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Congressman's son lobbied for failing solar panel company
10/11/2011
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 the size of the money sent down the Solyndra drain.
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So we are supposed to bend over while he applies the "American Jobs Act" to us, while he keeps on showering his devoted supporters with billions.
He should be praying that Tea Party people don't show him what "occupy" really means - on the White House lawn...
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