The Obama administration gave another obviously failing California solar company $1.2 billion in federal loan guarantees, even though the company had only weeks earlier announced that they would be building a new manufacturing plant in Mexicali, Mexico to manufacturer the solar panels.

So much for American jobs, as well as so much for the billions of our tax dollars the Obama administration flushed down the toilet, as payouts to their friends and supporters.

The Obama administration – Corruption and Crony Capitalism at it’s finest.

How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.

The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice

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...Continue Reading Obama’s New $1.2 Billion SunPower Loan Scandal – Twice As Big As Solyndra