Energy Department Altering On-Line Press Releases About "Green" Energy LoansAndrew Stiles:
Update: Reason For Alteration Revealed
SunPower 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.Indeed, SunPower received a $1.2 billion loan guarantee just days before the DOE’s Sept. 30 deadline to approve such agreements. The company, like Solyndra, is also extremely well-connected politically.
Rep. George Miller (D., Calif.), co-chairman of the Democratic Steering and Policy Committee and close confidant of House Minority Leader Nancy Pelosi (who has Solyndra connections of her own), was a strong advocate for SunPower, which according to PAC filings contributed $15,650 to House and Senate Candidates in 2010. Of that, $14,650 went to Democrats, including $4,000 to Senate Majority Leader Harry Reid (D., Nev.), $2,900 to Sen. Barbara Boxer (D., Calif.) and $500 to Miller himself. Oh, and the company also hired Miller’s son as a lobbyist.
SunPower is currently on track to become the second embarrassing failure in the DOE’s loan portfolio. It is deeply in debt, and company executives recently announced plans to lower its earnings projections for 2011 even further.