I don't know whether this issue has already been raised. If it hasn't, please continue reading:
The 1603 Grant Program was designed to award up to $25 billion in taxpayer dollars to renewable energy development
projects of which First Wind received $778 million of that taxpayer money. First Wind has had ongoing structural and mechanical
failures. It’s as if their entire business model was focused on accessing the 1603 Grant money
and nothing else. According to the Boston Globe, investors shied away from the company
because “First Wind owes more than $500 million, loses money on a steady basis, and reports
a negative cash flow.”
A House Oversight Committee Report of March 20, 2012 criticised the company executives for lining their pockets before filing for bankruptcy in MA. First Wind is identified as S&P “Junk” rated.”
Larry Summers was Obama’s Chief of the National Economic Council; was a leading voice within the Clinton Administration; appointed Undersecretary for International Affairs and later in the United States Department of the Treasury under the Clinton
Administration. In 1995, he was promoted to Deputy Secretary of the Treasury. Summers was hired as a part-
time managing director of the New York-based hedge fund D. E. Shaw for which he received
$5 million in salary and other compensation.” DE Shaw was the majority owner of First Wind.
Madison Dearborn Partners and its employees were the No. 2 donor to Rahm Emanuel's
campaign. Dearborn Partners was the second largest owner of First Wind.
When Larry Summers and Rahm Emanuel needed to find a way to dump their
company's toxic assets onto another emerging company SunEdison came to the rescue. it became quickly
obvious that Sunedison had taken on too much debt in the acquisition and they were unable to
pay the full amount. One year later DE Shaw and Dearborn Partners filed a lawsuit against
Sunedison. DE Shaw and Dearborn were major shareholders in First Wind, and Summers and Emanuel were the people behind Shaw and Dearborn.
Basically Shaw and Emanuel sold a dud company they were trying to offload. The company was losing millions and had huge debts it could not repay. Shaw and Emanuel sold to SunEdison and got paid millions. Then, when SunEdison couldn't repay the debts, Shaw and Emanuel sued SunEdison.
As soon as SunEdison had acquired white elephant Wind, it set about acquiring another: Vivint. Vivint had previously been acquired by Blackstone's TERP. In less than two years after Blackstone had acquired the company the share price had dropped by $8. Noone can work out how $2.2 billion dollars was paid for Vivint when its value was $560million. SunEdison went down quickly thereafter.
From 2009 until 2012, Heather Podesta served as lobbyist for Brookfield Asset Management (BAM), and she's been
lobbying on behalf of Brookfield Power since 2011. During this time Larry Summers has also held a position as a
distinguished senior fellow at John Podesta’s CAP. Sunedison paid over 100k to the Podesta Group for lobbying efforts. Another close connection to John Podesta can be found in the communications he had with Cathy Zoi (head
of Sunedison’s Rural Electric Division). There is another wikileak in which Podesta is
being asked to have a phone conversation with Ahmad Chatila weeks before the First
Wind acquisition.
Sunedison was used as a dumping ground for debt while all of the real assets (First Wind, etc) can be found in TERP which was spun off less than two years before Sunedison bankruptcy.
https://webcache.googleusercontent.com/search?q=cache:TjRYq-0YWFQJ:https://cases.primeclerk.com/sunedison/Home-DownloadPDF%3Fid1%3DNTAwODMw%26id2%3D0+&cd=10&hl=en&ct=clnk&gl=au
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Littleredcorvette ago
http://archive.is/2BYWR
Another CAP tie-in. Tom Steyer. He's another energy player.
@cantsleepawink
I posted about this guy on v/politics. https://voat.co/v/politics/1834242
Another link https://www.forbes.com/sites/kerryadolan/2012/04/20/the-richest-green-billionaires-2012/#703a98893a71