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World's Largest Solar Plant, With Second Largest Ever Department of Energy Loan Guarantee, Files For Bankruptcy
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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Not grow wheat for your own consumption!
Amazing isn't it?
The case revolved around the fact that the wheat never entered into national commerce at all. It's akin to Congress mandating and ordering regulation of the two tomato plants on my back patio. Should I destroy excess tomatoes or give them to my friends or the needy?
In Filburn Logic, I should buy vegetables with sterile seed from Monsanto or else I impact "commerce" somehow...lol.
Monsanto-terminator-seed is one sickest fucking concepts I have ever heard of in my life.
I think every person I have ever shared this with shared my disgust. A lot of folks are not aware of it.
Good fucking Christ. Nobody gives a flying shit about regulations of past or present. Those rules are for SLAVES! If you starve, you WILL find a way to eat regardless of limp-dick gov. officials.
You toss in "Filburn Logic" as if you think sheeple will simply suck up your use of big words and pretend to understand that bullshit. How the fuck you keep getting green arrows is a divine wind (fart) to your ever present line of manipulative HORSESHIT!
You couldn't grow a fucking tomato if you tried. You live on your computer screen and barely have time to jack off.
You're out of Prozac aren't you? The issue at hand is not about starvation or slavery junior.
If you believe five to seven letter words are "big words" then obviously I'm on the verge of debating trivial things with a fool, which would make me one as well.
So I'll pass.
Actually, I have a garden most every year, it's in my genes (not jeans). I also have fruit and nut trees. By way of metaphor, I apparently also attract fruits & nuts, as exhibited by your post ;-)
I tried to bet my boss who sounds as sanguine as you about the outcome.
He wouldn't take the bet.
Well, most would like to abide by the law. But when the law is wrong it goes unheeded and falls into disrepair.
That's where we're at...IMHO.
It's much easier than that. I DO NOT CONSENT. A so-called "judge" is the last thing that I would allow to represent me. You keep that world if you choose. I want nothing to do with your corrupt asshole in high places. No man will ever pass judgment on me for bullshit they make up as they ride to enslave.
SCOTUS – doesn't that rhyme with "screwed us"?
All of TV supports him including Fox pushing Romney who is a moderate loser. Keep watching TV because your viewership keeps Obama in power.
How does Freedie know that "All of TV supports him including Fox pushing Romney who is a moderate loser" ??
How does he know this if he does not watch TV herself???
All the while condemning others as dupes and pawns for watching TV??
How the fvck do you know what TV pushes?
For Gromit:
Green energy goes
Only as far as wind blows.
The last mile, you walk.
Looks like the real "No Limit Nigga" is in the White House.
Anyone who disagrees with the goodness this administration is trying to implement in their lives will find themselves on the receiving end of one or more of the four hundred million rounds of ammunition recently ordered for DHS.
Future's so bright, I gotta wear shades!
USA! USA! USA!
....and of course no jailtime for any of these crooks. Nothing to see here Holder, may as well go back to sleep!
Jon Corzine... is that you?
secretaryChu, gubernatorBrown and senatorBabs all sound like fuking trolls, don't they?
Before Obama won the election, all the science blogs were falling over each other to heap praise on Chu who would 'bring us out of the dark ages of religion and into science and rational thought'. And how Chu was so brilliant. And of course, Obama even more brilliant for picking such a great science genius like Chu to run things. Now look at us, broke, unemployed, and on more battlefields than we've ever been on. Science be damned. This administration is about money, power, war, and corruption.
Science is as easily corrupted as any other field. Progressives, including Chu and Obama, bought into some bad science. They - and their predecessors - also bought bad science in the form of Climategate with all its attendant absurdities. The money was paid, the desired results were obtained, and the EPA was set loose yet again to regulate us into submission. Not that government is the only miscreant. Remember the scientific studies claiming smoking was actually good for us and that the links to lung cancer were unproven? My father, born in 1913, clained to have called cigarettes 'coffin nails' when he was young. The list of interactions between bad science and big money - especially government money - is huge.
And how Chu was so brilliant.
Obama even more brilliant
So that's the problem! Their combined brilliance has outshone the sun, leading to the killer global warming. All we need to do now is extinguish their brilliance, and the earth will begin to cool, and the oceans will cease to rise.
Where's Zimmerman?
Dirty. Broke. Sticky. Hell of a way to go through life.
We're fuckt.
But it's all about saving the planet!... They have to keep trying solar, taxpayer funded crap even if it means killing off several millions of you and your extended family... while robbing you of everything you THOUGHT you owned. Keep listening to Barecrack and Chewie. They are your salvation. (/sarc)
He is a good scientist. But what has that got to do with handing out trillions of dollars? He is a newbie patsy for the K street lobbying crowd. Another of the many political appointees who have never run any kind of business venture. Besides, that is what academics do now. Apply for grants of free money so they can get paid handsomely to go play with obscure topics. Grant fundraising is a buzzword beauty pageant with folks who know you might be on the next grant evaluation committee looking at their grant application for their free money....
This is just academic research grants with a couple more zeros before the decimal point. How hard could it be? The Feds just print up the money anyway. Why shouldn't we get "our fair share" of free grant money? What is your problem?
+1
excellent comment (Van Halen says the same thing, it seems to me, but yours is more eloquent)
In related news...
Wind farm loan wasn't a mistake, King says
The U.S. Senate candidate rebuts GOP claims that a federal loan for Record Hill in Roxbury was too risky an investment.
http://www.pressherald.com/news/wind-farm-loan-wasnt-a-mistake-king-says_2012-04-01.html
But, but, but..."The only thing they emit is money". Angus King.
It would be cheaper to just start handing money out via Uncle Ben's Helicopter.
Just skip the whole "jobs thing" to reduce overhead costs.
But how bad are things really?
Well if the republican party can't make hay out of this and they put Romney up against Obama, then it is without a doubt the fix is in for another 4 years of Obama raping and pillaging of Amerika.
Find some land.
Grow some food.
Gold and Silver.
Guns.
Pretend you don't own anything.
Pretend you don't own anything...
Why pretend when the truth is so much more convincing and, well, the truth?
Employees of Green Energy Think Tank committees are now contemplating Foxconn missives.
Under such progressive distress, we must immediately open a Blythe Solar bulling/suicide prevention hotline. Years of hard work in stealing taxpayer monies can cause ongoing emotional abuse, and elevated increase in a central planners risk for suicide.
/sarc
What the hell, where does all this money go? From citizens, to government, to wall street fees/commissions/bonuses?
Terrible.
Nextera Energy is Florida Power & Light. Running an electric utility must have gotten boring - this is a way to run with the Wall Street crowd using Widow and Orphan money.....
Ann Barnhardt said it - there are about oh, one thousand of them and THREE HUNDRED MILLION of us. What are we putting up with this crap for?
Sorry, I really gotta say it... if you ever read Ann Barnhardt's website I get the feel of a Christian Fundamentalist riding on a populist message of f - wallstreet and the corrupt croynism.
The enemy of my enemy is my friend... but watch out for that friend may turn around and bring you to hell.
Why am I not shocked?
City of Blythe. You gotta be kiddin me. She's everywhere.
Money laundering operation.
+1 When will people realize that the entire world runs on drug money? Everything else is indirection...
The edifice of words to create the illusion of commerce to build up an air of legitimacy to what is simply a cashier grab - and these fucks want a second term - of course they do. Bailiff, pack them in the ass with wads of play dough - that's right, all of them! Now, drinks on the court....
Seriously - $2 billion?
Chump change.
What in the hell happened to the missing $2.3 trillion Mr. Rummy told us about on September 10, 2001?
http://www.youtube.com/watch?v=3kpWqdPMjmo
Oh, right - 9/11. That's what happened to it.
Rummy is long gone. And Rummy was a piker compared to this bunch.
That's six bucks of my money ... and then again if only 1/2 the folks pay taxes, that's 12 bucks, my 12, my mother-in-law 12 ... that's $36. It may be chump change but it would pay 1/2 my electric bill for the month.
Ok, ok ... another $8,000x3 = $24,000 of missing gooberment money, I'd may it tomorrow if we could run the country per the Constitution.
America today ... Pink Slime, In-The-Red Solar, and Social Justice for all
There was a cartoon when I was a "yute", a wee lad, in it was a cat that was "blind" and by day sold pencils or maybe apples (been a while) on the street corner. He caned his way home each day wearing his blind cat shades. It was a ruse, for when he arrived home and entered his humble abode with tattered worn funiture, patched up drapes and tilted pictures on the wall and gave one last look outside to make sure he was not followed, closed the door, hit a button on the wall and all of the furnishings switched around to new. He tossed the sun glasses, put on his smoking jacket, poured a sniffer of brandy and spun up some Al Jolson on the phonogragh.
Later that day the tax assesor (yes, they used to come to your door and want to inventory any personal property to tax each year) showed up at the door and of course he had to switch everything back to the poor downtrodden blind cat all to avoid the higher assesment.
Just passing on some thoughts from days gone by for our current "yutes"
the past is prologue
Literally just got back from my yearly ass rape at the accountant and this is the first thing that I see... really? speechless.
Is this your first ass-raping in prison? Welcome to planet Earth.
Got love the Government intervention in the markets. Maybe Ben can gamble some more and if you loses just print some more. Ben...FED...US Government is out of control. Ben you are not helping us.....You are killing us.
The Fed 1913
Income Tax1913
Off the gold Standard 1971
S&L Crisis
Viet War
Afghan and Iraq Wars
Repeal of Glass Stegall
Real Estate Bubble /Mortage Fraud/ Bail outs
Obamacare, Medicare/Medicaid, EMR mandates,
Solar Junk Ventures
.
..
...
The govt fuck ups are faster and furiouser.
This country needs to be culled! Politicans, Bankers are a good start.. for the apex parasites.
Come on now, you didn't mention Dancing with the Stars or American Idol.
This is why we need a good, hard depression. Sorry, but the elites have made any other escape impossible. Everyone suffers for the actions of a few.
Who said this isn't a depression? How many years have we beat this "dead horse"? I'll change my avatar when we stop I guess.
http://qkme.me/3olnrr
A good hard depression is gonna fix everything. Yeah right. They will still be in power.
Great that I am getting Obama pop up campaign banner ads here on ZH. Thanks Tylers.
SOLYNDRA building where Obama had a speech about creating jobs, is ON SALE now, check solyndrabuilding.com.
Private investors including Argonaut Ventures, the investment arm of billionaire Obama fundraiser George Kaiser’s charitable organization, stand to lose almost $1.2 billion from Solyndra’s collapse, Neilson said.
Solyndra to Cancel Auction Again After Failing to Lure Bids
MaObama: We have an election to win, all my bundler’s must reach into their pockets. Your pocket change is still my only HOPE for a re-election win.
Yippee-ki-yay!
I think that the money should be taken out of Stephen Chu's salary, retroactively if needed. And if that doesn't cover the loss, take the rest from Michelle's travel and clothing allowances.
I can't say it enough. There are millions of us and around only a thousand of them running things. If this country goes to hell we only have ourselves to blame. Me included. We have to do something - NOW.
We will not have any renewable energy solutions til big oil says we get to.
Yeah big oil's fault, like Obama's wife's butt. Central Planners cradle to grave should be able to do something about that fat ass before bankruptcy.
The Obamas really hate us all, don't they? Here's an interesting article on why Michelle Obama comes home when Barack goes to the Middle East.
http://conservativepoliticalforum.com/political-discussion-and-debate/wh...
Taxpayers gonna eat another several Billion on this one....
Fraud is the new business model it seems.
And just to clarify, these are HOGS at the trough....not pigs!
The sun is not renewable, it's burning out, slowly, each year we use more and more of the suns valuable resource "sun light" One day we are going to run out of this energy from the sun that we squander, lazily laying around in all day, some people are using more then their fair share of the suns NON renewable energy and we will regret wasting all of that energy. You will see, YOU WILL SEE!!! Laugh all you want but one day, the sun will just go poof, and you will say, it's fucking cold.
The End
Astounding what these political hacks get away with. The entire system is corrupt to the very core with no chance of justice coming from within. Only the people have the power to administer true justice, but will they? How many understand the corrupt nature of our govt and of the ones that do, how many are inclined to effectively correct it?
I do not believe there is ever a real intention of finding an energy solution. I believe their intention is to use any and every resource available to bankrupt crony capitalism.
This is just another avenue.
Meanwhile the DOW decides it's tired of waiting on good news to pop and try and break the recent agonizing range as it's decided that 13k just isn't sufficient for drawing in enough muppets.
Don't worry, we can vote out or get Obama impeached by November and have guaranteed war by Jan 2 with Iran. Or even China if that other dipshit wins as he's said we need war with China on live tv.
Boy, everytime I have a good day just scanning the headlines on ZH for ten fucking seconds snaps me back to this fucking circus. Imagine a fairy tale where almost every country on a planet was ran by sociopaths and a large number of them have powers that can blow up the Earth 10,000x +.
I was never a real big 2012 EOW guy but im gona be blown away if we make it another year.
Boy, everytime I have a good day just scanning the headlines on ZH for ten fucking seconds snaps me back to this fucking circus.
Fuckin' a man. It's pretty much a world of shit, but you're alive. I'm bettin' ya will be in a couple years, too.
The paradigm shift is becoming inescapable.
i thot solar was high tech still
it's space-age!
It works beautifully...
in the absence of gravity.
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...???
Another mega solar do-nothing bites the dust. What a shocker! I guess they figure the sun won't rise again tomorrow? Or dare I say... Mr. Ponzi has run the course on this one?
DOJ to arrest Obuma for threatening the Supreme Court..well one could dream.
I read the title "World's Largest Solar Plant, With Second Largest Ever Department of Energy Loan Guarantee, Files For Bankruptcy", and I think "Aren't all plants solar?" Well maybe deep in the ocean plants live off of minerals or something, I dunno not being a biologist. And then it hit me. A plant filed for bankruptcy! And here I thought we were still arguing whether corporations and animals had rights.
Renewable energy models that rely on subsidies to make their business model work are not businesses, they are parasitical scams. Not all renewable energy models are flawed in this way, but the high dollar models that these thieves love are completely tax scams. If we allow renewable energy to be tarred with these fraudulent schemes, which is precisely what the conventional energy industry intends, then we deserve to be slaves to the oil & gas companies forever. There are legitimate renewable energy models out there - they are just not the ones being played ( scammed) by assholes like these guys and that includes the eminent Dr. Chu.
This horseshit looks like O'blameya, it could be his sun.
http://www.youtube.com/watch?v=72kYekmXH9M&feature=related
...and to think, the political slush in this company cup is upon us in April. What will the rest of the seasons bring? LMAO.
A global warming question:
If global warming is man-made, how did the ice age end?
Two cave men in Finland smoked a Herring over a pinewood fire.
Duh. It wasn't man-made back in those days, so the solar cycle probably did it. The sun isn't a factor anymore though. Now it's all because of your Ford F-150. I say yours because if it belongs to Al Gore, Newt Grinchgeek, or anyone in the Con-gress, then it doesn't count.
What game is on tonight chicken mama?
Has Trina Solar bought their technology? Central Planning never fails in China.
Anyone want to invest in my new energy company? It converts pink slime to energy. Think I can get a DoE loan guarantee?
Think I can get a DoE loan guarantee?...
Are you registered to vote in Chicago?
hmmm... I smell an unsanitairy rodent
seems there's been some wrongdoing in the Solar Millennium case (sorry in German, and I didn't check it 100% (yet)
http://www.dr-stoll-kollegen.de/aktuelle-faelle/solar-millennium-ag
also found this; this was pushed through AFTER trouble arose in the Mothercompany.
There are going to be a lot of scams comming out of Florida over this soon.
Yes, we are the "sunshine state" but for 6 months of the year, there is an afternoon thunderstorm daily and a lot of clouds the rest of the year.
FPL recently built a "successful" solar plant. Here is the ROI:
"FPL expects the $476 million solar plant to reduce the combined cycle power plant's natural gas consumption by 1.3 billion cubic feet (37 billion m³) per year. Over the 30-year life of the project, this is expected to save $178 million in fuel cost and reduce carbon emissions by 2.75 million tons"
So, let me see. 476 to build, plus operations cost, and it returns 178? What fucking morons approve this?
it's the thought that counts and in this case it was "less"
Liberals? Just a wild ass guess....
Those dirty crooks.
What is an appropriate discipline for the next politician who utters the words "greenhouse gasses?"
Help him/her become part of the ecosystem in the form of fertilizer as soon as possible.
Receipt of a vigorous, Grade-A, G.I. Blanket Party.
Dear Sirs,
Please cancel my subscription to redneckcirclejerk.com
Sincerely yours,
Shrub
...hmm, so you cancelled one joke
http://www.youtube.com/watch?v=x3e9paM_hYo
for
another
http://www.youtube.com/watch?v=2FIptCAkrcc
What in the wide world of sport were you doing subscribing to any ''Party'' of circle jerks? Lol, ...uh, forget I asked, I don't want to know. LMAO
Oh my, looks like Rosemary's Baby Flies are circling POTUS PAST POO
http://www.szaboservices.com/show/occidental-college-transcripts-reveals-obama-claimed-foreign-citizenship-to-get-scholarship ...awe, BUSTED! LMAO http://www.wnd.com/2012/04/arpaio-takes-obamas-forgery-to-public/
http://www.youtube.com/watch?v=u1QX-Vruyjc
At least the money was wasted on something other than blowing up and killing people on some other continent.
Great article Tyler. Germany now wants to take the lead on showing the world how we can have all the energy we need from solar, wind and hydrogen (totally wasteful) and currently all supported through tax while going out the backdoor into dumpsters.
We won't have to worry about the Euro. Everyone in Europe will be speaking Russian and using fossil fuels.
http://www.ftd.de/unternehmen/industrie/:agenda-solaruntergang/70015595....
Now QCells bites the dust in Germany with 850 million Euro loss - still most of the production was in Malaysia so the unemployment is hardly a German problem. Solar was another of those Subsidised Dreams like Lysenko growing wheat in Siberia that only Big Government imposing levies on electricity bills can afford. Now that Germany has destroyed nuclear so Siemens sells out and RWE and E.On report losses and pul out of building nujes in Britain - the German Grid faced its Amber Alert last week as Demand and Supply had a precarious meeting and showed the limits of capacity in Europe.
It is truly an insight into diseased political minds and accountancy loopiness to see how the Engineering Feat of ensuring 100% availability of affordable electricity has been destroyed by a generation of politician puppets in thrall to lobby groups funded by energy traders like Enron playing pricing games instead of guaranteeing supply
Thanks, Sandmann. Didn't know the story there. One of my sources:
http://www.technologyreview.com/energy/40001/?mod=chfeatured
In addition to puppets, I "suspect" Putin is just waiting perhaps even assisting in gaining control of crippled countries.
They should be bailed out. This is good tech you strategically need.
One Blythe down.
Wonder when the witch Blythe will go down !!
reminds me of the mafioso that sets up sham companies to bilk them and then gut them and move on to the next scam, the US gov is the biggest mafioso
You are not too far off with that comment... In fact, you might just win a prize.
http://bjdurk.newsvine.com/_news/2010/02/23/3941508-who-are-these-guys-c...
Fuck, here I was trying to start my own Solar Firm . Great after this crap I will not get any funding for this crap.
This chart shows as the other parent an entity called Ferrostaal, which happens to have bribed that greek sec of defense into buying german submarines, it was here on ZH some weeks ago...
[EDIT]
http://www.zerohedge.com/news/property-submarine-bribe-collecting-former...
en.wikipedia.org/wiki/Ferrostaal
When no one is accountable for anything, anything is not only possible but guaranteed and this anything is often beyond your comprehension...
Thanx for the great work!!!
I've reposted it for the main greek anti-greenfraud blogs
We only hope that Project Helios "bankrupts" as well, soon enough before they get in hand our mountains, hectars and islands to nail their mirrors and windmonsters!
Now what the hell are the citizens of Blythe going to have to pile their lifetime of wasted hope on?
You should have seen the smiles on their toothless faces once they found out that manna was going to fall from heaven this time... It's really a case of one disaster preceding the next in many of these worthless small towns all across California today, no tax base to fund the meager public services- gangbangers springing up like weeds after the rain thanks to an incoherent state justice dept, no viable income stream on the horizon and Joe Arpiao right across the river has scared the illegals out of their trailers and back to Mexico... Now Gov. Moonbeam who was their last best hope has crapped the bed again by believing Obama...
Blythe with this cruel turn of fate has now recended to the natural state of hopelessness last year they thought they had escaped through the miracle of mis-allocated federal tax money- the only income stream left is to continue selling their water to LA instead of growing crops..
..ah for the good old days of an honorable and effective governor- Gray "brownout" Davis...
"It will play a key role in stimulating the American economy,” said Uwe T. Schmidt"---That is correct. It drilled another hole in the already sinking USS Amerika. "The last official act of government is to loot the treasury"--Mike Rievero-WRH.com
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