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Wrapping
up a Great Week (for the Bears)

Posted by :
ilene

Post date:
04/06/2012 - 19:25

It's hard being a
bear, except this week wasn't so bad.

Tedbits:
2012 Outlook, Part 1 - When Leverage Fails

Posted by:
tedbits

Post date:
04/06/2012 - 16:25

The saga continues as
we head into 2012.  That saga is the demise of Ponzi finance

MF
Global: The Big Fix Was In; How Corzine Threw a Mid-Level Operations Assistant
Under the Bus

Posted by:
EB

Post date:
04/06/2012 - 10:02

Deconstructing
Corzine's lawyered up rat speak.

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Home

World's Largest Solar Plant, With Second Largest Ever Department
of Energy Loan Guarantee, Files For Bankruptcy

Submitted by Tyler Durden on
04/02/2012 20:14 -0400

Citigroup

Creditors

Department Of
Energy

Deutsche
Bank

Germany

Joe
Biden

LIBOR

Obama
Administration

President
Obama

Reuters

Term
Sheet

Solyndra was just the appetizer. Earlier today, in what will come as a
surprise only to members of the administration, the company which proudly held
the rights to the world's largest solar power project, the hilariously named Solar Trust of America ("STA"), filed
for bankruptcy. And while one could say that the company's epic collapse is more
a function of alternative energy politics in Germany, where its 70% parent Solar
Millennium AG filed for bankruptcy last December, what is
relevant is that last April STA was the proud recipient of a $2.1
billion conditional loan from the Department of Energy, incidentally the second
largest loan ever handed out by the DOE's Stephen Chu. That amount was
supposed to fund the expansion of the company's 1000 MW Blythe Solar Power
Project in Riverside, California. From the funding press release, "This project
construction is expected to create over 1,000 direct jobs in Southern
California, 7,500 indirect jobs in related industries throughout the United
States, and more than 200 long-term operational jobs at the facility itself.
It will play a key role in stimulating the American economy,”
said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America and Executive
Chairman of project development subsidiary Solar Millennium, LLC." Instead, what
Solar Trust will do is create lots of billable hours for bankruptcy attorneys
(at $1,000/hour), and a good old equity extraction for the $22 million DIP
lender, which just happens to be NextEra Energy Resources, LLC, another
"alternative energy" company which last year received
a $935 million loan courtesy of the very same (and now $2.1 billion poorer)
Department of Energy, which is also a subsidiary of public NextEra
Energy (NEE), in the process ultimately resulting in yet another transfer of
taxpayer cash to NEE's private shareholders.

As Bloomberg
notes: "The company joins Energy Conversion Devices Inc., a U.S. solar
manufacturer that suspended production last year; LSP Energy LP, the owner of a
natural-gas-fired power plant in Mississippi; Ener1 Inc., maker of lithium-ion
batteries for plug-in electric cars; solar-panel maker Solyndra LLC; and energy
storage company Beacon Power Corp. (BCONQ) in bankruptcy."

And so central planning fails again, and again, and again, and again. But it
sure will be better with the centrally planned monetary (and in the absence of a
working Congress - also fiscal) policy. Because this time it really will be
different.

From Reuters:

Solar Trust of America and several affiliates filed for protection from
creditors with the U.S. bankruptcy court in Delaware. It estimated to have as
much as $10 million of assets, and between $50 million and $100 million of
liabilities.

Blythe is about 220 miles (354 km) southeast of Los Angeles.

"We have been working with Solar Trust of America for a couple of years in
getting this project going," David Lane, Blythe's city manager, said in an
interview. "Although the project is not in the city limits, we are the only
city within 100 miles. My sense is that with the large investment in what was
to have been the world's largest solar power plant, someone somewhere will buy
it and build it."

At least someone's reputation will be tarnished as a result of this latest
epic failure of the Obama administration to misallocate capital :

Solar Millennium said it has been sued by former Chief Executive Utz
Claassen over public statements by company representatives that he claims have
damaged his reputation and left him unable to find a job. Solar Millennium
said the lawsuit would not directly affect its insolvency
proceedings.

Two people, however, who won't be humiliated at all are California Governor
Jerry Brown, and Secretary of the Interior Ken Salazar, who reprise the role of
Joe Biden, last seen praising not only MF Global's Jon Corzine,
but that other epic administration failure: Solyndra.
Watch them praise the groundbreaking for the Blythe facility.

Epic embarrassment. And not even a full year ago.

But before that, of course, we had the funding of the plant with a $2.1
billion loan guarantee from the US Department of Energy, the second largest
ever, smaller only than Georgia
Power's $8.33 billion loan guarantee.

From the DOE:

U.S. Energy Secretary Steven Chu today announced the offer of a conditional
commitment for a $2.1 billion loan guarantee to support Units 1 and 2 of the
Blythe Solar Power Project, sponsored by Solar Trust of America, LLC. The
concentrating solar thermal power plant includes two units comprising a
combined 484 megawatt (MW) generating capacity, an eight-mile transmission
line and associated infrastructure. The project will be built adjacent to the
City of Blythe in Riverside County, California and is expected to create over
1,000 construction jobs and approximately 80 operations jobs. The plant is
estimated to avoid over 710,000 tons of carbon dioxide emissions annually,
equivalent to the annual greenhouse gas emissions from over 123,000
vehicles.

“Loan guarantees play an important role in facilitating the development and
deployment of innovative technologies at massive scope and scale,” said
Secretary Chu. “Continued investments like this project make solar power more
efficient and cost competitive while creating thousands of jobs and
strengthening the economy.”

“California is the national leader in clean energy, and our great state is
poised to become the world leader in renewable energy generation,” said
Governor Jerry Brown. “I commend President Obama and Secretary Chu for making
another major investment in California.”

“This clean energy project will create more than 1,000 jobs and strengthen
the economy of Riverside County. Investments like this one are critical to
reducing America’s dangerous dependence on foreign oil, protecting our
children from pollution and creating clean energy jobs here in California,”
said Senator Barbara Boxer.

And while we do not know just how much the government will have to pay out of
pocket, we do know that STA had at least $50 million in debt at filing.

What we do know for sure is that at least the firm's financial advisors made
money on the deal. From the company's Investors
page:

World-Class Financial Advisors

In October 2009 Solar Trust engaged Citigroup Global Markets Inc. and
Deutsche Bank Securities, Inc. as advisors to assist in securing more than $6
billion in financing for construction of the company’s solar  power
plants in California and Nevada. Citigroup and Deutsche  Bank are
also providing advisory services for Solar Trust’s efforts to  develop
models for debt and equity project financing for  its solar power plant
projects.

Great job there Citi and Deutsche: can you please advise us how much in
taxpayer cash you received as part of your incalculable "advice" please?

Also, as noted earlier on, as part of its first day filings, the company was
prompt announce the procurement of DIP funding (link), which will come in the
form of a $22.3 million secured loan (against what assets?) at Libor + 800bps,
courtesy of NextEra Energy Resource, LLC. The same NextEra featured in the
following press release:

NextEra Energy Resources' subsidiary closes on $935 million
financing and secures a DOE loan guarantee for its Genesis solar
project

JUNO BEACH, Fla. – NextEra Energy Resources, LLC, announced that its
subsidiary, Genesis Solar, LLC, has closed on construction and term financing
consisting of $702 million in project bonds, a $150 million project term loan
facility and an $83 million project letter of credit facility. The U.S.
Department of Energy has provided a loan guarantee of 80 percent of the
principal and interest on the project bonds and project term loan under its
Financial Institution Partnership Program. Proceeds from the financing will be
used primarily for the construction of the Genesis project, a 250-megawatt
utility-scale concentrating solar thermal generating facility featuring proven
parabolic trough solar thermal technology, located in Riverside County,
Calif.

“This financing marks a significant milestone in the development of the
Genesis project,” said Armando Pimentel, executive vice president and chief
financial officer of NextEra Energy, Inc., the parent of NextEra Energy
Resources. “We are very pleased with both the strong investor reception for
this financing, which we view as a validation of our solar development
efforts, and the receipt of a loan guarantee from the Department of Energy
Loan Programs Office.”

That's right: one ward of the state, bailing out another ward of the state,
all to reduce those evil carobn emissions. Although that is not all. NextEra is
also a subsidiary of the publicly traded, albeit with very private investors,
NextEra Energy (NEE). Which means that every dollar extracted out of Solar Trust
via the DIP, and ultimately via a Credit Bid in which NextEra will acquire the
STA assets at pennies on the dollar, will go straight to NEE's shareholders. Who
are these shareholders you ask? Here they are: spot the odd one(s)
out.

And that is how in crony America taxpayer money goes from one insolvent
pocket, to another, to Wall Street, all under the guise of idealistic pursuits
and clean energy.

There is more to this story but we will stop here as we have had enough.

For those interest here is the first
day affidavit, as well as the DIP
term sheet. And the last time we saw an Org Chart this
fun, the company's name started with En and ended in ron.

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Mon, 04/02/2012 - 20:18 |
2311337
sunnydays

What absolute Bullshit!  Where did all the money go to? Lining
pockets?  How is it they got this much money from the taxpayers.

People wonder where their taxes go?  Goes to friends of the Presidents
when they are in office.

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Mon, 04/02/2012 - 20:26 |
2311361
brewing

commander-in-thief...

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Mon, 04/02/2012 - 20:42 |
2311400
Ahmeexnal

Hope and Change!

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Mon, 04/02/2012 - 21:03 |
2311443
flacon

Blythe bitch(es)!

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Mon, 04/02/2012 - 21:15 |
2311476
iDealMeat

Citi Plant..

Prior to joining STA, Mr. Clapp was a Managing Director in Citigroup's Global
Power Group and was responsible for leading Special Initiatives across Citi's
global power franchise. Upon joining the bank in 2004, Mr. Clapp partnered with
Citi's relationship bankers to advise power companies on strategic issues, while
also developing innovative financing products and services for Citi’s global
power clients.

http://solartrustofamerica.com/about-us/management-team/john-d.-clapp-copy.html

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Mon, 04/02/2012 - 21:43 |
2311571
Ray1968

I only hope that Al Gore was fully invested in all these BS
companies.

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Mon, 04/02/2012 - 23:48 |
2311923
economics9698

Fucking bull shit.  Fuck Obama.

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Tue, 04/03/2012 - 00:01 |
2311958
Vampyroteuthis
...

Can you trust a man name Uwe?

I once tried to get into solar power a career. Looks like my failure might be
a good thing. Disgusting.

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Tue, 04/03/2012 - 01:32 |
2312089
Oh regional
Indian

Actually what is happening is quite clear.

Fund then Bankrupt. Fund then Bankrupt.

Because it all Regulatory capture after all.

Pretty soon all this alt. energy will be "Only" in Gubberment
hands.

Creating an alternate energy backbone on the backs of people. Worldwide.
Quite a scam.

We don't understand energy, not conservation NOR efficiency. Thus, only
running downhill works in-spite of us, not because of us.

ori

the-curse-of-free-energy/

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Tue, 04/03/2012 - 02:23 |
2312145
OldPhart

It has other costs, too.

Just sent this off to the Company owner/president and to his dad, the
CEO.

Our company just lost $2.5 million in contract work.  We hired
12 Ready Mix drivers, 5 Aggregate Drivers and 3 Powder Drivers to
train to service the work.  Twenty people are about to be culled from the
employed.

Luckily we didn't need to purchase additional trucks, we've idled 100 of them
since 2008.  But we did incur about $225k in costs in getting them road
worthy and fully licensed.  I guess we'll rotate them around for the next
year.

I'll be writing $30k in receivables off tomorrow.

I had a bad feeling about this when the Sales Manager started talking
about it.

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Tue, 04/03/2012 - 03:17 |
2312182
Ratscam

Qcells, Germany's biggest solar panel producer, just filed for insolvency as
well.

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Tue, 04/03/2012 - 08:53 |
2312466
Element

The Australian Solar situation is also a complete farce:

--

26 October 2006
World's biggest solar plant for
Australia
http://www.cosmosmagazine.com/news/800/worlds-biggest-solar-plant-australia

" ... it's a brave new world! ...."  (yada yada yada)

August 24, 2007
White Cliffs solar energy glory
recognised
http://www.abc.net.au/news/2007-08-24/white-cliffs-solar-energy-glory-recognised/649524

" ... The solar plant is now closed but it has earned a
national award that will see it preserved as a piece of
alternative energy heritage ... "

i.e. ROFL!!!  it's such a fucking white-elephant that they're turning it
into a cultural 'heritage' site (rather than just demolish and
STFU about it) before the paint even dries on it!

October 19, 2009
Rudd abandons Australia's first solar power
plant
http://www.greenleft.org.au/node/42578

" ... The government had already promised $125 million
to support the Mildura project under the Low Emissions Technology Demonstration
Fund. But Turner said only $500,000 had been delivered.
..."

SAT 18 JUNE 2011
Green light to build Australia's largest solar
projects
http://www.pm.gov.au/press-office/green-light-build-australias-largest-solar-projects

"Putting a price on carbon will also help drive
the investment we need in renewable and clean energy technologies such
as solar." The Gillard Labor Government will contribute $464 million for
the project in Chinchilla worth an estimated $1.2 billion and
$306.5 million towards the project in Moree worth an estimated $923
million.  Together, the projects are expected to generate enough
power to support the electricity needs of more than 115,000 Australian
homes per year. [well, partial needs, during bright sunlight] ... The
Moree Solar Farm consortium, led by BP Solar will build a 150
MW photovoltaic power plant near Moree.  This is nearly twice the
size of any photovoltaic power plant operating in the world today.

[so let's see, that's ~$2.2 billion AUD in startup cost to
partially supply only 115k homes, or $18,700 AUD per house ... and no batteries
included! ... thus they still need to pay for a base-load coal or
hydro plant and it's infrastructure -- AS WELL!  What a
fucking bargain!]

August 18, 2011
Government's withdrawal of solar subsidy scheme
leaves industry in trouble
http://www.theaustralian.com.au/national-affairs/governments-withdrawal-of-solar-subsidy-scheme-leaves-industry-in-trouble/story-fn59niix-1226117018314

The findings come as Silex Solar, operator of Australia's only solar-panel
manufacturing plant, yesterday announced it would shut part of its operation
with the loss of 30 jobs.  Industry representatives said they faced a
growing crisis as state-based subsidy schemes were wound back and competition
intensified from overseas. They predicted up to 4000 jobs could go by the end of
the year in NSW alone.  ... AuSES CEO John Grimes labelled the government's
lack of support an "attack by stealth" on the solar
industry, and accused the government of wanting to "lock
solar in the bottom drawer and forget about it".  NSW Energy
Minister Chris Hartcher said the industry had "been built on the
back of government subsidies", and it was time to end the
boom and bust cycle.

16 NOVEMBER, 2011
UPDATE: Silex Solar Suspends Australian Solar Panel
Production
http://www.energymatters.com.au/index.php?main_page=news_article&article_id=1880

Silex chief executive Michael Goldsworthy said the combination of a
global oversupply of panels, the strong Australian dollar, most states
slashing feed in tariffs and the Federal government's reduction of the Solar
Credits rebate were the main factors in the decision to suspend
manufacturing operations.  According to an Interim Operational Update from
Silex Systems : "SilexSolar has decided to suspend all manufacturing
operations and place the plant in 'care and maintenance' mode until the
future direction of the business can be determined. Most of the manufacturing
employees have been made redundant, along with several engineering, technical
and administrative staff."

9 November 2011
BP Solar closing solar panel manufacturing plants
and focussing on large projects.
http://www.australianwindsunpower.com.au/news/bp-solar-closing-solar-panel-manufacturing-plants-and-focussing-on-large-projects/12980

"We are going to exit our module-only sales through our
distribution network," spokesman Pete Resler said. "Looking at
the market today... we think we can have a much stronger business going forward
focusing on developing projects."

27th March 2012
Emission targets change as solar plants
stagnate
http://www.abc.net.au/7.30/content/2012/s3465055.htm

Grand designs indeed, but they haven't left the drawing
board. And both failed to meet financial deadlines. So why is the Solar
Flagships scheme stalling?  ... What we've got is a Government just
arbitrarily picking projects for whatever reason, whether it's a political
reason or what have you. They're getting it wrong. ... Really
it was a thought bubbles of a series of politicians that,
wouldn't it be impressive for us to build a really, really big project, in fact
the biggest in the world. ... The Federal Government provides one-third of the
funding needed to build the big solar projects. The other two-thirds have to be
raised from the private sector. To secure that investment solar plant developers
have to lock in contracts to sell the solar power. To do that they must
strike deals with electricity retailers who on sell the power to businesses and
households and that's proving to be the snag. ...  But
without a sod turned at Moree or Chinchilla, the scheme to
boost green energy technology is seen to be struggling to deliver on its promise
to build a vibrant solar industry.

--

So why is anyone surprised that in a country where coal is everywhere, and
this supplies cheap power, day and night, that people aren't
stupid enough to pay top-dollars for a solar power that disappears when
the sunlight does, unless you buy several hundred million inefficient
batteries (in DC to AC conversion and resistence losses terms) for electron
storage and usage at night?

Which makes the solar option, not just very expensive, but
astronomically expensive!  Plus this also renders solar an
industry with a major pollution footprint, firstly from when
the panels are manufactured, then the batteries manufactured, then the need to
recycle or dispose of them, as you pay to replaced them again about 10 years
further along the gravvy train ... and the panels and electronics need to be
replaced soon after.

Thus this mass-delusion talk about "base-load solar
power" is finally come unstuck, and is meeting-up with economic
and industrial realities.

Only a overly-fattened Govt could devise and oversee such a totally fucked
and farcical un-economic non-starter, that's pretending to be an
alternative energy plan, and a path to future national "clean-green" diminished
'prosperity'!

Fortunately, the one thing we here don't need is an
'alternative' energy supply here.  But in the meantime, the Labor Govt of
Julia Gillard is going to get crucified at the next poll, Firstly for the
undeclared and hidden inflation they claim does not exist, the
extra hours we thus all have to work to make ends meet, the 'high'
interest rates (which are actually still very much on the low side!!)
and the skyrocketing electricity costs with each new bill, for the past
10 years, curtesy of the much reviled new "carbon-tax", and the
numerous 'free' subsidies for Greenie alternate-energy queens, and the so-called
'smart-grids' etc. (which for some unfathomable
reasons we simply MUST HAVE!!!!!!!!!!!! ...though I'm stuffed if I can figure
out why), and who's contributions to hip-pocket pain is still to arrive over
coming quarters.

--

Oh yes ... there will be blood ...

http://www.youtube.com/watch?feature=player_detailpage&v=FNafU1DQVhE

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Tue, 04/03/2012 - 15:29 |
2314242
JW n FL

Fox Claims Solar Trust "Received A $2.1 Billion Conditional Loan Guarantee"
Before Bankruptcy

http://mediamatters.org/mobile/research/201204020017

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Tue, 04/03/2012 - 00:52 |
2312033
Michael

I just thank God and mother nature for their extended solar minimum that put
the Obama administration and the lunatic so called environmentalists in their
place. The real science blogs like WUWT and Climate Depot did a good
job too.

http://www.climatedepot.com/

http://wattsupwiththat.com/

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Tue, 04/03/2012 - 02:58 |
2312167
Pinch

real science blogs like WUWT

OMFG! WUWT is run by Anthony Watts, you oaf! He doesn't even have a
college degree! The level of stupidity of commenters on this site is unreal.
They almost all believe in global warming myths and
most are "libertarians" (read: far right wingers who want to pay no tax at all
and f*ck the consequences).

BARF.

Rush Limbaugh in his own
words: I'M A NAZI, OH YES I AM!

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Tue, 04/03/2012 - 06:32 |
2312289
jpalm

" want to pay no tax at all and f*ck the
consequences "

Yeah, because unlike today's highly successful, 15 trillion dollar debt
America, the pre-1913 America of no income taxes was a total disaster chocked
full of "consequences" like limited government, freedom, liberty and those silly
free markets.

By the way, I've been to many Libertarian functions and I am yet to
meet one who believes in man-made global warming.

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Tue, 04/03/2012 - 09:53 |
2312667
Gohn Galt

I don't think anyone can deny:

Man is polluting the planet

Bureaucracy is not the answer

We are supposed suppress the government, not the other way around

Personal knowledge, liberty, responsibility and action is the answer

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Tue, 04/03/2012 - 17:19 |
2314625
jpalm

Ofcourse man is polluting the planet, but to believe that we actually
infuence temperature fluctuations and weather patterns is
preposterous.

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Tue, 04/03/2012 - 20:22 |
2314920
Element

Hey Pinch,

What sometimes happens with guys like this, is that if a student-dissenter
steps out of line and dares to question the dept-of-received-truth, or remains
vocally unconvinced by a discipline's paradigm-based mythology, grab-bag of
peer-reviewed theories, and assorted supporting evidences stories, then their
professors usually take a dim view of this, and effectively decide such a person
should be reformed/salvaged or else disposed of, and especially given no place
or recognition, as they are a threat to the intellectual ruling-class elites of
the discipline.

Whether a Catholic Pope does it, or a professor in an academic department
does it, the result is the same, ostracism and rejection of alternate ideas or
what may be a more valid stream of thought, analysis and experimentation.

And especially with regard to attacking those suggesting that a distinguished
professor, 'researcher' or intellectual is talking pure high-handed shit.

Hence I don't and I won't auto-discount people who have no
degree(s), because I've discussed issues with Doctorate passes and
professor status individuals who plainly are ignorant buffoons and don't even
suspect this, so inculcated in professional myths and biases are they.

And I'm mildly suspicious of anyone trying to dispense with or discredit
competitive alternate arguments, or the personal purveyors of such
arguments.

And I'm also wary of anyone who declares that people working outside
this approved academic gravy-train process should be ignored or lampooned
on such a flimsey basis.

It all just looks and sounds like intellectual elitism to
me, and often that's all it is.

And if said dissenter really is a moron, then I can work that out myself,
soon enough.

Fear not Pinch.

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Tue, 04/03/2012 - 00:57 |
2312047
bushwarcrime

Dear Sirs,

Please cancel my subscription to redneckcirclejerk.com

Sincerely,

Shrub

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Tue, 04/03/2012 - 15:31 |
2314255
JW n FL

Fox Claims Solar Trust "Received A $2.1 Billion Conditional Loan Guarantee"
Before Bankruptcy

http://mediamatters.org/mobile/research/201204020017

You will NEVER! be able to stiffle the Fox News Crowd! they will be HEARD BY
ALL!! ALL THE TIME!!!

ZIONISTS RULE!! and dont your forget it!

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Tue, 04/03/2012 - 18:59 |
2314898
mkkby

Green energy can't even sustain itself at high oil prices.  Only a
completely fraudulent business plan could have taken this off the
ground.

Just disband the whole federal gov.  What a sick joke it's
become.

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Mon, 04/02/2012 - 22:02 |
2311615
Common_Cents22

obama gave America the Clapp.   STD's would be cheaper.

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Tue, 04/03/2012 - 00:45 |
2312032
Michael

dupe

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Mon, 04/02/2012 - 22:32 |
2311636
Stax Edwards

A layman might think someone in the administration threw BofA a bone because
I know for certain that's not the type of outfit to trade on material non-public
information. /sarcasm off

Always wondered why the Norwegians continued to have any sort of relations
with us after the ratings agencies knowingly threw them under the bus via crap
MBS and ridded them of their pensions.  Well Norway, it appears that this
is your reward for your patience and understanding.  Yep, you even get the
spot right in front of BofA in the line.  You norwegians will soon own an
unbuilt solar farm in the desert of california for pennies on the dollar.
Don't say uncle sugar never cared about ya.  The rabbit hole does indeed
run deep.

Excellent Piece TD, very enlightenting. Keep on keeping on brother.

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Mon, 04/02/2012 - 21:14 |
2311470
macholatte

A few other words that come to mind:

malfeasance
misfeasance       crony capitalism

liers, cheaters & thieves

facist

CORRUPTION

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Mon, 04/02/2012 - 21:28 |
2311529
Raynja

complicit or complacent, it's the same outcome

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Tue, 04/03/2012 - 00:03 |
2311959
Vampyroteuthis
...

We are seeing a preview of the social network craze to end in the next few
months.

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Mon, 04/02/2012 - 21:20 |
2311497
Thomas

Today I had occasion to challenge William Brinkman, one of Obama's energy
gurus....

http://science.energy.gov/sc-1/director-biography/

about Obama's handling of stimulus handouts to energy companies. Got a lot of
waffling and quick defense of Solyndra. I pointed out that Solyndra was simply
one of many. If you want the ugly details, try Peter Schweizer's book, "Throw
Them All Out." The section on Obama was pretty grizzly.

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Mon, 04/02/2012 - 23:50 |
2311925
economics9698

Kick his ass for me.

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Tue, 04/03/2012 - 14:02 |
2313761
Madrid2020

YES WE CAN!

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Mon, 04/02/2012 - 20:49 |
2311411
PC Load Letter

Let me get this straight, he started the company in 2009, got $2 billion from
Obama, blew through it all and now walks away? Check out his bio - he runs a
commodity business and this company?

Uwe T. Schmidt is the Chairman and CEO of Solar Trust of America, LLC
("STA"), a position he has held since founding the company in August 2009. He
brings more than 26 years of diversified experience in the global energy, steel,
industrial plant construction, structured trade finance and commodities trading
industries to one of the world's leading solar energy development
companies.  Mr. Schmidt is a lifelong intrapreneur, one who brings and
entrepreneurial spirit and innovative approach to established companies and
industries.

Since 1998 Mr. Schmidt has served as the Founder, Chairman and
CEO of Stahlschmidt, Inc., a privately-held international commodity trading,
consulting, property management and investment company.

What a joke. It pays to be an Obama fundraiser......

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Mon, 04/02/2012 - 21:12 |
2311469
Another Texan

As I attempt to explain this level of complete BS to my wife without having a
complete shit fit. She turns to me and says "Who is John Galt?". We have visited
Belieze a few times and our conversations are getting more serious everytime we
talk about it.
Obama is a Fucktard.

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Mon, 04/02/2012 - 21:50 |
2311589
Melin

See ya there!

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Mon, 04/02/2012 - 22:06 |
2311626
AldousHuxley

Mr. Schmidt served on the Board of Directors of the
Chicago Council on Foreign
Relations

FOO ....Friend Of Obama

however this is nothing to go john galt about....

the Department began attempting to unify more than 2,000 overlapping systems
used for billing, inventory, and personnel. But after spending $20
billion, the initiative was abandoned. Defense Department’s
2,200 overlapping financial systems cost $18 billion a year to
operate

Other accounting snafus resulted in the Army losing track of
56 airplanes, 32 tanks, and 36 Javelin missile command
launch-units[3]

This Federal lawsuit pertained to a GAO investigation into the Bush
Administration’s Energy Task Force. sources have reported that sharp
cuts in the GAO $440 million budget were threatened if the lawsuit was pursued
further.

Some aspects of Defense Department accounting have resisted
reform for decades

the Kuwaiti-owned Timimmi Company had
been serving hot meals to troops stationed in Iraq for $3 a meal. The contract
was later reassigned to Halliburton, which raised the price to $5 a meal,
subcontracted the meal services back out to Timimmi, and kept the 40%
difference.

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Mon, 04/02/2012 - 22:52 |
2311786
fxrxexexdxoxmx

Very good. Any talk of of Obama corruption and Haliburton gets rolled out.
Makes them equal right?

They are crooks right? Eight years of calling the man in office anything and
everything and not one time did we hear " they are all crooks!".

halliburton is jump change when you compare Soros herion money paying for
Michelles new house.

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Tue, 04/03/2012 - 14:04 |
2313766
Madrid2020

The Left is all about distraction

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Tue, 04/03/2012 - 01:02 |
2312055
Joseph Jones

I doubt any of us would ever have the misfortune of direct face to face
contact with one of the govt bureaucrats who sit in front of a computer and send
billions of US tax dollars to these thieves and scum of the earth...

But if we did have the above painful experience: What should/might we say to
this person?  "You are a traitor and may you suffer appropropriately for
your traitorous crimes against your fellow citizens"

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Tue, 04/03/2012 - 03:08 |
2312174
AnAnonymous

the Kuwaiti-owned Timimmi Company had been serving hot meals to troops
stationed in Iraq for $3 a meal. The contract was later reassigned to
Halliburton, which raised the price to $5 a meal, subcontracted the meal
services back out to Timimmi, and kept the 40%
difference.
__________________________________________________

That is US citizen business. I think that it is the indian chief Joseph nez
perce who reported it several times.

US citizenism is hinged around the communauty spirit (communaulism) which
leads to these kind of business agreements.

Communauty spirit leads to favour your peers over outsiders. The whole
relationship to Indians was deeply shaped by this as many Indian tribes had a
tradition of adoption.

US citizens naturally favour those who had Indo Europeans in them while
rejecting the others, vicitimizing associations with negroes too.

That is why there is nothing like crony capitalism.

Communauty spirit has been an important feature since US citizenism was made
the framework in the US of A.

Nothing new here. US citizens speaking of crony capitalism are just trying to
divert from the very fact there has been no change.

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Tue, 04/03/2012 - 09:13 |
2312546
prole

I had hoped that it was you who was killed/died in that hushed-up Ferrari
crash in China.

My hopes dashed yet again....

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Mon, 04/02/2012 - 22:59 |
2311797
trembo slice

Well, the reason most Americans aren't aware of John Galt and will never hear
his broadcast is because of the new survellaince measures undertaken by the US
Government.  You see, John Galt was captured by the government and
relentlessy tortured with the absolute guarantee of no trial.  This was
before he even walked out on his factory.  His new motor threatened to
undermine the petrodollar system, so he was deemed an enemy combatant.

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Tue, 04/03/2012 - 03:04 |
2312171
Pinch

What are you babbling about, you nutcase? John Galt was a character invented
by that crazed Jewess, Ayn Rand, in one of her adolescent fantasy
novels.

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Tue, 04/03/2012 - 03:16 |
2312181
AnAnonymous

Which makes the topic even more suspicious.

US citizens love fantasy.Propaganda is hardcore in US citizenism but more and
more, fantasy is prevailing over propaganda.

See how US citizens easily refer, relate and associate to purely fictional
characters.

We are not speaking about human beings whose life is magnified to be turned
into legendary beings.

We are speaking about purely fictional characters who have no other existence
than in their creator's mind.

It is probably the first time in human history that a phenomenum like that
happens.

Before that, association with fantasy creatures was forbidden or legendary
characters were flesh beings at start before being magnified.

The disconnection with the immediate reality of humanity's surroundings has
been increased by US citizenism.

It shows the total side in US citizenism.

Fantasy revolutionaries associating to fantasy characters to lead fantasy
revolutions.

US citizens are trapped in their own made fantaisical world, a guarantee
nothing will happen.

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Tue, 04/03/2012 - 09:44 |
2312633
trembo slice

you're a retard.

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Mon, 04/02/2012 - 21:14 |
2311474
Cursive

@PC Load Letter

Does it really say "intrapreneur?". The joke is on us.

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Mon, 04/02/2012 - 21:48 |
2311587
PC Load Letter

Cursive, I could not make this shit up if I tried. If becoming an
"Intrapreneur" gets me a $2 billion loan, sign me up

http://solartrustofamerica.com/about-us/management-team/uwe-t.-schmidt-copy.html

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Mon, 04/02/2012 - 21:29 |
2311532
caconhma

Fleecing of America at its best.

Specifically, I love: "Uwe T. Schmidt
is the Chairman and CEO of Solar Trust of America, LLC ("STA"), a position he
has held since founding the company in August 2009. He brings more than
26 years of diversified experience in the global energy, steel, industrial plant
construction, structured trade finance and commodities trading industries to one
of the world's leading solar energy development
companies."

Unfortunately, his only real experience/expertise
is in the field of theft, forgery, greed, and bribery of various politicians and
government officials. Schmidt has zero of business experience/expertise. But his
is a very good scam artist.

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Mon, 04/02/2012 - 22:12 |
2311647
Arnold Ziffel

GSA head Martha Johnson resigns amid reports of
lavish training conference on taxpayers’ dime, says Washington Post

"Martha Johnson, head of the General Services Agency, submitted her
resignation to President Obama Monday...."

http://news.yahoo.com/blogs/ticket/washington-post-gsa-head-martha-johnson-resigns-amid-202933465.html

Don't ya just love them spending other people's money....

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Mon, 04/02/2012 - 23:34 |
2311881
NumberNone

Intrapaneur defined as -  "A person within a large
corporation who takes direct responsibility for turning an idea into a
profitable finished product through assertive risk-taking and innovation".
Sounds like a term used by fucking corporate losers to make what they do
sound more sexy.  This asshole fit none of these descriptions, especially
if he's 'risk-taking' with taxpayer dollars.

I move that we strike this bullshit term from the English language
immediately...along with the name Uwe.

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Tue, 04/03/2012 - 00:54 |
2312045
bushwarcrime

the loan never went through, idiots

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Mon, 04/02/2012 - 20:29 |
2311372
AldousHuxley

Steven Chu got nobel prize in science not mba in running profitable
enterprises.

Pour billions into real R&D and get
American scientists at top universities to work on better technologies instead
of just creating bureaucracy starting at solar panel farms. US send men to the
moon but can't figure out more efficient way to convert solar energy?

Set up to fail?

However, BIG OIL Rockefeller doesn't want democratization of energy via solar
technology because it is unprofitable. control of oil means guaranteed profit
running world's industries.

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Mon, 04/02/2012 - 20:49 |
2311410
Drachma

Hey Aldous, your grandfather sends this message:

“Sit down before facts like a child, and be prepared to give up every
preconceived notion, follow humbly wherever and to whatever abysses Nature
leads, or you shall learn nothing.”

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Mon, 04/02/2012 - 21:03 |
2311445
weimdog

Pour billions into R&D at universities? Really?

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Mon, 04/02/2012 - 23:12 |
2311827
LaLiLuLeLo

he's right actually. That's how fracking technology was invented and look how
great that turned out (not so much for people in Pennsylvania). I'd rather give
money to some solid engineering students who actually give a fuck about what
they're doing than some Citi group hack who gets hummers in his hummer all
day.

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Mon, 04/02/2012 - 21:25 |
2311507
dwdollar

Those "top" universities are bureaucracies... courtesy of
Uncle Scam's magic money machine. Take a hundred random professors and
maybe one could start a profitable business.

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Mon, 04/02/2012 - 22:18 |
2311670
AldousHuxley

you mean profitable business like Dick Cheney's Halliburton which take over
military contracts from company X just to skim off the top by raising price and
subcontract it back to company X?  at least the solar trust was not OWNED
by Kuwait and is money wasted on US citizens instead of Kuwait royalty.

pick a fight that's worth fighting. $1B is pocket change. distraction away
from the real heavy shit. Look for trillions going into foreign countries.

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Mon, 04/02/2012 - 22:27 |
2311698
covsire

What part of your post was honest again?

Seriously, you are the epitome of "don't like behind the curtain.."

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Mon, 04/02/2012 - 23:24 |
2311847
dwdollar

X number of dollars doesn't create Y number of inventions

Invention is an odds game. I put my faith in a million different
experimenters all tackling a problem from a different angle and risking their
own money against any prIvy League department with a billion dollar budget
courtesy of Uncle Scam. Unfortunately, the middle class (the pool which those
experimenters come from) is nearly dead.

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Mon, 04/02/2012 - 21:25 |
2311515
DeadFinks

Steven Chu, why are you even there, you white chink mother fucker?
Crooks working for crooks - Nobel prize my ass.  Aldous, pour your
$billions into R&D to save the world and to save the stupid from
themselves.  Leave the rest of us out of it.

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Mon, 04/02/2012 - 22:14 |
2311655
AldousHuxley

Yeah....well math retarded American idiots are losing out to chinks and from
their masters.

solar is not economical because technology is not efficient enough. money
needs to go to invent better technology not implement existing shitty one that
can't compete against crude oil which US can just steal with military
expense.

yes university are corrupt and they have red tape, but they are where you
outsource your R&D. DARPA, corporations, etc. all get their R&D done at
your local research university by funding projects of their desire. That's what
they are designed for. offbalance sheet R&D so that they don't look bad on
paper because R&D is risky and prone to failure.

Government has billions and will spend billions. the question is where do you
want it to go? R&D or halliburton so dick cheney can skim off of soldier's
meal plans?

R&D is money better spent than trillions on wall st!

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Mon, 04/02/2012 - 22:50 |
2311780
DeadFinks

"Government has billions and will spend billions.  " Whose
$billions?  Shove your strawmen.

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Tue, 04/03/2012 - 03:24 |
2312192
AnAnonymous

solar is not economical because technology is not efficient enough. money
needs to go to invent better technology not implement existing shitty one that
can't compete against crude oil which US can just steal with military
expense.

_______________________________________________

In this scenario, oil (and the other energy sources) sponsor solar
energy.

Sustainability includes the requirement that a source of energy pays off its
own betterment through net surplusses.

Paying for solar through oil might be in the end only another burden put on
oil...

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Tue, 04/03/2012 - 01:00 |
2312051
bushwarcrime

Dear Sirs,

Please cancel my subscription to redneckcirclejerk.com

Sincerely,

Shrub

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Mon, 04/02/2012 - 22:14 |
2311649
Freddie

Hey moron - Germans in America used to send men to the
moon.  Go search Vanguard Project.

http://www.youtube.com/watch?v=JK6a6Hkp94o

I am sure you are a Hope & Change man.

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Mon, 04/02/2012 - 22:40 |
2311744
malek

Yeah sure, we can buy us technology advances if we pour just enough money
into R&D

Not.

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Mon, 04/02/2012 - 20:40 |
2311393
azzhatter

Yep, we obviously need to raise taxes

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Mon, 04/02/2012 - 20:45 |
2311396
vast-dom

yet another reason to Not pay taxes and file a lawsuit against the IRS and
the US of A. Under no grounds since there is no longer a constitution, clearly
and all lawyers are apathetic money hugry lowgrade douchebags.... and let me add
that if less than 50% vote, then actually there is no true democracy in the
sense that majority did NOT elect and majority is NOT represented, not that it
ever was..... Insert founding father (__________) quote (__________) that
literally calls us all to arms against our current government.

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Mon, 04/02/2012 - 21:17 |
2311488
Van Halen

Ann Barnhardt has declared she will NOT pay taxes any longer. I am very
interested to see how this plays out.

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Mon, 04/02/2012 - 21:53 |
2311597
Melin

She'll be incarcerated.

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Mon, 04/02/2012 - 22:20 |
2311677
AldousHuxley

poor don't pay taxes

rich don't pay taxes

working middle upper class pays all the taxes while getting none of the
benefit.

American middle class = suckers who think they will or are "rich" ....just go
to your mall and see dumbass's wives and kids spending  thousands on
Chinese shit. I have no sympathy when they complain about taxes....

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Mon, 04/02/2012 - 22:44 |
2311753
Manthong

Check this guy out..

http://www.usatoday.com/news/nation/story/2012-03-30/anti-government-militia-groups-freeman/53873496/1

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Tue, 04/03/2012 - 03:21 |
2312188
AnAnonymous

poor don't pay taxes

rich don't pay taxes

working middle upper class pays all the taxes while getting none of the
benefit.
____________________________________________________

In US citizenism, the middle class is the king class.

Rich pay taxes. Poor pay taxes.

Actually, while Ben Bernanke is obsessed with currency manipulation to
preserve the middle class from facing the disappearance of the material
conditions that enabled US citizen middle class, poor are the most taxed by the
inflationary process.

Poor have been the stepping stone for the middle class since US citizenism
overcame in the US.

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Mon, 04/02/2012 - 23:15 |
2311838
Esculent 69

Filing a tax return is illegal. It says at the bottom of your tax form that
under penalty of perjury that all information you give is true and
accurate.  The FICA your employer "matching" your FICA is paid for by you
but that amount does not show up as income on your W2.  You are being
denied income and taxed 100% on that income. The IRS does not have a form or
schedule to file with your return to reflect the extra income and tax so you
would be giving false information. the fifth amendment says that you can not be
compelled to incriminate yourself.  never heard back from the IRS on that
one. Just a helpful hint for those that believe in civil disobedience.

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Tue, 04/03/2012 - 00:30 |
2312013
Ms. Erable

You are 100% correct. Too bad the tax courts refuse to accept that argument
as valid; you can be fined just for making that assertion. The 16th amendment is
NOT positive law and never will be, since the courts will never allow a legal
challenge to be heard that seriously questions its validity on ANY
grounds.

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Mon, 04/02/2012 - 21:01 |
2311435
DeadFred

No big deal, it's only about 15 hours of our debt increase.

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Tue, 04/03/2012 - 05:13 |
2312260
fockewulf190

Yeah, whats another couple of billion on the ol' shit heap. Treasury pumps
the shit out and the Fed buys it up. No, no monetizing of debt happening,
nothing to see here, please disburse.

Just heard on Bloomberg that the chicoms are going to sink 5 billion into a
huge solar project with the help of Harry Reid. You just can't make this shit
up

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Mon, 04/02/2012 - 21:55 |
2311601
bushwarcrime

umm....guys....guys.....put away the AK's....they never got the money

they never got the money.......dinero no tenir.....das Geld ist
nicht.....guys...???

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Tue, 04/03/2012 - 20:19 |
2315065
Element

What don't you understand about the paradigm of an alternate solar-energy
future being demonstrable BS?  As I pointed out above, in
Australia, the industry there also didn't get the pre-election and PR campaign
pledged monies there, either, because the entire thing is a political
stalking-horse for electoral purposes, to sucker in a dumb-fuck greenie-vote
swing to the zio-socialists.

That's all the solar BS talk was.  They knew it was never going
to be economically viable or base-load practicable, long before of this BS
agenda ever became headline utopian 'nEwZ'.   It's not an
"alternative energy path", it's not a solution to green house gases, it's not a
solution to any-fucking-thing. It's been a massive time wasting and money
wasting distraction, that greatly discredited and continues to discredit
everyone and everything, organisations and institutions, involved with it.

And this solar charade rightly should be exposed, discussed and
tossed-aside, as a minority neiche and almost hobbyist approach to uneconomical
and non-viable large-scale energy generation, so that people with real
brains and capacities and economically viable technical plans can have a go now
that the green-lobby have totally jumped the shark and collapsed all of their
'policy' and voter support base.

For instance, just two weeks ago there was a state election in Queensland,
where the greens got ZERO seats in parliament, and the 'conservatives' defeated
the almost 20 year old socialist-greenie agenda band-wagon, by an incredible
78 seats to just 7!

" ... The LNP swept Labor from power in a massive landslide, taking 78 seats
to Labor's seven on a swing of 14.5 percent away from Labor. The 44-seat loss is
double the 22-seat loss suffered by the Nationals in the 1989 election, the
previous record for the worst defeat of a sitting government in Queensland
history. ..."  https://en.wikipedia.org/wiki/Queensland_state_election,_2012

The 'Greens' went from their prior peak vote level of 14% and fell to
a mere 6%.

The previously dominant Socialist Labor even failed to garner enough
mandatory seats to access public-funding as a recognised political opposition
party!

Talk about corn-holed by a super pissed-off electorate!

The Socialist Greenie agenda's, such as their 'energy policy' and carbon tax
and green house mitigation strategy propaganda has clearly failed, and no
politician will dare to unveil such grand mega-stupid schemes any time
soon.  They and their policy platforms are sunk!

And this angry sheeple 'response' will now be replicated around Australia
over the next couple of years of elections, as the likes zionist-socialist
greenie tool PM Julia Gillard and her minority Socialist-Green Govt, and State
govts, are all told to hit the road (if Gillard is not overthrown by her own
party in the coming months, as her polls and the party's polls which were
already catastrophically bad, keep getting worse, and the conservative elites
leaning party are set to skin them alive next election).

And this pattern or response will be replicated all over the western
world, as one after another the zio-socialist-greenie agendas fall flat
on their face as 'voters' finally see red and understand the outlandish lies
they have been issued, via the MSM, and the constant taxation and inflation hits
they are taking due to it all.

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Mon, 04/02/2012 - 22:32 |
2311713
jal

Don't blame the gov. people.

The business people have got smarter lawyers and accountants than the
gov.

Its like taking candy from a kid

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Mon, 04/02/2012 - 23:20 |
2311850
Esculent 69

JAL- who do you think writes the laws for the tax lawyers in big business?
the government lawyers that you pay for. this is making it legal to just take
the candy because the gov't said its theirs. Only gov't fucktards could come up
with this shit

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Tue, 04/03/2012 - 00:15 |
2311985
Akrunner907

Wasn't Warren Buffet involved in this project????????

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Tue, 04/03/2012 - 09:40 |
2312618
Gohn Galt

Stealing is easy and mostly legal.  In fact while with politicians its
hard not too.

I heard that this some of Solar Trust's employees where using company
equipment to strip infrastructure such as fire-hydrant's...   in southern
California.  I don't think it was company sponsored, more just a reflection
of the kind of people they look for.

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Mon, 04/02/2012 - 20:23 |
2311338
AC_Doctor

Unfuckingbelievable bullshit waste of our taxpayer money.  Think of how
many SNAP cards 2.1 billion could have
bought.  Clawback, litigate this money back right now from
these bloodsucking leaches who stole from US and prosecute these criminals to
the fullest extent of the law.  This shit is getting out of
control.

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Mon, 04/02/2012 - 20:28 |
2311367
Piranhanoia

Only the salaries and money skimmed by the ones that could was wasted.
There is a perfectly good solar plant that will make a lot of watts when
someone comes in and takes it over.  We get to wonder who
was set up to profit from such a transaction.

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Mon, 04/02/2012 - 21:28 |
2311531
KickIce

Let me guess. Obama's next largest supporter that's ready to steal from the
taxpayer.

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Mon, 04/02/2012 - 20:19 |
2311339
Bill D. Cat

Is this going to affect aapl ? If so how ?

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Mon, 04/02/2012 - 20:39 |
2311388
max2205

China: no comment required. Pull up the $SSEC chart

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Mon, 04/02/2012 - 20:40 |
2311394
AUD

Yes, it's bullish. It's also bullish for government credit, quasi government
credit, corporate bonds.....

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Mon, 04/02/2012 - 20:19 |
2311340
Decolat

When the solar bubble bursts, it bypasses supernova stage straight to a black
hole.

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Mon, 04/02/2012 - 20:29 |
2311373
Beam Me Up Scotty

We are all circling Obamas anus right now.  Theres your black
hole.

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04-06 11:03: US ECRI Weekly Index (Apr 6) W/W
126.5 vs. Prev. 125.9, Rev. 125.8

04-06 11:03: RANSQUAWK AUDIO CLOSED FOR TODAY;
THE DESK WILL REOPEN MONDAY AT 1200...

04-06 10:30: GBP/CAD trades in close proximity
to its 100DMA line of 1.5823;...

04-06 10:30: Desk and exchange operating hours
for Easter 2012

04-06 10:30: Session update:

04-06 9:57: White House adviser Sperling says
March jobs numbers show US economy...

04-06 9:57: EUR/USD pares some of its NFP gains
to slip back below the 1.3100...

04-06 9:57: White House adviser Krueger says
March jobs numbers reflect...

04-06 17:36: Consumer
Sentiment Index to be reported at 09:55 ET

04-06 17:36: Consumer
Price Index CPI less food & energy to be reported at 08:...

04-06 17:36: Consumer
Price Index CPI to be reported at 08:30 ET

04-06 17:36: Producer
Price Index PPI less food & energy to be reported at 08:...

04-06 17:36: Producer
Price Index PPI to be reported at 08:30 ET

04-06 17:36: International
Trade Balance Level to be reported at 08:30 ET

04-06 17:36: Wholesale
Trade Inventories to be reported at 10:00 ET

04-06 15:21: Consumer
Credit data reported

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Today's
Top Stories

04-07 1:04: Hey
(infinity8)

04-07 1:04: Excellent
point Ag Tex. Just (Oh regional
Indian)

04-07 1:04: I,
for one, welcome our new (Martel)

04-07 1:03: it
is bizzare. this subject (DaveyJones)

04-07 1:01:
Historians have written (cranky-old-geezer)

04-07 1:00: What
an ughly bitch! (Shazam342)

04-07 0:58: Alcoa was a
natural monopoly (jpmrwb)

04-07 0:57: Good
read.  There is one (jmc8888)

04-07 0:55: deleted..
good luck all.. (iDealMeat)

04-07 0:54: And
one for the road ... a (i-dog)

04-06 18:44: In
Its Latest Nonfarm Payroll Mea Culpa, Goldman Stumbles On THE Answer... And
Changes The Rules Of The Game

04-06 13:36: Guest
Post: The Face of Authoritarian Environmentalism

04-06 20:52: 51
Months After The Start Of The Recession, Here Is The Report Card

04-06 9:21: NFP
Big Miss: 120K, Expectations 205K, Unemployment 8.2%, "Not In Labor Force" At
New All Time High

04-06 19:46: Jeff
Snider Explains Why "Unexpected" Is Back, Right On Schedule

04-06 15:48: Consumer
Credit Decelerates Most Since Feb 2011

04-06 12:06: The
Hunt For Red Pyongyang: South Korea On Alert For Naval Attack After "Losing" 4
North Korean Subs

04-06 13:38: What Is
Capitalism?

04-04 21:46: The
Second Foreclosure Tsunami Is Coming, And Is About To Kill Any Hopes Of A
"Housing Bottom"

04-06 10:52: The
Easter Egg: Italy's Latest Parabolic Curve

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