Gee, Wonder How This Will Go Over At The Trial

Another “Green Energy” favorite of God/King Obamandias is going down in flames. Heavily subsidized First Solar is being sued for failing to disclose defects in its panels.

According to the complaint, First Solar: “deceive(d) the investing public…, artificially inflated(d) and maintain(ed) the market price of First Solar securities…, and cause(d) Plaintiff and other members of the Class to purchase First Solar securities and options at artificially inflated prices.”

Can you say “Ponzi Scheme backed by the SCOAMF?” Yes, we can…

First Solar has received enormous financial backing from taxpayers. The Department of Energy provided a $646 million loan guarantee for the Antelope Valley (Calif.) Solar Ranch 1 project, and also partially guaranteed $1.46 billion in borrowing for its Desert Sunlight Solar Farm west of Blythe, Calif. DOE loans of $967 million covered First Solar’s Agua Caliente Solar project in Yuma County, Ariz. Its Topaz Solar farm, which Warren Buffett just bought for about $1.9 billion, also qualifies for a federal grant (like the others) that pays a 30 percent rebate on construction costs. Also, the U.S. Export-Import Bank backed $455.7 million in loans to First Solar for projects in Canada. The facilities also reap job training, state and local incentives, in addition to enjoying mandates that force utilities to buy their renewable power.

But wait, there’s more…That last one, from Ex-Im…First Solar used that to sell panels…wait for it…to itself.

More @ Soylent Green