ANOTHER STIMULUS-RELATED SCAM FROM THE REGIME THAT BROUGHT YOU SOLYNDRA
This is Obamanomics at its best, America: One of O’s heavily-subsidized solar companies received a federal loan guarantee (backed by you and me, of course) to sell solar panels – to itself. Why didn’t Solyndra think of that?
First Solar is an Arizona-based manufacturer of solar panels. In 2010, the Regime awarded the company $16.3 million to expand its factory in Ohio – ostensibly to help Democratic Gov. Ted Strickland win re-election. (Strickland lost.)
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 loaned $5 million to solar panel company, and the state’s Air Quality Development Authority gave First Solar an additional $10 million loan.
After First Solar pocketed the $17.3 million in government grants and $15 million in government loans, the Export-Important Bank climbed on board. In 2011, the bank approved $455.7 million in loan guarantees to subsidize First Solar’s sale of solar panels to a wind farm in Canada. As a result, if the wind farm ever defaulted on its payments, America’s taxpayers would pick up the tab – ensuring that First Solar got paid.
Here’s where it gets sticky. Guess who owns the wind farm? First Solar. That’s right, folks, First Solar sold solar panels to First Solar – backed by you and me. Courtesy of the Obama Regime.
On the surface, it looks like a typical shell game: A small Canadian corporation – St. Clair Solar – owned the wind farm. 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 U.S. taxpayers were subsidizing this “export.” Good job, O.
Timothy Carney of the Washington Examiner explains how this kind of nonsense makes a mockery of the Export-Import Bank concept, which is intended to assist American companies compete against foreign companies. Instead, O’s pals at First Solar simply raided the Export-Import Bank in yet another of the Regimes “green energy” scams:
“This week, First Solar unloaded its St. Clair wind farm to NextEra Energy, and so First Solar’s financial troubles don’t threaten to put the taxpayer on the hook for this deal. But the Ex-Im subsidy itself was a great case in point as to how national industrial policy pitched in the name of helping the U.S. economy often does nothing to help the broader economy, instead helping only those companies lucky – or politically connected – enough to get the handouts.”
While O continues to trot around the country preaching about “sustainable” energy, one wonders; how sustainable is Obamanomics? How long before O’s shovel-ready house of cards comes crashing down – big time – and you and I pick up the pieces – yet again?
We’re being played, America. And the Obama Regime thinks we’re too stupid to realize it.
O takes “You scratch my back and I’ll scratch yours” to a whole new level, huh?