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FBN’s Gerri Willis on the lack of jobs created from the loan-guarantees from the Department of Energy.
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Well you've heard me talk about the ridiculous loan guarantee program at the Department of Energy before and goodness knows if there was ever a waste of taxpayer money it was back half billion dollars.
That we gave to -- -- about power company called cylinder and as you know that company went belly up.
But wait.
It gets worse you might want to sit down for this.
Thanks to that loan guarantee program another California solar company is getting more than twice that amount that's right.
SunPower manufacture solar panels tiles and builds -- for solar panels.
And just before the program expired last month they got a suite one point two billion dollars in taxpayer money.
So what are they gonna do with it well the Department of Energy says it will create.
350.
Temporary construction jobs -- as you can see over my shoulder fifteen permanent jobs.
Just fifteen permanent jobs for a one point two billion dollar -- so let's do the math here as you can see.
That comes out to about eighty million dollars per Diop.
On now wait -- back at something in the company will also be opening up another plant that will surely bring in more jobs so where is that click going to be.
Mexicali Mexico that's right you heard -- right taxpayers are giving this company money to boost the Mexican job market.
Like it needs help our -- How do they even qualify for such a big alone well it turns out it pays to have friends in high places and what's higher than the halls of congress.
This man is democratic California congressman George Miller.
He's been on -- hill since 1975.
And He is a huge fan of some power.
Which apparently converted -- plant into a major manufacturing facility in Miller's district.
-- and by the way his son works for the company.
As a lobbyist that's right.
And Miller is not the only -- and some power pack yes the company has its don't pac donated nearly 151000 dollars to Democrats in the 2010 elections.
The top recipients included senate majority leader Harry re.
Not a bad man to have on your side and there already starting to dole out funds for 2012.
They also have a fan in interior secretary Ken Salazar.
Who after visiting the company last October said the path to a clean energy economy starts here.
In places like some powers research and development facility.
Now -- does that sound like.
It's here the companies like excellent growth are a leading.
The way toward a brighter more prosperous future.
So -- lender and some power are the companies of the future.
Well we -- know how well the -- -- thing worked out is some powers future any brighter.
-- answers this not really.
First of all some power is facing a host of lawsuits from investors including a class action suit claiming the company made false statements to the public.
These lawsuits have been yet yet to been resolved.
And look at the stock chart from last decade ouch some power hit its peak in December 2007.
At a 133 dollars a share.
And that's when the company was worth thirteen billion dollars since then.
It's lost 94% of its value trading at under nine bucks a share now that means today its market cap is 800 million dollars.
Just shy of its debt.
About 820 million dollars.
So let's get this straight we gave -- company with more than 820 million dollars in debt.
That's only worth 800 million dollars one point two billion dollars in loan guarantees.
And some power issued an earnings warning three days after it got the government -- Once again the math just doesn't add up with this administration.
What is it gonna take for them to realize these Green companies are not the job creators they make them out to be.
They're not the wave of the future they're really saying -- well.
If you wanna held about so much -- stock and that's it now but stop using my tax Payer dollars and your taxpayer dollars to keep these.
