Good evening all. I saw this little gem earlier today. It seems Obama has decided to use the Peg Bundy school of economic theory with regards to his green energy policies.
What am I talking about? Well it seems that one of Obama’s crony colar corporations was give a loan. They used that money to buy solar panels that they actually made! Here are some of the gory details from an article by Timothy P. Carney Senior Political Columnist of the Washington Examiner:
A heavily subsidized solar company received a U.S. taxpayer loan guarantee to sell solar panels to itself.
First Solar is the company. The subsidy came from the Export-Import Bank, which President Obama and Harry Reid are currently fighting to extend and expand. The underlying issue is how Obama’s insistence on green-energy subsidies and export subsidies manifests itself as rank corporate welfare.
Obama and Reid. A pair of really not to clever crooks as we’ve all learned. So what are the details of this fiasco?
First Solar is an Arizona-based manufacturer of solar panels. In 2010, the Obama administration awarded the company $16.3 million to expand its factory in Ohio — a subsidy Democratic Gov. Ted Strickland touted in his failed re-election bid that year.
Five weeks before the 2010 election, Strickland announced more than a million dollars in job training grants to First Solar. The Ohio Department of Development also lent First Solar $5 million, and the state’s Air Quality Development Authority gave the company an additional $10 million loan.
Oh brother! Is it any wonder this country is in the financial pickle it is?
In September 2011, Ex-Im approved $455.7 million in loan guarantees to subsidize the sale of solar panels to two wind farms in Canada. That means if the wind farm ever defaults, the taxpayers pick up the tab, ensuring First Solar gets paid.
Gee, this sounds familiar doesn’t it? Where have we heard about this sort of set up before? I know! Solyndra!! Getting back to the story, who bought the panels?
But the buyer, in this case, was First Solar.
A small corporation called St. Clair Solar owned the wind farm and was the Canadian company buying First Solar’s panels. But St. Clair Solar was a wholly owned subsidiary of First Solar. So, basically, First Solar was shipping its own solar panels from Ohio to a solar farm it owned in Canada, and the U.S. taxpayers were subsidizing this “export.
Now I’ve worked for companies that do internal sales. Basically site A needs something that Plant B makes. Site A has to budget for the item and pays Site B for the item. However, the Item is meant to help the company overall MAKE A PROFIT!! However, this scam looks to be set up to enrich some Obama Cronies at the expense of the taxpayers. Apparently this isn’t the first time the Export-Import bank has been found to be playing games.
This isn’t the first time Ex-Im has subsidized companies selling to themselves. In late 2000, for instance, the ill-fated power giant Enron won a $132 million direct-loan package from Ex-Im (that is, from the taxpayers) in order to sell “engineering services & process equipment” to a Venezuelan power company owned 49.25 percent by Enron. Enron was both the buyer and the seller in a 1995 sale to Turkey that Ex-Im financed through a $250 million loan.
Enron’s healthy feedings at Ex-Im’s trough before its bankruptcy also help poke holes in another Ex-Im defense: that it operates at no cost to taxpayers.
Oh terrific! Enron1! If that doesn’t send up flares that something stinks in the oval office, I don’t know what is. We’re about to get royally screwed yet again by the most incompetent, corrupt, thuggish administration in U.S. History.
Gaah! Peg Bundy is a sales genius compared to these idiots!
I think I should go watch the reruns on the National Geographic Channel of “Doomsday Preppers.” November can’t come soon enough for me!
~The Angry Webmaster~