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"Model For The Future" Defaults on $500M Stimulus Loan -- Bankrupt

Discussion in 'Current Events' started by Voss's Tumor, Sep 1, 2011.

  1. Voss's Tumor

    Voss's Tumor Banned

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    Obama was all over these guys, gave speeches on their behalf, all that. Basically, Obama needed a green energy company to be the poster child for his bullshit, so he propped them up with tax-payer dollars, and now they're bankrupt:

    http://www.bloomberg.com/news/2011-...able-energy-aid-after-solyndra-s-failure.html

    tl;dr: Obama needed green energy company poster child, fast-tracked $500M for expansion, spoke on their behalf to benefit their IPO -- company bankrupt, 1100 out of work, investors screwed, $500M in tax-payer dollars gone.
     
  2. Owenay

    Owenay Those who fail to learn from history are doomed...

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    [​IMG]
     
  3. Party Rooster

    Party Rooster Unleash The Beast

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    The Chinese are totally dominating in this technology because of how cheap their labor is and because they've got the government totally behind it. Nevada just awarded a HUGE contract to a Chinese firm for a solar energy farm out in the desert.
     
  4. Owenay

    Owenay Those who fail to learn from history are doomed...

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    [​IMG]
     
  5. Voss's Tumor

    Voss's Tumor Banned

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    This really might be the most perfect feel-good story of the year for Republicans. I think this company might actually be in Pelosi's district as well. (I haven't looked it up, I just know it's just outside of San Francisco)

    [​IMG]
     
  6. Don the Radio Guy

    Donator

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    How much of that half billion will end up in Barry's campaign coffers?
     
  7. Voss's Tumor

    Voss's Tumor Banned

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    That's actually a big part of it.

    Apparently the company responsible for pushing for the loan is a company that was a huge fund-raiser for Obama.
     
  8. Begbie

    Begbie Wackbag Generalissimo

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    Oh, you fauxraging righties...just "clinging to the ONE aspect of the stimulus that they can show didnt come true and jump up and down and scream Fox News fed talking points... congrats... you are fitting right into the fold".

    "Troll on brother"



    :icon_cool
     
  9. Voss's Tumor

    Voss's Tumor Banned

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    And actually, as I read more about it it turns out that a panel of Republicans recognized this, made a large push to make it known, and they proceeded against their advice.
     
  10. Party Rooster

    Party Rooster Unleash The Beast

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    You're right. Shoulda went with a bbbbut Bush defense. Didn't he bailout a couple of car companies in 2008 that ended up filing for bankruptcy?

    So I was right after all? "whaa"

    So they failed because of a global glut in supply? I see that as a positive, making it cheaper and more viable for consumers to adopt it. Still, a half billion dollars is a HUGE chunk of change and it's not going to look good for Obama. This is going to make those Caterpillar and that big midwestern RV manufacturer situations pale in comparison.

    The funny part is the entire energy industry is subsidized by federal and state governments and has been for years. And you're making your living on it thanks to that. Oh, the irony...

    http://thinkprogress.org/politics/2011/06...oil-subsidies/
    This one probably benefits you the most:

    Sorry to go all Southpaw on you with all the copypasta. :action-sm
     
  11. Voss's Tumor

    Voss's Tumor Banned

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    Holy fucking apples and oranges, Batman!

    First of all, my business isn't subsidized for political reasons, hell, it's not even really subsidized. No one gives me, my investors, or my operators a dime. They simply allow my investors (not even me) tax write offs to off-set for the risks involved in exploration. Even the best exploration companies can only be about 75% accurate when attempting to produce oil and natural gas wells, and if the government took 30% of all of the potential revenues no one would ever drill a well in the US.

    And on that topic of the subsidized royalties on state and federal owned lands... I've had a well funded since February which is half owned by the state, and guess what? We flow tested it in February, we have 800 barrels sitting in the collection tanks, we know it's going to flow around 120 barrels a day, and guess how much of that oil has seen the market? None. Guess how much my investors have made? None. Why? Because the beurocracy surrounding the process, we're still waiting on a "distribution" permit. Note, not a drilling permit, not an EPA approval, all that's already done. This is simply a permit that will allow us to sell the oil and NG. So yeah... We've been waiting 6 months to make all of this great subsidized money! And by the way, that great subsidy? We get a 15% discount on our taxes from the revenue. Considering the Joint Venture has been losing roughly $300k a month for 6 months waiting on this god damn permit, they can shove their 15% up their asses.

    Now, would you like to discuss the topic at hand? Or would you like to continue to strike personally about things you know nothing about? Because the solar panel industry is ACTUALLY fucking subsidized already. And by actually, I mean the government will pony up 40% of the costs (I think) for any "green" energy production venture. T Boone Pickens is making a fortune on this with his wind-farms right now. So this shitheel company was used as a political stunt and it cost us all half a billion dollars. What does that have to do with tax breaks for oil drillers?

    Note -- this is an actual subsidy, not the fucking bullshit that keeps trying to get pinned to petroleum companies. To be subsidized means "to give money to" in this case, not to allow you the privileged of being robbed less.
     
  12. whiskeyguy

    whiskeyguy PR representative for Drunk Whiskeyguy.

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    So what's the answer? Just allow the Chinese to take over and purchase the finished product at a cheaper price than it costs us to create it? Only award contracts to non-unionized companies where the cost of labor is cheaper? Obviously dumping money into American companies isn't working.

    American jobs are important, but here 1100 jobs were still lost at the cost of $500 million in tax dollars that other American taxpayers, if they had retained that money, may have spent it in ways that stimulated the economy in a more organic way. Not a single American job was saved under this expenditure.
     
  13. Voss's Tumor

    Voss's Tumor Banned

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  14. DJ Evel Ed

    DJ Evel Ed MayYourCumCrustedCocksBeConstantlyCoveredInCunt

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    All I know is, that kid who built a solar panel tree using the "golden ratio" had the right idea. USA needs more innovation, like we had when we were the best, like 100 years ago. We need more output from our generation's Tommy Edison, Hank Ford, Al Bell etc...
     
  15. Party Rooster

    Party Rooster Unleash The Beast

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    Holy shit I hope you don't really believe that.

    Well technically they didn't give it to this solar company either. It was a loan guarantee, so now that we're on the hook for it they're now giving it to the banks and other investors that went in on this.

    It's a fair comparison because in its infancy the petroleum industry was directly subsidized as well.

    I thought the source was also fair, the government accounting office working for the state of Texas (sorry for the TP troll :icon_cool).
    Blame them for throwing around the "subsidy" claim. Not even against the tax breaks your investors get as it's a very risky business. But don't say fiddling with depreciation rates that increase your bottom line aren't a boon to your business.

    I did.
     
  16. Voss's Tumor

    Voss's Tumor Banned

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    I honestly don't even know how to respond. Fiddling with my depreciation rates? They didn't give money to the solar company?

    The words you're saying don't connect to form English sentences in this context.
     
  17. Voss's Tumor

    Voss's Tumor Banned

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    Besides, none of this bullshit you bring up even fucking matters. This company made solar panels, they didn't build solar farms. Comparing them to a company like mine would be like saying that the government subsidizes a company that makes drill bits or pipe casings.
     
  18. Party Rooster

    Party Rooster Unleash The Beast

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    Not just in this industry, but something needs to be done with how China has us by the balls because of their cheap labor rates. Tariffs? Call them out on their monetary policies?

    How though? Our manufacturing sector is virtually non-existent anymore. Been that way for a long time and it's just getting worse.

    Sucks all those jobs were lost, but I doubt the final tally will be $500 million. I'm sure some Chinese company will come in and buy up all that shiny new infrastructure for $10 million.

    You do know the difference between a grant and a loan guarantee right? Are you sure you work in finance?
    :trollol:
     
  19. Voss's Tumor

    Voss's Tumor Banned

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    A grant is money directly given. A guarantee is a promise to back a loan if a company defaults. Therefore, since the company failed, what's the difference?

    You do know the difference between a tax deduction for an investment and a guaranteed investment.

    I am sure you don't work in finance.
     
  20. Begbie

    Begbie Wackbag Generalissimo

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    Is this the speech where the guy fainted beside Obama?
     
  21. Party Rooster

    Party Rooster Unleash The Beast

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    Because all federal grants cost taxpayers money. Only defaulted loan guarantees cost us money, not the trillions of of other ones that don't default. Hopefully there's enough in the "portfolio" to offset the losses, but that obviously hasn't been the case for a while now.

    But yeah, you've got a point, since the company failed it's really pretty much the same thing. Thank God the government is there to bailout those dumb investors who stupidly bought into this company.
     
  22. Voss's Tumor

    Voss's Tumor Banned

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    Nah, it's just the speech he gave in their new facility, that we paid for, about how great a company they are.
     
  23. Voss's Tumor

    Voss's Tumor Banned

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    And you're completely missing the point. The only reason those investors stupidly bought into the company is that Obama told them to. There was opposition all over saying they were a company that was destined to fail, yet they pressed the agenda and guaranteed loans to a company that was almost guaranteed to fail (by all the reasons you stated earlier), so the investors said what the hell since the government was backing them.

    The investors were saying it was a bad idea from the beginning.
     
  24. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

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    You're claiming that the Chinese government is more supportive of solar panel makers than the US one? Ok, now back it up with numbers.

    How much money does the US hand out in alternative energy subsidies, and how much does China?
     
  25. Voss's Tumor

    Voss's Tumor Banned

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    He's just talking about cheap labor.
     

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