We have mixed feelings about this story. There a some 1,200 jobs on the line at a time when Ohio and the country needs all the jobs it can get. On the other hand we have from the beginning warned that so called green jobs are nothing short of a fraud and a payoff to favored Obama campaign donors who have bilked the taxpayers out of 80 percent of all DOE loans. First Solar reported a net loss of $413 million, or $4.74 a share, from net income of $155.9 million, or $1.80 a share, a year earlier, according to the statement. The company was expected to earn $1.02 a share. Not only is First Solar caught in a competitive disadvantage with Chinese competitors it cannot produce a reliable product as it has been forced to replace million of dollars worth of faulty solar panels and to compensate customers for the electricity they had to purchase when First Solar's panels failed. In the video below notice the background laughter and the question "Is that a DOE loan or a DOA loan?" If there is any good news in the clip it is that presidential ass kisser Warren Buffet invested in one of First Solar's projects and is almost sure to take a hit in what this CNBC group term a "game ender."
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ReplyDeleteWell, this wasn't too hard to predict. It was only a matter of time. The possible loss of local jobs is not good, but they were government subsidized jobs that were backing up an industry of smoke and mirrors (pardon the choice of words).
ReplyDeleteI wonder what Marcy Kaptur thinks about all of this now, in regards to the solar energy pork barrel projets she fostered in NW Ohio?
For a company like First Solar that has about 35 manufacturing plants, 34 of which are in Malasia this is a death knell.