This page has been archived and commenting is disabled.

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.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 04/02/2012 - 20:18 | Link to Comment 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 | Link to Comment brewing
brewing's picture

commander-in-thief...

Mon, 04/02/2012 - 20:42 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Hope and Change!

Mon, 04/02/2012 - 21:03 | Link to Comment flacon
flacon's picture

Blythe bitch(es)! 

Mon, 04/02/2012 - 21:15 | Link to Comment 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 | Link to Comment Ray1968
Ray1968's picture

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

Mon, 04/02/2012 - 23:48 | Link to Comment economics9698
economics9698's picture

Fucking bull shit.  Fuck Obama.

Tue, 04/03/2012 - 00:01 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Ratscam
Ratscam's picture

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

Tue, 04/03/2012 - 08:53 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment bushwarcrime
bushwarcrime's picture

Dear Sirs,

 

Please cancel my subscription to redneckcirclejerk.com

Sincerely,

Shrub 

Tue, 04/03/2012 - 15:31 | Link to Comment 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 | Link to Comment 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 | Link to Comment Common_Cents22
Common_Cents22's picture

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

Tue, 04/03/2012 - 00:45 | Link to Comment Michael
Michael's picture

dupe

Mon, 04/02/2012 - 22:32 | Link to Comment 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 | Link to Comment 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 | Link to Comment Raynja
Raynja's picture

complicit or complacent, it's the same outcome

Tue, 04/03/2012 - 00:03 | Link to Comment 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 | Link to Comment 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 | Link to Comment economics9698
economics9698's picture

Kick his ass for me.

Tue, 04/03/2012 - 14:02 | Link to Comment Madrid2020
Madrid2020's picture

YES WE CAN!

Mon, 04/02/2012 - 20:49 | Link to Comment 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 | Link to Comment 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 | Link to Comment Melin
Melin's picture

See ya there!

Mon, 04/02/2012 - 22:06 | Link to Comment 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 | Link to Comment 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 | Link to Comment Madrid2020
Madrid2020's picture

The Left is all about distraction

Wed, 05/30/2012 - 15:42 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment trembo slice
trembo slice's picture

you're a retard.

Mon, 04/02/2012 - 21:14 | Link to Comment Cursive
Cursive's picture

@PC Load Letter

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

Mon, 04/02/2012 - 21:48 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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. 

Tue, 04/03/2012 - 00:54 | Link to Comment bushwarcrime
bushwarcrime's picture

the loan never went through, idiots

 

Mon, 04/02/2012 - 20:29 | Link to Comment AldousHuxley
AldousHuxley's picture

Steven Chu got nobel prize in science not mba in running profitable enterprises.

 

Pour billions into real R&D and get American scientists at top universities to work on better technologies instead of just creating bureaucracy starting at solar panel farms. US send men to the moon but can't figure out more efficient way to convert solar energy?

 

Set up to fail?

 

However, BIG OIL Rockefeller doesn't want democratization of energy via solar technology because it is unprofitable. control of oil means guaranteed profit running world's industries.

 

Mon, 04/02/2012 - 20:49 | Link to Comment Drachma
Drachma's picture

Hey Aldous, your grandfather sends this message:

“Sit down before facts like a child, and be prepared to give up every preconceived notion, follow humbly wherever and to whatever abysses Nature leads, or you shall learn nothing.”

Mon, 04/02/2012 - 21:03 | Link to Comment weimdog
weimdog's picture

Pour billions into R&D at universities? Really?

Mon, 04/02/2012 - 23:12 | Link to Comment LaLiLuLeLo
LaLiLuLeLo's picture

he's right actually. That's how fracking technology was invented and look how great that turned out (not so much for people in Pennsylvania). I'd rather give money to some solid engineering students who actually give a fuck about what they're doing than some Citi group hack who gets hummers in his hummer all day.

Mon, 04/02/2012 - 21:25 | Link to Comment dwdollar
dwdollar's picture

Those "top" universities are bureaucracies... courtesy of Uncle Scam's magic money machine. Take a hundred random professors and maybe one could start a profitable business.

Mon, 04/02/2012 - 22:18 | Link to Comment AldousHuxley
AldousHuxley's picture

you mean profitable business like Dick Cheney's Halliburton which take over military contracts from company X just to skim off the top by raising price and subcontract it back to company X?  at least the solar trust was not OWNED by Kuwait and is money wasted on US citizens instead of Kuwait royalty.

 

pick a fight that's worth fighting. $1B is pocket change. distraction away from the real heavy shit. Look for trillions going into foreign countries.

 

 

Mon, 04/02/2012 - 22:27 | Link to Comment covsire
covsire's picture

What part of your post was honest again?

Seriously, you are the epitome of "don't like behind the curtain.."

Mon, 04/02/2012 - 23:24 | Link to Comment dwdollar
dwdollar's picture

X number of dollars doesn't create Y number of inventions

Invention is an odds game. I put my faith in a million different experimenters all tackling a problem from a different angle and risking their own money against any prIvy League department with a billion dollar budget courtesy of Uncle Scam. Unfortunately, the middle class (the pool which those experimenters come from) is nearly dead.

Mon, 04/02/2012 - 21:25 | Link to Comment DeadFinks
DeadFinks's picture

Steven Chu, why are you even there, you white chink mother fucker?  Crooks working for crooks - Nobel prize my ass.  Aldous, pour your $billions into R&D to save the world and to save the stupid from themselves.  Leave the rest of us out of it.

Mon, 04/02/2012 - 22:14 | Link to Comment AldousHuxley
AldousHuxley's picture

Yeah....well math retarded American idiots are losing out to chinks and from their masters.

 

solar is not economical because technology is not efficient enough. money needs to go to invent better technology not implement existing shitty one that can't compete against crude oil which US can just steal with military expense.

 

yes university are corrupt and they have red tape, but they are where you outsource your R&D. DARPA, corporations, etc. all get their R&D done at your local research university by funding projects of their desire. That's what they are designed for. offbalance sheet R&D so that they don't look bad on paper because R&D is risky and prone to failure.

 

Government has billions and will spend billions. the question is where do you want it to go? R&D or halliburton so dick cheney can skim off of soldier's meal plans?

 

R&D is money better spent than trillions on wall st!

Mon, 04/02/2012 - 22:50 | Link to Comment DeadFinks
DeadFinks's picture

"Government has billions and will spend billions.  " Whose $billions?  Shove your strawmen.

Tue, 04/03/2012 - 03:24 | Link to Comment AnAnonymous
AnAnonymous's picture

solar is not economical because technology is not efficient enough. money needs to go to invent better technology not implement existing shitty one that can't compete against crude oil which US can just steal with military expense.

_______________________________________________

In this scenario, oil (and the other energy sources) sponsor solar energy.

Sustainability includes the requirement that a source of energy pays off its own betterment through net surplusses.

Paying for solar through oil might be in the end only another burden put on oil...

Tue, 04/03/2012 - 01:00 | Link to Comment bushwarcrime
bushwarcrime's picture

Dear Sirs,

Please cancel my subscription to redneckcirclejerk.com

Sincerely,

Shrub

Mon, 04/02/2012 - 22:14 | Link to Comment Freddie
Freddie's picture

Hey moron - Germans in America used to send men to the moon.  Go search Vanguard Project.

http://www.youtube.com/watch?v=JK6a6Hkp94o

I am sure you are a Hope & Change man.

Mon, 04/02/2012 - 22:40 | Link to Comment malek
malek's picture

Yeah sure, we can buy us technology advances if we pour just enough money into R&D

Not.

Mon, 04/02/2012 - 20:40 | Link to Comment azzhatter
azzhatter's picture

Yep, we obviously need to raise taxes

Mon, 04/02/2012 - 20:45 | Link to Comment vast-dom
vast-dom's picture

yet another reason to Not pay taxes and file a lawsuit against the IRS and the US of A. Under no grounds since there is no longer a constitution, clearly and all lawyers are apathetic money hugry lowgrade douchebags.... and let me add that if less than 50% vote, then actually there is no true democracy in the sense that majority did NOT elect and majority is NOT represented, not that it ever was..... Insert founding father (__________) quote (__________) that literally calls us all to arms against our current government. 

Mon, 04/02/2012 - 21:17 | Link to Comment Van Halen
Van Halen's picture

Ann Barnhardt has declared she will NOT pay taxes any longer. I am very interested to see how this plays out.

Mon, 04/02/2012 - 21:53 | Link to Comment Melin
Melin's picture

She'll be incarcerated.

Mon, 04/02/2012 - 22:20 | Link to Comment AldousHuxley
AldousHuxley's picture

poor don't pay taxes

rich don't pay taxes

working middle upper class pays all the taxes while getting none of the benefit.

 

American middle class = suckers who think they will or are "rich" ....just go to your mall and see dumbass's wives and kids spending  thousands on Chinese shit. I have no sympathy when they complain about taxes....

Tue, 04/03/2012 - 03:21 | Link to Comment AnAnonymous
AnAnonymous's picture

poor don't pay taxes

rich don't pay taxes

working middle upper class pays all the taxes while getting none of the benefit.
____________________________________________________

In US citizenism, the middle class is the king class.

Rich pay taxes. Poor pay taxes.

Actually, while Ben Bernanke is obsessed with currency manipulation to preserve the middle class from facing the disappearance of the material conditions that enabled US citizen middle class, poor are the most taxed by the inflationary process.

Poor have been the stepping stone for the middle class since US citizenism overcame in the US.

Mon, 04/02/2012 - 23:15 | Link to Comment Esculent 69
Esculent 69's picture

Filing a tax return is illegal. It says at the bottom of your tax form that  under penalty of perjury that all information you give is true and accurate.  The FICA your employer "matching" your FICA is paid for by you but that amount does not show up as income on your W2.  You are being denied income and taxed 100% on that income. The IRS does not have a form or schedule to file with your return to reflect the extra income and tax so you would be giving false information. the fifth amendment says that you can not be compelled to incriminate yourself.  never heard back from the IRS on that one. Just a helpful hint for those that believe in civil disobedience.

Tue, 04/03/2012 - 00:30 | Link to Comment Ms. Erable
Ms. Erable's picture

You are 100% correct. Too bad the tax courts refuse to accept that argument as valid; you can be fined just for making that assertion. The 16th amendment is NOT positive law and never will be, since the courts will never allow a legal challenge to be heard that seriously questions its validity on ANY grounds.

Mon, 04/02/2012 - 21:01 | Link to Comment DeadFred
DeadFred's picture

No big deal, it's only about 15 hours of our debt increase.

Tue, 04/03/2012 - 05:13 | Link to Comment fockewulf190
fockewulf190's picture

Yeah, whats another couple of billion on the ol' shit heap. Treasury pumps the shit out and the Fed buys it up. No, no monetizing of debt happening, nothing to see here, please disburse.

Just heard on Bloomberg that the chicoms are going to sink 5 billion into a huge solar project with the help of Harry Reid. You just can't make this shit up

Mon, 04/02/2012 - 21:55 | Link to Comment bushwarcrime
bushwarcrime's picture

umm....guys....guys.....put away the AK's....they never got the money

they never got the money.......dinero no tenir.....das Geld ist nicht.....guys...???

Tue, 04/03/2012 - 20:19 | Link to Comment Element
Element's picture

What don't you understand about the paradigm of an alternate solar-energy future being demonstrable BS?  As I pointed out above, in Australia, the industry there also didn't get the pre-election and PR campaign pledged monies there, either, because the entire thing is a political stalking-horse for electoral purposes, to sucker in a dumb-fuck greenie-vote swing to the zio-socialists.

That's all the solar BS talk was.  They knew it was never going to be economically viable or base-load practicable, long before of this BS agenda ever became headline utopian 'nEwZ'.   It's not an "alternative energy path", it's not a solution to green house gases, it's not a solution to any-fucking-thing. It's been a massive time wasting and money wasting distraction, that greatly discredited and continues to discredit everyone and everything, organisations and institutions, involved with it.

And this solar charade rightly should be exposed, discussed and tossed-aside, as a minority neiche and almost hobbyist approach to uneconomical and non-viable large-scale energy generation, so that people with real brains and capacities and economically viable technical plans can have a go now that the green-lobby have totally jumped the shark and collapsed all of their 'policy' and voter support base.

For instance, just two weeks ago there was a state election in Queensland, where the greens got ZERO seats in parliament, and the 'conservatives' defeated the almost 20 year old socialist-greenie agenda band-wagon, by an incredible 78 seats to just 7!

" ... The LNP swept Labor from power in a massive landslide, taking 78 seats to Labor's seven on a swing of 14.5 percent away from Labor. The 44-seat loss is double the 22-seat loss suffered by the Nationals in the 1989 election, the previous record for the worst defeat of a sitting government in Queensland history. ..."  https://en.wikipedia.org/wiki/Queensland_state_election,_2012

The 'Greens' went from their prior peak vote level of 14% and fell to a mere 6%.  

The previously dominant Socialist Labor even failed to garner enough mandatory seats to access public-funding as a recognised political opposition party!  

Talk about corn-holed by a super pissed-off electorate!  

The Socialist Greenie agenda's, such as their 'energy policy' and carbon tax and green house mitigation strategy propaganda has clearly failed, and no politician will dare to unveil such grand mega-stupid schemes any time soon.  They and their policy platforms are sunk!

And this angry sheeple 'response' will now be replicated around Australia over the next couple of years of elections, as the likes zionist-socialist greenie tool PM Julia Gillard and her minority Socialist-Green Govt, and State govts, are all told to hit the road (if Gillard is not overthrown by her own party in the coming months, as her polls and the party's polls which were already catastrophically bad, keep getting worse, and the conservative elites leaning party are set to skin them alive next election).

And this pattern or response will be replicated all over the western world, as one after another the zio-socialist-greenie agendas fall flat on their face as 'voters' finally see red and understand the outlandish lies they have been issued, via the MSM, and the constant taxation and inflation hits they are taking due to it all.

Mon, 04/02/2012 - 22:32 | Link to Comment jal
jal's picture

Don't blame the gov. people.

The business people have got smarter lawyers and accountants than the gov.

Its like taking candy from a kid

Mon, 04/02/2012 - 23:20 | Link to Comment Esculent 69
Esculent 69's picture

JAL- who do you think writes the laws for the tax lawyers in big business? the government lawyers that you pay for. this is making it legal to just take the candy because the gov't said its theirs. Only gov't fucktards could come up with this shit

Tue, 04/03/2012 - 00:15 | Link to Comment Akrunner907
Akrunner907's picture

Wasn't Warren Buffet involved in this project????????

Tue, 04/03/2012 - 09:40 | Link to Comment Gohn Galt
Gohn Galt's picture

Stealing is easy and mostly legal.  In fact while with politicians its hard not too.

I heard that this some of Solar Trust's employees where using company equipment to strip infrastructure such as fire-hydrant's...   in southern California.  I don't think it was company sponsored, more just a reflection of the kind of people they look for.

Mon, 04/02/2012 - 20:23 | Link to Comment AC_Doctor
AC_Doctor's picture

Unfuckingbelievable bullshit waste of our taxpayer money.  Think of how many SNAP cards 2.1 billion could have bought.  Clawback, litigate this money back right now from these bloodsucking leaches who stole from US and prosecute these criminals to the fullest extent of the law.  This shit is getting out of control.

Mon, 04/02/2012 - 20:28 | Link to Comment Piranhanoia
Piranhanoia's picture

Only the salaries and money skimmed by the ones that could was wasted.  There is a perfectly good solar plant that will make a lot of watts when someone comes in and takes it over.  We get to wonder who was set up to profit from such a transaction.  

Mon, 04/02/2012 - 21:28 | Link to Comment KickIce
KickIce's picture

Let me guess. Obama's next largest supporter that's ready to steal from the taxpayer.

Mon, 04/02/2012 - 20:19 | Link to Comment Bill D. Cat
Bill D. Cat's picture

Is this going to affect aapl ? If so how ?

Mon, 04/02/2012 - 20:39 | Link to Comment max2205
max2205's picture

China: no comment required. Pull up the $SSEC chart

Mon, 04/02/2012 - 20:40 | Link to Comment AUD
AUD's picture

Yes, it's bullish. It's also bullish for government credit, quasi government credit, corporate bonds.....

Mon, 04/02/2012 - 20:19 | Link to Comment Decolat
Decolat's picture

When the solar bubble bursts, it bypasses supernova stage straight to a black hole.

Mon, 04/02/2012 - 20:29 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

We are all circling Obamas anus right now.  Theres your black hole.

Mon, 04/02/2012 - 21:08 | Link to Comment Decolat
Decolat's picture

Thank you

Mon, 04/02/2012 - 21:10 | Link to Comment earleflorida
earleflorida's picture

be careful, be very careful - stay away from the (O)'s event horizon,... or it will pull you in with a giant sucking sound

Tue, 04/03/2012 - 14:06 | Link to Comment Madrid2020
Madrid2020's picture

Good luck getting past his butt buddy Van Jones as in that bitch be mine!

Mon, 04/02/2012 - 20:35 | Link to Comment noses
noses's picture

Sounds good – just think of all the radiation you could turn into electricity to generate even more hot air. Seriously though: Solar energy is a good idea. But it has to pay for itself. They should have waited for $7,50 per gallon and they wouldn't have had a problem.

Mon, 04/02/2012 - 20:19 | Link to Comment jcaz
jcaz's picture

Hey Barry-  I am getting pretty FUCKING TIRED of paying for your shit-

You're either corrupt or stupid- which one is it?

Mon, 04/02/2012 - 20:28 | Link to Comment Normalcy Bias
Normalcy Bias's picture

I don't think those two things are mutually exclusive...

Mon, 04/02/2012 - 20:30 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Not "or", try "and".  Hes either corrupt and stupid, or hes stupid and corrupt.

Mon, 04/02/2012 - 20:21 | Link to Comment Xibalba
Xibalba's picture

Did you say Blythe?  Any industry that consumes SILVER will be promptly shut down....fyi

 

 

 


Mon, 04/02/2012 - 22:14 | Link to Comment The4thStooge
The4thStooge's picture

Is this bearish for silver then? I've been waiting for nice smackdown to load up some more.

Mon, 04/02/2012 - 20:22 | Link to Comment bob_dabolina
bob_dabolina's picture

Obama fucking SUCKS

Mon, 04/02/2012 - 20:23 | Link to Comment Zola
Zola's picture

Hmm if i am right there are now also serious allegations of fraud and forgery regarding the birth certificate by Sheriff Arpaio. Anyone care to comment on that ? 

Mon, 04/02/2012 - 21:19 | Link to Comment Van Halen
Van Halen's picture

Palin's fault.

Mon, 04/02/2012 - 21:43 | Link to Comment Raynja
Raynja's picture

mexican border incident?

Mon, 04/02/2012 - 20:22 | Link to Comment Atomizer
Atomizer's picture

It's all the sun's fault.

/sarc

Mon, 04/02/2012 - 20:25 | Link to Comment palmereldritch
palmereldritch's picture

Blame it on the weather

Mon, 04/02/2012 - 20:28 | Link to Comment bob_dabolina
bob_dabolina's picture

Bush's fault

Mon, 04/02/2012 - 20:35 | Link to Comment nmewn
nmewn's picture

;-)

Sherriff Joe's fault.

Mon, 04/02/2012 - 20:42 | Link to Comment noses
noses's picture

Sun? Shouldn't that be Oracle's fault now?

Mon, 04/02/2012 - 21:14 | Link to Comment GeezerGeek
GeezerGeek's picture

I suggest you reconsider while sipping a cup of Java.

Mon, 04/02/2012 - 20:25 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

These solar stocks need to change their modus operandi. Might i suggest they begin by changing their names to i-solar...there, all fixed. Seriously though, what another  disgrace. Wealth transfer of americans money to the insiders. You guys need to start assassinating people (its what the illuminati do after all)

Mon, 04/02/2012 - 23:48 | Link to Comment NumberNone
NumberNone's picture

Just goes to show you can't just shove money up a unicorn's ass and realistically expect something useful to come of it.  

Mon, 04/02/2012 - 20:25 | Link to Comment Normalcy Bias
Normalcy Bias's picture

Another billion dollar bust out, Chicago-style...

Mon, 04/02/2012 - 20:25 | Link to Comment swissaustrian
swissaustrian's picture

Hmmm, if prices for panels plummet even further due to the massive oversupply, I might consider buying a few.

Mon, 04/02/2012 - 21:21 | Link to Comment thatthingcanfly
thatthingcanfly's picture

I was thinking the same thing.

Mon, 04/02/2012 - 20:27 | Link to Comment kill switch
kill switch's picture

It's all BULL SHIT!!!!!!!

 

Fuck this state!!!!

http://www.youtube.com/watch?v=UNdQxgB3Vkg

 

 

Mon, 04/02/2012 - 20:27 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

What a bunch of fucking idiots.  Every last one.

Mon, 04/02/2012 - 21:30 | Link to Comment Lord Blankcheck
Lord Blankcheck's picture

Give them a  Million Dollar Bonu$

Mon, 04/02/2012 - 20:27 | Link to Comment ebworthen
ebworthen's picture

"It will play a key role in further bankrupting the Amerikan Kleptoligarcchy and by extension of course - the American people."

How apropos that it was in Riverside, California.

Late Great Golden State.

http://www.youtube.com/watch?v=Ow9FV3xjkew

Mon, 04/02/2012 - 20:27 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...and speaking of Sheriff Arpaio, did his bc allegations gain traction or were they laughed out of town

Mon, 04/02/2012 - 21:25 | Link to Comment Manthong
Manthong's picture

I think he is still plugging away and now working on getting the AZ legislature to take a stand in light of the inablility to produce valid documents.

The first person to get a warrant for arrest though, should be Pelosi for passing a poser subject to the British Crown off as legit for POTUS.

Mon, 04/02/2012 - 20:28 | Link to Comment SgtSchultz
SgtSchultz's picture

I guess it just needed more money (42% of which is borrowed but who cares).

Mon, 04/02/2012 - 20:28 | Link to Comment CharliePrince
CharliePrince's picture

wheres goldman sachs

Mon, 04/02/2012 - 21:40 | Link to Comment peekcrackers
peekcrackers's picture

 goldman lick sacs  is stealing the wind and water green powers money that they have lent out at a high intrest rate.

Mon, 04/02/2012 - 23:24 | Link to Comment Esculent 69
Esculent 69's picture

golmans sach is teabagging the american people

Mon, 04/02/2012 - 20:29 | Link to Comment swissaustrian
swissaustrian's picture

Somebody save the video before they block it.

Mon, 04/02/2012 - 20:51 | Link to Comment Diet Coke and F...
Diet Coke and Floozies's picture

Done. :)

Mon, 04/02/2012 - 20:30 | Link to Comment bob_dabolina
bob_dabolina's picture

Where's my fucking algae Mr. Prez?

Mon, 04/02/2012 - 20:38 | Link to Comment noses
noses's picture

Used for Soylent Green.

Mon, 04/02/2012 - 22:02 | Link to Comment Melin
Melin's picture

My first thought as well. 

Zero won't let these little setbacks in solar get him down tho.  There are all kinds of green places to spend the products of other people's labor. 

You'll see.  He's undaunted. 

Mon, 04/02/2012 - 20:30 | Link to Comment navy62802
navy62802's picture

NatGas bitch! That's where the future is.

Mon, 04/02/2012 - 20:57 | Link to Comment Bunga Bunga
Bunga Bunga's picture

20 years of supply is the future?

Mon, 04/02/2012 - 23:04 | Link to Comment Hangfire
Hangfire's picture

You bet your fracking ass it is! 

Mon, 04/02/2012 - 20:38 | Link to Comment noses
noses's picture

Great. German flagship Q-Cells just did the same. First analysis: High subventions lead to a loss of (sex-) drive and thus to a loss of evolutionary edge and now China got so far in front you could just as well close the entire German solar industry.

 

Lesson? Sell Solar World, too, before it's too late.

Mon, 04/02/2012 - 20:55 | Link to Comment Bunga Bunga
Bunga Bunga's picture

It wasn't the subsidies, its the Chinese competition which can beat any price due to nonexistent environmental and labor standards.

Tue, 04/03/2012 - 03:31 | Link to Comment noses
noses's picture

Sorry, it's only availlable in German. Nevertheless quite a good analysis: SpiegelOnline - Das Ende der deutschen Solarzelle

Mon, 04/02/2012 - 20:33 | Link to Comment Gromit
Gromit's picture

If alternative

Energy makes me feel good

Who cares what it costs?

(Responses please in traditional 5-7-5 Haiku format)

Mon, 04/02/2012 - 21:01 | Link to Comment Clay Hill
Clay Hill's picture

A thief of our light

cuts purse before taking flight

and gets away green.

Mon, 04/02/2012 - 21:06 | Link to Comment Van Halen
Van Halen's picture

Wind! Solar! Brilliant!

Taxpayers on hook for more.

Green energy fail.

Mon, 04/02/2012 - 21:16 | Link to Comment GeezerGeek
GeezerGeek's picture

I've never heard of solar power killing birds. Not sure if that's a plus or a minus.

Mon, 04/02/2012 - 21:25 | Link to Comment Clay Hill
Clay Hill's picture

Spank you, try again.

Now you have broken the chain.

Haiku is an art.

Mon, 04/02/2012 - 21:23 | Link to Comment palmereldritch
palmereldritch's picture

dp

Mon, 04/02/2012 - 21:24 | Link to Comment thatthingcanfly
thatthingcanfly's picture

Shut your goddamn mouth.

Or else i'm gonna kick you

Square in the balls... asshole.

Ahhh, goddammit!

Mon, 04/02/2012 - 21:23 | Link to Comment palmereldritch
palmereldritch's picture

Green Money Dollar

Shine brightly for you solar

Pump Dump And we're gone

Mon, 04/02/2012 - 20:34 | Link to Comment lead salad
lead salad's picture

Par for the course...Owebama's golf course.

Mon, 04/02/2012 - 20:41 | Link to Comment Downtoolong
Downtoolong's picture

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

Exactly. If we're going to engage in this folly, let's at least save some money by cutting out the middle men. They're the real reason we end up doing all this stuff. It's all for them. 

If we must do it, let's just cut to the chase, print the money, and pay people to dig holes and fill them up again.  

 

Mon, 04/02/2012 - 20:38 | Link to Comment Van Halen
Van Halen's picture

Let's have a look at the last oh, two days or so under the Obama Administration:

World's largest solar energy plant... second largest DOE loan - bankrupt.

The Obama campaign caught manipulating credit card machines on their end to accept small credit card donations without security code attached, opening door for massive fraud.

Obama administration leaks info that Israel will use bases in Azerbaijan to attack Iran.

Obama dares SCOTUS to overturn Obamacare.

US plans to arm drones with nuclear power to keep them in air for days to months at a time.

And we're not done with today yet.

 

Mon, 04/02/2012 - 21:04 | Link to Comment nmewn
nmewn's picture

"Obama dares SCOTUS to overturn Obamacare."

I've been thinking about that...all the way back to when he tried to embarrass SCOTUS in a SOTU speech. It may come to pass that his own "audacity" and hubris begins to unravel everything "progressives" hold dear.

Starting with using the commerce clause as a sort of crutch, a lame excuse, for the statists who inhabit DC to infringe on individual liberty incrementally and "progressing" from there.

Interesting times, opportunities abound when precedents are made to be broken ;-)

Mon, 04/02/2012 - 21:08 | Link to Comment Van Halen
Van Halen's picture

I'm more concerned about what we DIDN'T hear him say. He dared SCOTUS for all to hear. What message did they receive privately?

Mon, 04/02/2012 - 21:37 | Link to Comment nmewn
nmewn's picture

I'm not that concerned...the justices are statists in a sense as well...Kagen & Sotomayor being new would not understand or need to be "conjoled".

The individual mandate is going down 5-4 for sure...Kennedy stayed for just this, he's more libertarian than all of them combined. He knows what his duty is and I think relishes it.

As a real judge should, instead of rubber stamping everything that comes over from Congress...there is real opportunity here for future courts to unwind some very bad precedent.

All the way back to forcing someone to not grow wheat ;-) 

Do NOT follow this link or you will be banned from the site!