Category Archives: China

Obama Gave Chinese Solar Producer Suntech $337 Million…Now Bankrupt

With so many of these green energy boondoggles it looks like this – Obama hands over tax-dollars to a fund raiser who is an owner in a junk “green energy company”. Said owners pay themselves in a big way, give big money to Democrats and go out of business.

As of last November (2012) there were 50 such companies. Obama Administration emails released show how green energy money was steered to Obama cronies with sham, junk bond companies.

Christine Lakatos at Green Corruption:

A jaw-dropping revelation came to light in December 2011 by the Trib Total Media, yet it was ignored by the media and even missed by those of us watching the solar world unfold.

© SunTech via Treehugger.com

China’s major solar panel companies — whose low-cost products led some American factories to close, helped create the Solyndra controversy and spawned talk of a trade war — were bankrolled in the United States by the world’s largest investment banks.

Goldman Sachs, Morgan Stanley, Citigroup, Lehman Brothers, Merrill Lynch, USB Investment Bank and others raised $6.5 billion for seven young Chinese solar panel makers in the mid-2000s by underwriting their securities on the New York Stock Exchange and Nasdaq, a Tribune-Review investigation has found.

The Trib goes on, “It’s not clear how the idea of using offshore tax havens to get listed on U.S. exchanges developed. But the Trib learned through SEC reports how Chinese solar companies grabbed onto the idea.” The first was Suntech Power Holdings Co. Ltd., now the world’s largest solar company. It began operating as a Chinese company in May 2002, and by 2004 reported sales of $85.3 million…”

However, Bloomberg News reported last week, “Suntech Power Holdings Co. (STP) [was] forced to put its Chinese solar unit into bankruptcy last month, “becoming the latest casualty of a painful slump in the global solar industry,” wrote Townhall.com. But Bloomberg noted that Suntech “began that slide into insolvency in 2009 when customers linked to the founder couldn’t pay their bills and the company booked the sales as revenue anyway, regulatory filings show.”

What most don’t know is that Suntech is a tiny fraction of “Obamanomics Outsourced,” whereas his administration is responsible for steering billions in stimulus funds (and other “green” money) to foreign companies and shipping green jobs overseas. This is clearly a broken 2008 energy campaign promise, but worse, a violation on how the 2009 trillion-dollar stimulus package was sold –– to create jobs and grow the economy here in America.

Read more HERE.

Foreign holdings of U.S. debt hits $5.48 trillion

While we are raising your taxes and borrowing money from China to study Klingons….

AP:

WASHINGTON (AP) — Foreign ownership of U.S. Treasury securities rose to a record level in October, a sign that overseas investors remain confident in U.S. debt despite a potential budget crisis.

Total foreign holdings of U.S. Treasurys rose to $5.48 trillion in October, the Treasury Department said Monday. That was up 0.1 percent from September. Still, the increase of $6 billion was the weakest since total holdings fell in December 2011.

China, the largest holder of U.S. government debt, increased its holdings slightly to $1.16 trillion. Japan, the second-largest holder, boosted its holdings by a smaller amount to $1.13 trillion. Brazil, the country with the third-largest holdings, increased its total to $255.2 billion.

New Political Ad: China

Also keep in mind that government is now a major owner of GM and Chrysler/Jeep, and recently both have announced that they are moving manufacturing to China.

GM Brags: Since bailout 70% of our manufacturing outside of US. Announced GM R&D moving to China (video)

Jeep throws in the towel, moving production to China

[/sarcasm] But I thought that the bailout’s were about keeping jobs here……

GM Brags: Since bailout 70% of our manufacturing outside of US. Announced GM R&D moving to China (video)

This will make your stomach turn. Your bailout money goes to sponsor Chinese propaganda films sponsored by GM. You can watch a GM CEO Dan Ackerson brag that since the bailout 70% of GM’s manufacturing is outside of the USA. They also announced that much of GM’s R&D will move to China in part so as to give advanced technology to the Chinese Government.

Remember that according to far left university academic theory U.S. wealth is essentially “capitalist ill-gotten gains” and that our wealth needs to be transferred to the rest of the world.

Obama invested heavily with outsourcers, after accusing Romney of doing the same…

See our other coverage on General Electric, Obama and Outsourcing. Also see – Obama’s Top Money Man Was In Charge of Bain Capital During GST Steel Layoffs – LINK.

Here we have an outstanding piece of journalism from Phil Klein at the Washington Examiner:

President Obama has accused Mitt Romney of raking in profits from investing in companies that ship American jobs overseas, but according to his most recent financial disclosure, he and First Lady Michelle Obama have hundreds of thousands of dollars in a mutual fund that has large holdings in corporations that outsource jobs.

“(Romney) invested in companies that have been called ‘pioneers’ of outsourcing,” Obama said at a Saturday campaign event in Glen Allen, Va. “I don’t want a pioneer in outsourcing. I want some insourcing.”

But Obama’s own portfolio shows a willingness to invest in American corporations that have shifted employment overseas.

In his most recent financial disclosure from 2011, Obama and his wife reported having between $200,000 and $450,000 in the Vanguard 500 Index Fund, which invests in the largest U.S. corporations. According to a filing with the Securities and Exchange Commission, as of Sept. 30, 2011, the fund’s biggest holding was 8,272,039 shares of Apple Inc., then valued at $3.2 billion.

The New York Times reported in January:

Not long ago, Apple boasted that its products were made in America. Today, few are. Almost all of the 70 million iPhones, 30 million iPads and 59 million other products Apple sold last year were manufactured overseas….

“Apple’s an example of why it’s so hard to create middle-class jobs in the U.S. now,” said Jared Bernstein, who until last year was an economic adviser to the White House.

“If it’s the pinnacle of capitalism, we should be worried.”

The mutual fund that the Obamas have invested in also held 94,582,281 million shares of General Electric, valued at $1.4 billion, as of the SEC filing. The multinational conglomorate has a long history of outsourcing – according to a new book  cited by the New York Times, in 1989, “G.E. became the first U.S. company to outsource software work to India.” Obama also has close ties to GE’s CEO, Jeffrey Immelt, who was appointed as chairman of his outside panel of economic advisers last year.

In addition to Apple and GE, the Obamas’ fund listed 10,655,961 shares of International Business Machines, valued at $1.9 billion. As the Wall Street Journal reported in 2009, “The technology giant has been steadily building its work force in India and other locations while reducing the number of workers based in the U.S. Foreign workers accounted for 71% of Big Blue’s nearly 400,000 employees at the start of the year, up from about 65% in 2006.”

The point in this is not to say outsourcing is wrong. Corporations are supposed to maximize profits for shareholders. But Obama’s own portfolio shows that despite his heated rhetoric, he makes investment decisions without regard to whether companies are outsourcing.

You can look at a full list of the fund’s holdings as of Sept. 30, 2011, here.

The head of Barack Obama’s “Jobs Council”, is moving even more jobs and infrastructure to China

Attacking the few companies that Bain Capital invested in that had to do some outsourcing to survive is the Obama Administration’s attack plan against Mitt Romney. But after setting up a jobs program for illegal aliens you would think that the hypocrisy from the Obama Campaign could not get much thicker; we thought that too and we were wrong.

Related – White House Connected GE Pays No Tax on $14 Billion ….Again! – LINK

 

Economic Collapse Blog has the details with multiple sources and links for your viewing pleasure:

GE-CEO-Jeffrey-Immelt
Jeffery Immelt – General Electric CEO, Head of Obama’s “Jobs Council”.

Jeffrey Immelt, the head of Barack Obama’s highly touted “Jobs Council”, is moving even more GE infrastructure to China.  GE makes more medical-imaging machines than anyone else in the world, and now GE has announced that it “is moving the headquarters of its 115-year-old X-ray business to Beijing“.  Apparently, this is all part of a “plan to invest about $2 billion across China” over the next few years.  But moving core pieces of its business overseas is nothing new for GE.  Under Immelt, GE has shipped tens of thousands of good jobs out of the United States.  Perhaps GE should change its slogan to “Imagination At Work (In China)”.  If the very people that have been entrusted with solving the unemployment crisis are shipping jobs out of the country, what hope is there that things are going to turn around any time soon?

Earlier this month, Immelt made the following statement to a jobs summit at the U.S. Chamber of Commerce….

“There’s no excuse today for lack of leadership. The truth is we all need to be part of the solution.”

Apparently Immelt’s idea of being part of the solution is to ship as many jobs overseas as he possibly can.

A recent article on the Huffington Post documented how GE has been sending tens of thousands of good jobs out of the country….

As the administration struggles to prod businesses to create jobs at home, GE has been busy sending them abroad. Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S., according to its most recent annual filing with the Securities and Exchange Commission. But it’s added 25,000 jobs overseas.

At the end of 2009, GE employed 36,000 more people abroad than it did in the U.S. In 2000, it was nearly the opposite.

GE is supposed to be creating the “jobs of tomorrow”, but it seems that most of the “jobs of tomorrow” will not be located inside the United States.

The last GE factory in the U.S. that made light bulbs closed last September.  The transition to the new CFL light bulbs was supposed to create a whole bunch of those “green jobs” that Barack Obama keeps talking about, but as an article in the Washington Post noted, that simply is not happening….

Rather than setting off a boom in the U.S. manufacture of replacement lights, the leading replacement lights are compact fluorescents, or CFLs, which are made almost entirely overseas, mostly in China.

But GE is far from alone in shipping jobs and economic infrastructure out of the United States.  For example, big automakers such as Ford are being very aggressive in China.  Ford is currently “building three factories in Chongqing as part of $1.6 billion investment that also includes another plant in Nanchang”.

Today, China accounts for approximately one out of every four vehicles sold worldwide.  The big automakers consider the future to be in China.

Just a few decades ago, China was an economic joke and the U.S. economy was absolutely unparalleled.

Secret Video: Healthcare in China

A friend, novelist Steven C. Bradley is in China.

He had an accident while working out and injured his wrist so he want to the local hospital to make sure he was alright.  It is forbidden to take pictures in the hospital and you are about to see why. The lines are the first thing you notice. It is like the BMV on steroids.

The video is HERE and his blog post about it is HERE.

Chinese Official Defects. Obama Gives Him to Chinese Security…..

This man is doomed. His name is Wang Lijun.

Wang Lijun
Wang Lijun

Bill Gertz: Obama Administration “Duplicitous”. Shows a pattern of behavior against our allies.

Bill Gertz:

The Obama administration rebuffed a senior Chinese police official in southern China who sought to defect, turning him away after his presence became known to Chinese security forces.

An administration official familiar with China affairs said the botched defection of Wang Lijun, a vice mayor and chief crime investigator in Chongquing, was mishandled not only by local American officials in China but also by White House and State Department officials in Washington unwilling to upset China by granting Wang refuge in the consulate.

Rep. Dana Rohrabacher (R., Calif.) chairman of the House Foreign Affairs subcommittee on oversight and investigations, said in an interview last night that the administration’s handling of the Wang case is something the subcommittee will investigate.

“There seems to be repetitive examples of people trying to help the United States who end up suffering,” Rohrabacher said, noting Pakistan’s prosecution of a Pakistani doctor who helped U.S. intelligence locate and kill al Qaeda leader Osama bin Ladin.

In the case of Wang, it appears “the State Department is either clueless or duplicitious regarding the very nature of the gangster regime in Beijing.”

The official said Wang’s defection would have provided a windfall for U.S. intelligence agencies that currently lack insight into the secretive world of Chinese leadership politics.

The attempted defection of Wang played out amid international intrigue involving what officials say is a major power struggle within the senior ranks of the outwardly placid Chinese Communist Party.

The struggle pits a hardline nationalist faction headed by Wang’s boss, regional Party Secretary Bo Xilai, and central authorities in Beijing, led by current President Hu Jintao.

Two U.S. officials said Wang supplied the consulate with information related to corruption within the highest ranks of the Party, including information about Bo.

Bo is the son of a founding communist revolutionary who is a hardline anti-American, neo-Maoist leader and is seeking a seat on the nine-member collective dictatorship that rules China. The officials cautioned that details of the attempted defection and power struggle are murky.

Imagine what the Chinese government will do to this man. Read more HERE.

Obama renews program that resulted in mass Chinese nuclear espionage

November can’t get here fast enough….

 

Washington Times:

Deputy Energy Secretary Daniel B. Poneman is working on a major Obama administration initiative that would renew scientist exchanges between U.S. nuclear weapons laboratories and Chinese nuclear facilities.

The idea is aimed at promoting openness and transparency by China’s military about its secret, large-scale buildup of nuclear weapons, according to U.S. officials.

Critics say the plan is similar to an exchange program in the 1990s that sent U.S. nuclear scientists to China and produced one of the worst cases of nuclear espionage. Secrets about every deployed warhead in the U.S. arsenal were compromised, including the W-88 small nuclear warhead deployed on submarine-launched missiles.

“We’ve seen this movie before, and it has a bad ending,” one official said.

Officials familiar with the plan told Inside the Ring that the initiative was discussed during a recent policy committee meeting of senior national security officials at the White House.

Powerful Democrats help Chinese energy firm get $450 million in stimulus money

The Democratic Party has been caught several times taking illegal campaign money from the Chinese ( 1, 2). It seems that money has not gone to waste.

Jackie Walorski warned of this happening. It seems that she was correct.

MSNBC:

WASHINGTON — Top Democratic fundraisers and lobbyists with links to the White House are behind a proposed wind farm in Texas that stands to get $450 million in stimulus money, even though a Chinese company would operate the farm and its turbines would be built in China.

The farm’s backers also have close ties with Senate Majority Leader Harry Reid, D-Nev., who, at the height of his hard-fought re-election bid this fall, helped blunt congressional criticism over stimulus dollars possibly going to create jobs in China by endorsing a proposal by the Chinese company to build a factory in his home state. Although his campaign received thousands of dollars in donations from the wind farm’s backers and Reid stood on stage with them at a campaign event they hosted, his office declined to answer any questions about the wind farm’s organizers or their plans for Nevada.

The wind farm, first announced more than a year ago, would consist of 300 2-megawatt wind turbines, each perched atop a 26-story-tall steel tower and spinning three blades — each half the length of a football field. The farm would span three counties and 36,000 acres in West Texas land best known for its oil. Dubbed the Spinning Star wind farm, the project’s 600-megawatt capacity is, theoretically, enough to power 180,000 American homes and would be the sixth-largest wind farm in the country.

It is being planned by an unusual joint partnership between the U.S. Renewable Energy Group, a Dallas investment firm with strong ties to Washington and the Democratic Party, and A-Power Energy Generation Systems, an upstart Chinese supplier of wind turbines. Filings with the Securities and Exchange Commission indicate the Chinese are bringing financing and the turbines.

What the Americans are supplying is the local know-how and political clout in Washington, where decisions on how to distribute billions in loan guarantees, stimulus grants and financial incentives are made.

The clock is ticking for Spinning Star: To claim the stimulus grant it must arrange its financing and begin work on the wind farm by Dec. 31. Besides the $450 million stimulus grant, A-Power’s SEC filings indicate the joint-venture also will pursue a Department of Energy-backed loan guarantee. According to the SEC filings, the project is waiting to hear if it will receive the loan guarantee before financing will follow to build the turbines.