I thought President Obama wanted to help US Green Energy firms compete in the global market? Shouldn't the companies receiving loan assistance - especially $1.2 Billion in loan assistance - be owned by US companies and citizens? my bold
http://www.foxbusiness.com/markets/2011/10/12/dept-energys-sunpower-loan-guarantee-under-fire/
"Here’s why people should be upset at yet another Department of Energy guaranteed loan to a solar company:
The company, SunPower, got a conditional guarantee for a $1.2 billion loan from the Energy Dept. back in the spring, according to the DOE's website.But this company was getting financing in the capital markets. Why hit up taxpayers to get backstops on loans?
And soon after the project run by SunPower got this loan guarantee, SunPower sold a big stake in itself, an estimated $1.3 billion, to French energy giant Total, at a 46% premium to its shares at the time
Total also gave it a $1 billion credit line, according to the company's filings with the Securities and Exchange Commission. The Total deal, along with the loan guarantee, helped SunPower's stock rise.
A SunPower spokesman confirmed all this, but said the company is in a quiet period in advance of its next quarterly profit report, due out in early November. The Department of Energy did not return calls for comment, but its press statement on this loan guarantee says it conducted "months of rigorous technical, financial and legal due diligence" on this project so it met "the requirements of the program -- helping America win the clean energy race and create new industries for American workers." "
There's more
"This project will only create 15 new, permanent jobs, according to the DOE website. If it fails, that would come at a cost of more than $80 million in taxpayer money for each of those jobs. "