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Another federal loan to financially-troubled “green” company
(with ties to Obama supporters)

Those who rely on the legacy media for reports on this administration’s record with taxpayer dollars may not be as up to speed as those who follow conservative blogs about federal support for failing companies.

We know that Solyndra is just the tip of the iceberg, one of many green energy firms (receiving federal subsidies or loan guarantees) which are, well, not flourishing in the marketplace.  Last week, for example, we reported on the the 22clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy.

Now comes word that a federal agency is backing another such company:

Late last week, the Ex-Im loaned about $57 million to First Solar, ostensibly so the solar panel manufacturer could boost exports of its product to India. The Ex-Im’s press release says that the loan will help create 200 jobs at First Solar’s factory in Tempe, AZ. A quick calculation finds that the Ex-Im loan amounts to $285,000 per job.

This firm, observes Bryan Preston,

. . . is a curious choice for the Ex-Im to consider worthy of a huge loan. It was the worst performing firm on the SPX in 2011. It has also been linked with several junk bond firms. In March 2012, First Solar was found using government subsidies to “export” solar panels to itself.

But First Solar has connections, similar to the connections that won Solyndra its taxpayer-backed loans. According to Townhall columnist Marita Noon, several Obama campaign bundlers are investors in First Solar. Bruce Heyman, David Heller, and Jennifer Scully are all Obama bundlers who have investments in First Solar. First Solar CEO Michael Ahearn “gives generously (and exclusively) to Democrats.”

Can you imagine how much media coverage this would get if a Republican were doling out the bucks to a financially-troubled company producing a product near and dear to the conservative agenda — which included investors were ties to that politician’s political campaigns?

RELATED: Solyndra cash in Obama’s pocket

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2 Comments

  1. In a proper Chicago style scam, First Solar would sell the solar panels to public housing units in Chicago and the panels would be installed by minority contractors who would receive government grants to buy the panels and who would bid for the work with an agreement for a reasonable pay off for management fees paid to the Democrat Party. The minority contractors would make scads on the resale of the panels which would be bought through federal funds and all this would be overseen by a small army of federal accountability inspectors. Each pass-through action of the federal money would have a set percentage payment to the Democrat Party.

    This would finance First Solar, pad union payrolls, pump-up small business and minority statistics, employ a bunch of government workers and kick back enormous amounts to the Democrat Party. And, the solar panels would possibly lower energy costs, or not. Nonetheless, the original $57 loan would have the domino effect of costing the government a half billion with $100 million going to the Democrats.

    The multiplying effect on all this type of stimulus should “create” enough money for every top level Democrat in government nationwide to retire firmly ensconced in the upper 5% level of people in the US.

    Green energy is the very best of vehicles for Democrats to tap into taxpayer perpetual motion.

    Comment by heliotrope — July 24, 2012 @ 6:22 pm - July 24, 2012

  2. The solar industry is a mess, a cesspool – because of Obama, or “green energy” policy.

    I would love to invest in it, but I have to wait for the government subsidies to end – so that realism and honesty come to the industry.

    Comment by ILoveCapitalism — July 24, 2012 @ 11:42 pm - July 24, 2012

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