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Under Obuma Solar Company Gets $25 Million In Taxpayer Subsidies, Goes Bankrupt

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Old 04-21-2017, 01:14 PM   #1
vigalante
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Default Under Obuma Solar Company Gets $25 Million In Taxpayer Subsidies, Goes Bankrupt

Solar company Suniva Inc. filed for bankruptcy Wednesday after receiving millions in government subsidies to manufacture solar panels.

Suniva blamed its bankruptcy on competition from cheap Chinese-made solar panels, but the company received about $20 million in support from federal and state taxpayers, according to the Atlanta Journal-Constitution.

“For many years, Chinese manufacturers of solar cells have benefited from favorable, state-sponsored financing and lower labor costs, allowing them to flood the United States market for solar cells and modules with cheap imports,” David Baker, the company’s restructuring officer, said in a statement. “This has negatively impacted manufacturers based in the United States, such as Suniva.”

Suniva, founded in 2006, used federal and state subsidies to produce solar panels in the U.S., but the company struggled to compete with a flood of imported panels from China. Baker said Suniva’s lost $56.3 million since the end of 2014.

But Suniva got help from taxpayers. The company received $8.8 million from the federal government between 2010 and 2016 on top of up to $11 million in state incentives so they could manufacture more solar cells, the Journal-Constitution reported.

The company also received a $5.7 million federal tax credit in 2010 as part of the American Recovery and Reinvestment Act.

Suniva is considering filing a complaint with the U.S. International Trade Commission to protest Chinese subsidies for solar panel producers, and for Chinese attempts to circumvent U.S. tariffs by shifting production to factories in other countries.

China offers solar companies subsidies, in addition to a low-wage workforce. The country spent more than $80 billion on green energy in 2014 alone, while the US spent $34 billion, according to the International Energy Agency.


(Excerpt) Read more at dailycaller.com ...
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Old 04-21-2017, 01:26 PM   #2
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I wonder how much the founders of Suniva donated to the Obama election fund? whatever it was I bet it was a pretty good ROI...
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Old 04-21-2017, 03:20 PM   #3
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This situation has two sides. One to counter foreign production, and another subsidize a "favored" industry.

There may be some merit to countering foreign production.

However, I do not like the government picking winners and losers based on whatever reason they like at the time.

The abuses are widespread. Things like regulations and pouring money into solar energy, ethanol for gas, while killing coal or other things like huge taxes on tobacco and now even taxes on soda. There are many many instances of either aiding or crippling industries based on opinions of relative worth or "moral" thing to do.

The government shouldn't be in the business of supporting some industries and hurting others. They should let the merits of capitalism supply and demand pick the winners and losers in a market.
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Old 04-21-2017, 03:29 PM   #4
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Old 04-21-2017, 03:45 PM   #5
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Obama should be locked up in a prison heated and cooled by solar panels.
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Old 04-21-2017, 04:40 PM   #6
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Quote:
Originally Posted by redvetracr View Post
I wonder how much the founders of Suniva donated to the Obama election fund? whatever it was I bet it was a pretty good ROI...
that and who were on the board of directors.
look at the state and the dem senators and congressmen to
match against the names of bosses.
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Old 04-21-2017, 04:55 PM   #7
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Obama pissed away so much of our money on these energy schemes...it would be just wasteful if he spent all this money that was extra and just laying around...it borders on criminal malfeasance to borrow the money on our credit card and then **** it away....yet some still think he was a great president...he was inept at best...
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Old 04-21-2017, 10:50 PM   #8
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Quote:
Originally Posted by redvetracr View Post
I wonder how much the founders of Suniva donated to the Obama election fund? whatever it was I bet it was a pretty good ROI...


You know that money was well laundered.
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