As we dig deeper in the green-energy crony corruption-story, it begins to sound more and more like the making of a big-budget Hollywood thriller. Today’s installment on First Solar includes billionaire investors, corporate welfare, favoritism, threats, exaggerations, lawsuits over inferior quality, layoffs and outsourcing, and even a romantic dalliance. The screenplay would be riveting. Too bad it is not fiction. The film would have to be a documentary.
The trailer would open: “What do Goldman Sachs, several Goldman executives, and quite a few billionaire investors have in common? Add in millions of campaign donations followed by billions doled out of the 2009-stimulus package along with a ‘who’s who’ list of high-powered energy connections. Throw in a lead lobbyist with frequent White House visits and an active, yet connected board member.” Dark clouds would roll in as the music comes to a crescendo. The narrator continues: “Along the way, drama and trouble emerge. The CEO sells his own stock, jobs are going overseas. Accusations of money laundering materialize, and inside investigations point to a shady scheme within a solar energy company. The firm in question is implicated—as well as the Department of Energy.” Bold text pops up on the screen: “The First Solar Swindle” Smaller text: “Opening in theaters nationwide…”
Yes, all of this drama can be found in one company with interconnected ties to the Obama White House!
Last week, we wrapped up Senator Harry Reid’s connection to four firms—representing billions in taxpayer money—also part of the green-energy, crony-corruption story. Three of the four are in Reid’s home state: Nevada Geothermal, Ormat Nevada, and SolarReserve; while both SolarReserve and BrightSource Energy have multiple and significant ties to the President.
Now, we move on to the next three of our Special Seven series––those that received the Department of Energy loans (even though the companies were rated as “non-investment” grade) and grants, as a part of the stimulus spending spree. Additionally, these seven companies received “special” Department of Interior (DOI) treatment through a March 11, 2009 Secretarial Order, which the Washington Free Beacon described as a means “To fast track the siting of renewable energy projects on public lands managed by the agency.”
This chapter exposes First Solar.