The best way for a company today to secure billions in loans is to donate money to Democrats, who will then steer taxpayer money to these companies so that they can then donate thousands of dollars to Democrats. At least that is the lesson that SunPower Corporation demonstrates.
I first heard about SunPower on Sean Hannity's show, where he was talking about how SunPower is going to be twice the scandal that Solyndra is. SunPower is a company with headquarters in California that builds solar panels and employees over 1500 people. For the last several years, it has been unprofitable and bleeding cash and is now heavily in debt, with a business model that most analysts believe is unsuccessful. But yet the United States Department of Energy gave a last-minute loan to this company for $1.2 billion on the hope that it will suddenly become profitable and also because this loan will help SunPower to create jobs (at a cost of $80/million per job). Here is more information on SunPower, via Human Events:
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.Most of the attention on SunPower centers on Democratic California Congressman George Miller, who has been a big proponent of SunPower, probably because it has a major manufacturing facility in Miller's district and his son happens to work for the company as a lobbyist- in fact, Congressman Miller has supported the very loans that pay his sons $178K/year salary!
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....
....According to the SunPower PAC filings for its activities in the 2010 midterm election campaign cycle, it donated more than $36,000. Of the $15,650 donated to House and Senate candidates, $14,650 went to Democrats, with these top recipients: $4,000 to Sen. Harry Reid (D.-Nev.), $3,000 to Rep. Gabrielle Gifford (D.-Ariz.) and $2,900 Sen. Barbara Boxer (D.-Calif.)...
But in reality, the story is not simply one of a Democratic Congressman who steers massive loans to a company his son works for- in reality, the story is that SunPower is yet another example of the sort of crony capitalism that the new Democratic Party and Barack Obama support.
A quick look on OpenSecrets.org demonstrates how the corrupt system of government that Democrats run actually works. Opensecrets tracks how much money donors give to political candidates. To reward all of my loyal readers, I went ahead and did some research for you on OpenSecrets to find out just how politically connected SunPower was so that we can speculate using real numbers on how much of a role their political donations might have played in securing taxpayer-backed loans for their unprofitable business.
Using OpenSecrets,org, I searched the 2008, 2010, and 2012 cycles, and then under 'occupation' type I wrote in 'sunpower', and was happy to see 156 entries for people who work at SunPower. These entries indicate employees of SunPower who gave money in these campaign cycles. I sorted all of the 156 entries into six columns to help me to better understand the data.
The first column that I created was of the total amount of money that employees of SolarPower gave to Republicans. This amount came to $250, given to the Republican National Committee.
The second column was the total amount of money that employees of SolarPower gave to Democrats from 2008-2012. This amount comes to $82,700, most of it going to President Barack Obama's 2008 presidential campaign or the Democratic National Commitee.
The third column that I created represented money given to liberal/Democrat interest groups that primarily donate money to Democrats- this amounted to $15,750.
The fourth column showed that the amount of money given to conservative/GOP interest groups was $500.
Employees of SunPower also gave $83,006 to a political action committee that was set up called SunPower PAC, which in turn has donated heavily to Democrats (SunPower PAC has given $16.7K to Democrats vs $6K to GOP).
Employees of SunPower also gave $45,700 to a political action committee called Solar Energy Industries Association, which has also given more heavily to Democrats (2006-2012, $105.9K to Democrats vs $54K to the GOP).
The data is pretty clear- donating money to Democrats, in particular to Barack Obama, assures your company will receive massive loans regardless if your company is profitable or a good investment.
Under this Democratic administration, supported by these Democrats in Congress, the way to wealth, loans, high pay, and job security is to donate money to the Democratic party and then have them use the power of government to grant you these things. If the GOP were to do these things, it would be wrong too, but the reality of the situation is that it is not a GOP administration overseen and supported by a GOP Congress acting in such a corrupt manner, it is a Democrat with oversight and support from Democrats. 'Hypothetical Corrupt Republican' isn't on the ballot in 2012- Barack Obama is, and it really doesn't matter who the Republicans nominate, because they haven't demonstrated this level of corruption yet, whereas Barack Obama has. Voters need to vote out these Democrats who have used campaign donations and family connections to corrupt the usual decision-making process for granting government loans and turned our once great nation of the free and the brave into the home of the corrupt and bought-off.
For those who are new to my blog, I've written about this topic before- see my posts State Capitalism, Crony Capitalism, Corrupt Capitalism, Syndicaliam, Corporatism... Obamaism or The Third Way: Obama and Fascism.
UPDATE: The Detroit News today ran another editorial about Solyndra, in it pointing out that
...in October last year, Solyndra donated $7,500 to the California Democratic Party and that company employees had kicked in $20,000 to Democratic candidates. They also contributed to the Republicans. But the Times said records show about 72 percent of the company's political contributions went to the Democrats and only 27 percent to Republicans. Contributing to Solyndra's failure were allegations that once it received the government-backed loans, it spent funds willy-nilly, including on a new $700 million plant deemed unnecessary by some company insiders....That's how it works boys and girls- donate money to Democrats, get massive loans, pay yourself big salaries and live life large, and then get out before it all goes under, leaving taxpayers holding the bill. That's what you get when you vote Democrat (and sometimes for squishy GOPers too).
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