Bogus Loans at First Solar

March/21/2012 16:08PM
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Another chapter in the book that may document the biggest scam the US government ever conducted is being written. The book of ObamaEnergy.

Now the fact that the DOE approved massive loans to First Solar with false documentation has surfaced. To qualify for these loans, the company must document that new technology is being used. A Tempe, Arizona based First Solar unit should not have gotten a $646 million loan, and a Riverside, Calif unit a $1.46 billion guarantee.

How much of the $14.5 billion in loans will fail? When the book is finished, it will probably be most. It was flawed from the inception. Dr. Chu, a brilliant scientist, is not qualified to be a Bain-capital type venture capitalist. Plus, the businesses chosen by Obama for investment were high-risk. Finally, it was speed, not due diligence, that drove the investments. All indicated bad choices and even worse outcomes. These chickens will come home to roost after the election and into the next 5 years. But, roost they will. Most of the $14.5 billion will end up like Solyndra. Solayndra infuriates the American public. Can you imagine how much $14.5 billion will upset the public? Pile on top of that great ideas like the Volt, and you will have billions invested in failures. Billions this country doesn’t have to invest.

The particulars on First Solar are simple and familiar. When someone noticed the innovation requirement had not been met, false claims were made. But, they were not sufficient to meet the standards, but no one cares. No one but us.

Want a president who could care less about blowing $14.5 billion, vote for Obama.

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