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OBAMA WANTS TO DESTROY AMERICA

Published on Apr 28, 2012 by TheAmericanMilitiaHQ

OBAMA WANTS TO DESTROY AMERICA! Watch this video and forward the link to your friends who still believe in America. Video content by Free Market America.

Connect the Dots :: The First Solar Swindle

Jul 21, 2012
by Marita Noon

As we dig deeper in the green-energy crony corruption-story, it begins to sound more and more like the making of a big-budget Hollywood thriller. Today’s installment on First Solar includes billionaire investors, corporate welfare, favoritism, threats, exaggerations, lawsuits over inferior quality, layoffs and outsourcing, and even a romantic dalliance. The screenplay would be riveting. Too bad it is not fiction. The film would have to be a documentary.

The trailer would open: “What do Goldman Sachs, several Goldman executives, and quite a few billionaire investors have in common? Add in millions of campaign donations followed by billions doled out of the 2009-stimulus package along with a ‘who’s who’ list of high-powered energy connections. Throw in a lead lobbyist with frequent White House visits and an active, yet connected board member.” Dark clouds would roll in as the music comes to a crescendo. The narrator continues: “Along the way, drama and trouble emerge. The CEO sells his own stock, jobs are going overseas. Accusations of money laundering materialize, and inside investigations point to a shady scheme within a solar energy company. The firm in question is implicated—as well as the Department of Energy.” Bold text pops up on the screen: “The First Solar Swindle” Smaller text: “Opening in theaters nationwide…”

Yes, all of this drama can be found in one company with interconnected ties to the Obama White House!

Last week, we wrapped up Senator Harry Reid’s connection to four firms—representing billions in taxpayer money—also part of the green-energy, crony-corruption story. Three of the four are in Reid’s home state: Nevada Geothermal, Ormat Nevada, and SolarReserve; while both SolarReserve and BrightSource Energy have multiple and significant ties to the President.

Now, we move on to the next three of our Special Seven series––those that received the Department of Energy loans (even though the companies were rated as “non-investment” grade) and grants, as a part of the stimulus spending spree. Additionally, these seven companies received “special” Department of Interior (DOI) treatment through a March 11, 2009 Secretarial Order, which the Washington Free Beacon described as a means “To fast track the siting of renewable energy projects on public lands managed by the agency.”

This chapter exposes First Solar.

From the introduction of this serialized book, the thumbnail says:

First Solar manufacturers “thin film” solar modules and is now moving into project development. While First Solar is not in the “junk bond” list, they do hold the unique distinction of being the single worst performer in the SPX in 2011. Additionally, they are linked to three junk-bond projects: Aqua Caliente (AZ), BB+; Antelope Valley Solar Ranch (CA), BBB-; and Desert Sunlight (CA), BBB-. First Solar was an early green investment of Goldman Sachs—which gave more than $1 million to the 2008 Obama campaign. Goldman Sachs executives sat on Obama’s 2008 Finance Committee and others were bundlers. In Throw Them All Out, Peter Schweizer reports on First Solar investor Paul Tudor Jones, who was a 2008 Obama bundler, and First Solar CEO Michael Ahearn, who “gives generously (and exclusively) to Democrats.”

First Solar Swindle cast of characters:

 

Goldman Sachs Investor and Top 2008 Obama Donor

First Solar was an early investment of Goldman Sachs, the number two Top Obama Donorthat gave more than $1 million dollars to his 2008 campaign––plus, the Obama administration “is infested” with Goldman Sachs executives.

Bruce Heyman and David Heller sat on Obama’s 2008 Finance Committee

Bruce Heyman and Jennifer Scully were 2008 Obama bundlers

Two Goldman executives sat on Obama’s 2008 Finance Committee, Bruce Heyman and David Heller, while Heyman, along with Jennifer Scully, was also a 2008 Obama bundler. According to the Wall Street Journal, “Ms. Scully raised $100,000, but didn’t make any large donations personally; Mr. Heyman bundled $50,000 in donations, including a $10,000 contribution he made and Goldman executive, David Heller, donated $25,000.”

Michael Ahearn CEO First Solar

Pages 91-92 of Peter Switzer’s book Throw Them All Out says: “Ahearn gives generously (and exclusively) to Democrats.”

Ted Turner Billionaire Investor

From Throw Them All Out: “The biggest investors [in First Solar] include billionaire Ted Turner, a big financial backer of Obama’s 2008 campaign.”

Paul Tudor Jones Billionaire Investor

“Another Obama bundler, also owns a stake in First Solar.”

Whitney Tilson Ultra-wealthy Obama Supporter

Obama ally and a member of “Patriotic Millionaires” (a group of wealthy Obama supporters backing the president’s effort to raise taxes on high-earners), is “Ultra-wealthy Obama supporter Whitney Tilson,” reports the Washington Free Beacon. It turns out that “One of the few ‘winners’ in Tilson’s portfolio was his short position in First Solar, a company on the brink of collapse, despite receiving more than $3 billion in federal loan guarantees from the Obama administration.”

Former Vice President Al Gore Generation Investment Management co-founder

Other Wealthy First Solar Investors who are heavily involved in clean-energy include: Generation Investment Management (GIM) co-founded in 2004 by former chief executive of Goldman Sachs Asset Management and Former Vice President Al Gore.

David Shaw Obama bundler

Founder of D. E. Shaw, an Obama bundler and one of the top 3 donors to the Democratic Party, who happens to the largest shareholder of First Wind that “received $232 million in stimulus funds.”

Jose Villarreal First Solar board member

Also a board member for the Center for American Progress, a left-wing think tank, closely tied to the administration, which lobbied for green energy loans.

Kathleen Weiss Vice President of Government Relations

The lead lobbyist for First Solar, Kathleen Weiss, Heritage’s Scribe reports, “has had numerous meetings at the White House, according to visitor logs. She has met with senior White House official Valerie Jarrett, Deputy Assistant to the President for Energy and Climate Change Heather Zichal, among others.”

First Solar Swindle scene outline:

 

The First Solar Swindle takes place in several locations as they have three distinct projects.

Exelon Corp.

Antelope Valley Solar Ranch, California—Rating BBB- by Fitch, September 2011, DOE loan for $646 million––was purchased by Exelon Corp, yet First Solar, which developed the project, “will build, operate, and maintain the project.” Exelon Corp. was another 2008 Obama donor, and the Antelope Valley Solar Ranch project has a 25-year purchase power agreement from PG&E as well.

During Obama’s run for the presidency, Exelon’s employees continued to give, contributing at least $200,000 during Obama’s 2008 campaign. Exelon board member John Rogers Jr. was a top Obama bundler, hauling in at least $500,000. Bloomberg reported that former Obama chief of staff Rahm Emanuel worked on the $8.2 billion merger that created Exelon in 2000, and former senior adviser David Axelrod had ownership in a consulting business that had Exelon as a client.

NextEra Energy

Desert Sunlight, California––Rating BBB, by Fitch; September 2011, DOE loan for $1.2 billion—was sold to NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. and GE Energy Financial Services. Yet, the September announcement also states that “First Solar will continue to build and subsequently operate and maintain the project under separate agreements.” Both CEO’s are on President Obama’s Job Council, Lewis Hay of NextEra Energy and Jeffrey Immelt of GE (another top Obama donor, donating $529,855 to his 2008 campaign). GE has raked in over $3 billion of stimulus money, and counting.

Sherry Barrat, a director at NextEra, is also Vice Chairman of Northern Trust, the company that once owned the Obamas’ house.

NRG Energy

Agua Caliente, Arizona––Rating BB+ by Fitch, August 2011, DOE loan for $967 million––was purchased from First Solar by NRG Solar, LLC, and a subsidiary of NRG Energy. The plant would supply power to PG&E, and be made with panels from the Tempe-based First Solar Inc. Billionaire George Soros, a 2008 Obama donor, who “gave advice and direction on how President Obama should allocate so-called stimulus money in a series of regular private meetings and consultations with White House senior advisers,” owns more than half a million shares of NRG Energy.

First Solar Swindle synopsis:

 

First Solar sought to create turnkey projects with the assistance of DOE loan guarantees and direct loans.

Favoritism

A Government Accountability Office report found that the Energy Department loan program skipped steps in its review process when evaluating loans, while in some cases it was impossible to determine if the review steps were even completed. The DOE apparently manipulated its analysis and strategically modified evaluations in order to issue loans to First Solar. Through the funding of First Solar’s projects, favoritism was shown, as regulations may have been violated that required innovativeness and that allows for only one technology per project sponsor—which may have been why the projects were sold as soon as the loans were funded. (Did they think we wouldn’t notice?)

Layoffs and Outsourcing

Since DOE finalized First Solar’s three loan guarantees (for over $3 billion), First Solar has encountered serious financial problems that put the DOE funded projects in jeopardy. First Solar’s stock declined the greatest compared to any S&P 500 companies in 2011 and has lost more than $100 per share over the past year. First Solar has cut production of its solar panels worldwide.  Based upon the company’s financial troubles, First Solar fired its CEO in October 2011. In April 2012, First Solar laid off 2000 workers and closed factories. In May, a massive round of furloughs was announced. In a May 16, 2012 hearing, CEO Michael Ahern admitted: “in sheer numbers, most of our full-time employees are outside the US.” Delay, as listed below, means that the indirect jobs that the White House wanted to create with the three loan guarantees will likely never materialize.

Inferior Quality and Lawsuits

Problems that directly impact First Solar’s DOE loan guarantee projects have been revealed. It was announced in late February that First Solar would postpone manufacturing solar panels at its Mesa Arizona plant, which is still under construction, because of financial problems. First Solar intended for the Mesa facility to provide panels to the First Solar projects. This delay raises questions about whether First Solar will have problems supplying solar panels to its DOE loan guarantee projects.  Additionally, millions of dollars worth of its solar panels have had to be replaced under warranty because they did not last in hot climates. All three of First Solar’s DOE-based solar generation projects are located in hot desert climates—which raises serious concerns about whether the panels will work properly long term. According to the Phoenix Business Journal, “First Solar Inc. has been hit with an investor lawsuit in federal court, alleging the solar panel manufacturer misled investors over how much it would cost to replace defective panels.” Reports indicate that manufacturing flaws cost $253 million in replacement costs.

Corporate Welfare

First Solar received a US Taxpayer loan guarantee to sell solar panels to itself! The subsidy came from the Import-Export Bank. In 2011, First Solar received $455.7 million to subsidize the sale of solar panels to two solar farms in Canada—owned by a small corporation called St. Clair Solar. But St. Clair Solar was a wholly owned subsidiary of First Solar.

First Solar’s CEO has admitted to selling more than 700,000 shares of his own stock netting him $68.5 million—though claiming that the company “remains financially strong and well positioned to execute through the current market environment.” HumanEvents.com reports “between 2008 and 2012––a period when First Solar’s stock value dropped by almost 95 percent––Ahearn sold over $450 million of his own company’s stock.”

Obama’s insistence on green-energy subsidies manifests itself as rank corporate welfare.

Threats and exaggeration

First Solar came under extreme heat in the House Oversight Investigation—“The First Solar Scheme” (pp. 29-38), noting a series of violations and application misrepresentation as well as “persistent pressure,” with even documents of a “threatening” letter to Jonathan Silver.

A First Solar investor puffed up the potential of these green projects: “Goldman Sachs Group Inc. plans to channel investments totaling $40 billion over the next decade into renewable energy projects, an area the investment bank called one of the biggest profit opportunities since its economists got excited about emerging markets in 2001.”

A Romantic Dalliance

Every movie needs some love. This is provided in the First Solar Swindle through senior DOE official Steve Black who leads the Renewable Energy Policy Group and NextEra Lobbyist Manal Yamout—who are in a romantic relationship.

An application that should otherwise fail, but instead passes under improper influence and through the manipulation of analysis, results in the defrauding of taxpayers and misappropriation of assets.

As the reporter for the First Solar Swindle, I’d like to be played by Cameron Diaz or Renee Zellweger. As the investigator, Christine Lakatos pictures Julia Roberts of the Pelican Brief playing her part. Yes, the First Solar Swindle will be a blockbuster—or should I say, it is a bank buster?

Author’s note: Thanks to Christine Lakatos, the Green Corruption blogger, for research assistance.

The author of Energy Freedom, Marita Noon serves as the executive director for Energy Makes America Great Inc. and the companion educational organization, the Citizens’ Alliance for Responsible Energy (CARE). Together they work to educate the public and influence policy makers regarding energy, its role in freedom, and the American way of life. Combining energy, news, politics, and, the environment through public events, speaking engagements, and media, the organizations’ combined efforts serve as America’s voice for energy.

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Crony capitalism exposed

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By Marc A. Thiessen,
Published: November 14

Insider trading is illegal — except for members of Congress. A Wall Street executive who buys or sells stock based on insider information would face a Securities and Exchange Commission investigation and quite possibly a federal prosecutor. But senators and congressmen are free to legally trade stock based on nonpublic information they have obtained through their official positions as elected officials — and they do so on a regular basis.

On Sunday night, CBS News’ “60 Minutes” looked into this form of “lawful graft.” The “60 Minutes” story exposed, among others, then-House Speaker Nancy Pelosi for participating in a lucrative initial public offering from Visa in 2008 that was not available to the general public, just as a troublesome piece of legislation that would have hurt credit card companies began making its way through the House (the bill never made it to the floor). And it showed how during the 2008 financial crisis, Rep. Spencer Bachus (R-Ala.) — then-ranking Republican on the House Financial Services Committee — aggressively bought stock options based on apocalyptic briefings he had received the day before from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson.

The report was based on an explosive new book by Peter Schweizer that will hit stores on Tuesday. It’s called “Throw Them All Out: How Politicians and Their Friends Get Rich off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to Prison.” (Full disclosure: Schweizer is a close friend, a former White House colleague and my business partner in a speechwriting firm, Oval Office Writers.

The “60 Minutes” story only scratches the surface of what Schweizer has uncovered. For example, Bachus was not the only member of Congress trading on nonpublic information during the financial crisis. On Sept. 16, 2008, Schweizer writes, Paulson and Bernanke held a “terrifying” closed-door meeting with congressional leaders. “The next day Congressman Jim Moran, Democrat of Virginia, a member of the Appropriations Committee, dumped his shares in ninety different companies . . . [his] most active trading day of the year.”

Rep. Shelley Capito (R-W.Va.) and her husband “dumped between $100,000 and $250,000 in Citigroup stock the day after the briefing,” Schweizer writes, and “at least ten U.S. senators, including John Kerry, Sheldon Whitehouse, and Dick Durbin, traded stock or mutual funds related to the financial industry the following day.” Durbin, Schweizer says, “attended that September 16 briefing with Paulson and Bernanke. He sold off $73,715 in stock funds the next day. Following the next terrifying closed-door briefing, on September 18, he dumped another $42,000 in stock. By doing so, Durbin joined some colleagues in saving themselves from the sizable losses that less-connected investors would experience.” Some members even made gains on their trades, at a time when ordinary Americans without insider knowledge were seeing their life savings evaporate.

Schweizer also documents numerous examples of how members of Congress of both parties — including Pelosi, Senate Majority Leader Harry Reid and former House speaker Dennis Hastert — have used federal earmarks to enhance the value of their own real estate holdings. They have done so, Schweizer shows, by extending a light-rail mass transit line near their property, expanding an airport, cleaning up a nearby shoreline, building roads and bridges, and beautifying land and neighborhoods nearby — in each case “substantially increasing values and the net worth of our elected officials, courtesy of taxpayer money.”

Perhaps the most disturbing revelations come from Schweizer’s investigation into the Obama Energy Department and its infamous “green energy” loan guarantee and grant programs, a program Schweizer calls “the greatest — and most expensive — example of crony capitalism in American history.” The scandal surrounding Solyndra — the now-bankrupt, Obama-connected solar power company that received a federally guaranteed loan of $573 million — is well known. But Solyndra, Schweizer says, is only the tip of the iceberg. According to his research, at least 10 members of President Obama’s campaign finance committee and more than a dozen of his campaign bundlers were big winners in getting tax dollars from these programs. One chart in the book details how the 10 finance committee members collectively raised $457,834, and were in turn approved for grants or loans of nearly $11.4 billion — quite a return on their investment.

In the loan-guarantee program alone, Schweizer writes, “$16.4 billion of the $20.5 billion in loans granted went to companies either run by or primarily owned by Obama financial backers — individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” That is a staggering 71 percent of the loan money.

Schweizer cites example after example of companies that received grants or loans and documents their financial connections to the Obama campaign and the Democratic Party. And he shows how “the [Energy] department’s loan and grant programs are run by partisans who were responsible for raising money during the Obama campaign from the same people who later came to seek government loans and grants.”

There is much, much more, which means that when Schweizer’s book hits stores Tuesday, heads in Washington are going to explode.

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Countdown to DesertXpress begins

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March 28, 2011

States and regions across the country are working tirelessly to realize President Obama’s vision for American high-speed rail.  And on Friday, I had the pleasure of joining Nevada Senator Harry Reid to announce that construction on the DesertXpress corridor between Las Vegas and Southern California will soon get underway.

The DesertXpress project cleared a major hurdle last Friday when the Federal Railroad Administration released its final environmental impact statement.

DesertXpress promises travel times of 85 minutes between Victorville, California, and Las Vegas, Nevada.  This cuts the existing drive–three hours under the best conditions and nearly twice as long in traffic–in half.  Sitting in congestion for four, five and even six hours along I-15 is especially brutal for travelers paying sky high gas prices.

But high-speed rail means much more than a shorter trip from California to Las Vegas.  It means jobs, and it means reinvigorated American manufacturing.

Already, 30 rail companies from around the world have pledged that, if they’re selected for high-speed rail contracts, they will hire American workers and expand their bases of operations in the United States.  And the administration’s 100 percent “Buy America” requirement will generate a powerful ripple effect throughout the supply chain.

Just think about the possibility.  Factory workers building electric-powered trains.  Engineers laying new track.  Conductors, operators and ticket-takers helping passengers speed to their destinations.  Americans of every trade advancing down the track to a better future.

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With US Senator Harry Reid and Nevada Department of Transportation Director Susan Martinovich

And those are just the direct ripple-effects.  High-speed rail also means economic development.  As Nevada Senator Harry Reid said:

“This announcement brings us one small step away from tens of thousands of new jobs not only through the project’s construction, but by boosting our tourism.  This line will connect tourists from southern California to our state’s great attractions like the Las Vegas Strip and the Hoover Dam. This announcement is excellent news for our state’s economic recovery.”

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With US Senator Harry Reid announcing the DesertXpress EIS release

DesertXpress will give people a safe, convenient transportation alternative to the notoriously congested I-15.   And in a time of enormous economic challenge, it will create quality jobs.

This is the promise high-speed rail offers communities across the country.  This is how America wins the future.

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