tue, 04/03/2012 - 20:22 | 2314920 Element
Element's picture

Hey Pinch,

What sometimes happens with guys like this, is that if a student-dissenter steps out of line and dares to question the dept-of-received-truth, or remains vocally unconvinced by a discipline's paradigm-based mythology, grab-bag of peer-reviewed theories, and assorted supporting evidences stories, then their professors usually take a dim view of this, and effectively decide such a person should be reformed/salvaged or else disposed of, and especially given no place or recognition, as they are a threat to the intellectual ruling-class elites of the discipline.

Whether a Catholic Pope does it, or a professor in an academic department does it, the result is the same, ostracism and rejection of alternate ideas or what may be a more valid stream of thought, analysis and experimentation.

And especially with regard to attacking those suggesting that a distinguished professor, 'researcher' or intellectual is talking pure high-handed shit.

Hence I don't and I won't auto-discount people who have no degree(s), because I've discussed issues with Doctorate passes and professor status individuals who plainly are ignorant buffoons and don't even suspect this, so inculcated in professional myths and biases are they.

And I'm mildly suspicious of anyone trying to dispense with or discredit competitive alternate arguments, or the personal purveyors of such arguments.

And I'm also wary of anyone who declares that people working outside this approved academic gravy-train process should be ignored or lampooned on such a flimsey basis.

It all just looks and sounds like intellectual elitism to me, and often that's all it is.

And if said dissenter really is a moron, then I can work that out myself, soon enough.

Fear not Pinch.

Tue, 04/03/2012 - 00:57 | 2312047 bushwarcrime
bushwarcrime's picture

Dear Sirs,

 

Please cancel my subscription to redneckcirclejerk.com

Sincerely,

Shrub 

Tue, 04/03/2012 - 15:31 | 2314255 JW n FL
JW n FL's picture

 

 

Fox Claims Solar Trust "Received A $2.1 Billion Conditional Loan Guarantee" Before Bankruptcy

http://mediamatters.org/mobile/research/201204020017

You will NEVER! be able to stiffle the Fox News Crowd! they will be HEARD BY ALL!! ALL THE TIME!!!

ZIONISTS RULE!! and dont your forget it!

Tue, 04/03/2012 - 18:59 | 2314898 mkkby
mkkby's picture

Green energy can't even sustain itself at high oil prices.  Only a completely fraudulent business plan could have taken this off the ground. 

Just disband the whole federal gov.  What a sick joke it's become.

Mon, 04/02/2012 - 22:02 | 2311615 Common_Cents22
Common_Cents22's picture

obama gave America the Clapp.   STD's would be cheaper.

Tue, 04/03/2012 - 00:45 | 2312032 Michael
Michael's picture

dupe

Mon, 04/02/2012 - 22:32 | 2311636 Stax Edwards
Stax Edwards's picture

A layman might think someone in the administration threw BofA a bone because I know for certain that's not the type of outfit to trade on material non-public information. /sarcasm off

Always wondered why the Norwegians continued to have any sort of relations with us after the ratings agencies knowingly threw them under the bus via crap MBS and ridded them of their pensions.  Well Norway, it appears that this is your reward for your patience and understanding.  Yep, you even get the spot right in front of BofA in the line.  You norwegians will soon own an unbuilt solar farm in the desert of california for pennies on the dollar.  Don't say uncle sugar never cared about ya.  The rabbit hole does indeed run deep.

Excellent Piece TD, very enlightenting. Keep on keeping on brother.

Mon, 04/02/2012 - 21:14 | 2311470 macholatte
macholatte's picture

 

A few other words that come to mind:

 

malfeasance       misfeasance       crony capitalism

liers, cheaters & thieves

facist     

CORRUPTION

 

 

Mon, 04/02/2012 - 21:28 | 2311529 Raynja
Raynja's picture

complicit or complacent, it's the same outcome

Tue, 04/03/2012 - 00:03 | 2311959 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

We are seeing a preview of the social network craze to end in the next few months.

Mon, 04/02/2012 - 21:20 | 2311497 Thomas
Thomas's picture

Today I had occasion to challenge William Brinkman, one of Obama's energy gurus....

http://science.energy.gov/sc-1/director-biography/

about Obama's handling of stimulus handouts to energy companies. Got a lot of waffling and quick defense of Solyndra. I pointed out that Solyndra was simply one of many. If you want the ugly details, try Peter Schweizer's book, "Throw Them All Out." The section on Obama was pretty grizzly.

Mon, 04/02/2012 - 23:50 | 2311925 economics9698
economics9698's picture

Kick his ass for me.

Tue, 04/03/2012 - 14:02 | 2313761 Madrid2020
Madrid2020's picture

YES WE CAN!

Mon, 04/02/2012 - 20:49 | 2311411 PC Load Letter
PC Load Letter's picture

Let me get this straight, he started the company in 2009, got $2 billion from Obama, blew through it all and now walks away? Check out his bio - he runs a commodity business and this company?

Uwe T. Schmidt is the Chairman and CEO of Solar Trust of America, LLC ("STA"), a position he has held since founding the company in August 2009. He brings more than 26 years of diversified experience in the global energy, steel, industrial plant construction, structured trade finance and commodities trading industries to one of the world's leading solar energy development companies.  Mr. Schmidt is a lifelong intrapreneur, one who brings and entrepreneurial spirit and innovative approach to established companies and industries. 

Since 1998 Mr. Schmidt has served as the Founder, Chairman and CEO of Stahlschmidt, Inc., a privately-held international commodity trading, consulting, property management and investment company.

What a joke. It pays to be an Obama fundraiser......

 

Mon, 04/02/2012 - 21:12 | 2311469 Another Texan
Another Texan's picture

As I attempt to explain this level of complete BS to my wife without having a complete shit fit. She turns to me and says "Who is John Galt?". We have visited Belieze a few times and our conversations are getting more serious everytime we talk about it.
Obama is a Fucktard.

Mon, 04/02/2012 - 21:50 | 2311589 Melin
Melin's picture

See ya there!

Mon, 04/02/2012 - 22:06 | 2311626 AldousHuxley
AldousHuxley's picture

Mr. Schmidt served on the Board of Directors of the Chicago Council on Foreign Relations

 

FOO ....Friend Of Obama

 

however this is nothing to go john galt about....

 

the Department began attempting to unify more than 2,000 overlapping systems used for billing, inventory, and personnel. But after spending $20 billion, the initiative was abandoned. Defense Department’s 2,200 overlapping financial systems cost $18 billion a year to operate

Other accounting snafus resulted in the Army losing track of 56 airplanes, 32 tanks, and 36 Javelin missile command launch-units[3]

 

This Federal lawsuit pertained to a GAO investigation into the Bush Administration’s Energy Task Force. sources have reported that sharp cuts in the GAO $440 million budget were threatened if the lawsuit was pursued further.

 

Some aspects of Defense Department accounting have resisted reform for decades

 

the Kuwaiti-owned Timimmi Company had been serving hot meals to troops stationed in Iraq for $3 a meal. The contract was later reassigned to Halliburton, which raised the price to $5 a meal, subcontracted the meal services back out to Timimmi, and kept the 40% difference.

Mon, 04/02/2012 - 22:52 | 2311786 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Very good. Any talk of of Obama corruption and Haliburton gets rolled out. Makes them equal right?

They are crooks right? Eight years of calling the man in office anything and everything and not one time did we hear " they are all crooks!".

halliburton is jump change when you compare Soros herion money paying for Michelles new house.

Tue, 04/03/2012 - 14:04 | 2313766 Madrid2020
Madrid2020's picture

The Left is all about distraction

Wed, 05/30/2012 - 15:42 | 2477037 l.hauri
l.hauri's picture

that is true what you said about solar panels, but we can not control this thing.

Tue, 04/03/2012 - 01:02 | 2312055 Joseph Jones
Joseph Jones's picture

I doubt any of us would ever have the misfortune of direct face to face contact with one of the govt bureaucrats who sit in front of a computer and send billions of US tax dollars to these thieves and scum of the earth...

But if we did have the above painful experience: What should/might we say to this person?  "You are a traitor and may you suffer appropropriately for your traitorous crimes against your fellow citizens"

 

Tue, 04/03/2012 - 03:08 | 2312174 AnAnonymous
AnAnonymous's picture

the Kuwaiti-owned Timimmi Company had been serving hot meals to troops stationed in Iraq for $3 a meal. The contract was later reassigned to Halliburton, which raised the price to $5 a meal, subcontracted the meal services back out to Timimmi, and kept the 40% difference.
__________________________________________________

That is US citizen business. I think that it is the indian chief Joseph nez perce who reported it several times.

US citizenism is hinged around the communauty spirit (communaulism) which leads to these kind of business agreements.

Communauty spirit leads to favour your peers over outsiders. The whole relationship to Indians was deeply shaped by this as many Indian tribes had a tradition of adoption.

US citizens naturally favour those who had Indo Europeans in them while rejecting the others, vicitimizing associations with negroes too.

That is why there is nothing like crony capitalism.

Communauty spirit has been an important feature since US citizenism was made the framework in the US of A.

Nothing new here. US citizens speaking of crony capitalism are just trying to divert from the very fact there has been no change.

Tue, 04/03/2012 - 09:13 | 2312546 prole
prole's picture

I had hoped that it was you who was killed/died in that hushed-up Ferrari crash in China.

My hopes dashed yet again....

Mon, 04/02/2012 - 22:59 | 2311797 trembo slice
trembo slice's picture

Well, the reason most Americans aren't aware of John Galt and will never hear his broadcast is because of the new survellaince measures undertaken by the US Government.  You see, John Galt was captured by the government and relentlessy tortured with the absolute guarantee of no trial.  This was before he even walked out on his factory.  His new motor threatened to undermine the petrodollar system, so he was deemed an enemy combatant.

Tue, 04/03/2012 - 03:04 | 2312171 Pinch
Pinch's picture

What are you babbling about, you nutcase? John Galt was a character invented by that crazed Jewess, Ayn Rand, in one of her adolescent fantasy novels.

Tue, 04/03/2012 - 03:16 | 2312181 AnAnonymous
AnAnonymous's picture

Which makes the topic even more suspicious.

US citizens love fantasy.Propaganda is hardcore in US citizenism but more and more, fantasy is prevailing over propaganda.

See how US citizens easily refer, relate and associate to purely fictional characters.

We are not speaking about human beings whose life is magnified to be turned into legendary beings.

We are speaking about purely fictional characters who have no other existence than in their creator's mind.

It is probably the first time in human history that a phenomenum like that happens.

Before that, association with fantasy creatures was forbidden or legendary characters were flesh beings at start before being magnified.

The disconnection with the immediate reality of humanity's surroundings has been increased by US citizenism.

It shows the total side in US citizenism.

Fantasy revolutionaries associating to fantasy characters to lead fantasy revolutions.

US citizens are trapped in their own made fantaisical world, a guarantee nothing will happen.

Tue, 04/03/2012 - 09:44 | 2312633 trembo slice
trembo slice's picture

you're a retard.

Mon, 04/02/2012 - 21:14 | 2311474 Cursive
Cursive's picture

@PC Load Letter

Does it really say "intrapreneur?". The joke is on us.

Mon, 04/02/2012 - 21:48 | 2311587 PC Load Letter
PC Load Letter's picture

Cursive, I could not make this shit up if I tried. If becoming an "Intrapreneur" gets me a $2 billion loan, sign me up

http://solartrustofamerica.com/about-us/management-team/uwe-t.-schmidt-c...

 

 

Mon, 04/02/2012 - 21:29 | 2311532 caconhma
caconhma's picture

Fleecing of America at its best.

Specifically, I love: "Uwe T. Schmidt is the Chairman and CEO of Solar Trust of America, LLC ("STA"), a position he has held since founding the company in August 2009. He brings more than 26 years of diversified experience in the global energy, steel, industrial plant construction, structured trade finance and commodities trading industries to one of the world's leading solar energy development companies."

Unfortunately, his only real experience/expertise is in the field of theft, forgery, greed, and bribery of various politicians and government officials. Schmidt has zero of business experience/expertise. But his is a very good scam artist.

Mon, 04/02/2012 - 22:12 | 2311647 Arnold Ziffel
Arnold Ziffel's picture
GSA head Martha Johnson resigns amid reports of lavish training conference on taxpayers’ dime, says Washington Post

 

"Martha Johnson, head of the General Services Agency, submitted her resignation to President Obama Monday...."

http://news.yahoo.com/blogs/ticket/washington-post-gsa-head-martha-johns...

Don't ya just love them spending other people's money....

Mon, 04/02/2012 - 23:34 | 2311881 NumberNone
NumberNone's picture

Intrapaneur defined as -  "A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation".   Sounds like a term used by fucking corporate losers to make what they do sound more sexy.  This asshole fit none of these descriptions, especially if he's 'risk-taking' with taxpayer dollars.  

I move that we strike this bullshit term from the English language immediately...along with the name Uwe. 

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