Another Green Scam?
Did a second failing solar company receive federal funds?
- Duration 5:47
- Date Oct 12, 2011
Did a second failing solar company receive federal funds?
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As White House tried to do damage control in the wake of the botched taxpayer funded solicitor alone there is another Green energy scanned that is now surfacing there are allegations tonight.
That another such long was provided a sign up power -- a solar energy company now reports reveal.
At the company received get this a whopping one point two billion dollar federal loan guarantee.
And that's almost double what's a -- got.
And we're now learning from different news outlets that this company too is in deep financial trouble.
And the should come as no surprise questions are being raised about the timing of the loan in the company's political connections you've got.
Joining me now she's been doing a lot of investigation of this the author of the number one New York Times best seller Michelle Malkin is back Michelle -- -- how are you shot you know I I I sense a what do you say.
I sense that the White House is now being engulfed in scandal.
You've got the subpoena -- now of Eric Holder you've got so lindros.
And I think this is something people understand you bundle money get to the White House four times in a week you get 535 million dollars it goes down the sore.
And it seems like the good Ole boy system.
Right crony cap -- that this case which is twice the money one point two billion dollars and we got the same scenario unfolding here what do you make of it.
Yes well it is a fiscal nightmare and the spawn of so Linder.
SunPower as you say got this conditional.
One point two billion dollar loan from the department of energy and this -- as the deadline was closing last September 30.
And there are many many questions that news outlets are are raising human events.
Fox Business our college our colleague there Fox Business Elizabeth MacDonald.
Have pointed out that.
It it's very questionable why they got this money in the first place because after they got the loan they then turned around.
And were able to get another billion dollars worth of financing from a private French company.
Deep political connections braves a lot of eyebrows and they -- George Miller the California Democrat.
Who's been pushing that federal financing for this thing for a long time has a son George Miller the fourth.
He was a lobbyist just so happens to be a lobbyist for the company and they took interior secretary Ken Salazar.
On a nice little cozy -- -- Of this facility last October.
But as they were angling for this loan.
And bomb on -- -- all that the company is -- hired an all sorts of lawsuits.
Over its questionable accounting practices and why did they get the money in the first place when they were able to get private financing and -- more importantly.
When we're talking about the need for American jobs.
This thing is going to create on countless jobs where -- America.
But in Mexico where they manufactured the photovoltaic.
Solar panels that go into these solar ray which means this company deals and -- you can't.
You can't make this -- and there's one other financial point here the company carries 820.
Million dollars in debt this is before that even started.
Twenty million more than its market capitalization.
And they say -- this the one point two you know billion dollars from from the government guaranteed loans.
One -- point congressman Miller Democrat.
Now apparently He failed to mention top lobbyists he's pushing for this He failed to mention -- son George.
Miller the fourth is their top lobbyist that at -- Now get.
I gonna get any more incestuous gonna get any more unethical.
Right and like I said these things multiply.
Like a virus because we've talked in the past about.
To know -- solar which -- -- -- -- a lousy connection the brother in law is involved in the investment firm and that that's also based in California.
And then we've got this Olympic thing which is still on result we've only had one head role in that case.
The Department of Energy loan officer resigned quietly but they're still questions about who knew what when would we still got these.
Countless Friday document dumps that show that a lot of people certainly should have known Rahm Emanuel was named at some of those documents.
And Chicago press.
Have been pressing him on that and He still denying that that He had any role in matter any knowledge of -- it's wonderful how these people have these convenient -- of amnesia.
When we're talking about billions and trillions of dollars and here in Colorado which is supposed to be a showcase of the success.
Government investments in in solar we've got her own spawn of cylinders sons and daughters of so -- -- Where each of the jobs they're so called created cost.
Millions and millions of dollars it's it's a bad bad it always is for the taxpayers when you would trust these people who know nothing about the free market.
To pick winners and losers were always the ultimate losers and both Democrats and Republicans have to be put on notice and put on record about I want.
130 I agree with you that they're both parties have been guilty of this but we never seen it to the extent that.
That this is happening you know -- Canada was in a recession in 2009.
They've drilled -- way out of -- unemployment North Dakota is just.
In the 3% range guess what they had a big oil -- And it seems like they're forcing something on the free market and free markets not ready for -- -- free market order created it.
Well yeah and that's the point about just circling back to the SunPower.
An example and if they can get private investments.
All on the free market wire they forcing a re distributing tax dollars to these risky bets in the first place -- Michelle -- great investigative work as usual and we appreciate -- -- -- You bet take care shots and time that it.