Solyndra: The Chinese Did Us In

Discussion in 'Politics' started by L-Kabong, Oct 12, 2012.


    (Reuters) - Bankrupt solar firm Solyndra has filed a lawsuit against three U.S.-listed Chinese solar players, including Suntech Power Holdings Co (STP), seeking $1.5 billion in compensation due to monopolization by these firms, according to court documents filed on Thursday.

    The lawsuit was filed against Suntech, Trina Solar Ltd (TSL) and Yingli Green Energy Holding Co (YGE) claiming that the trio's panel prices moved in tandem - falling 75 percent in four years in the U.S.

    Solyndra, which claims in the lawsuit that the trio were involved in predatory pricing and price fixing, filed for bankruptcy a year ago as it could no longer compete with plunging prices of solar panels imported from China.

    U.S. solar companies launched a complaint last year alleging protectionism from Beijing for Chinese panel makers, sparking trade disputes between the two countries.

    As a result of the ongoing tryst, the U.S. slapped steep final duties on billions of dollars of solar energy products from China earlier this week.

    Defendants - Suntech, Trina and Yingli - came to the U.S. and raised money from the stock market and deployed that capital to "destroy" American solar manufacturers, said Solyndra in the suit filed in a Northern California district court.

    "We just received notice of this complaint, but from our initial review, these are unwarranted and misguided claims from a company that has a clear history of failed technology and achievements," said Robert Petrina, Managing Director, Yingli Green Energy Americas.

    The other two Chinese companies named as defendants were not available for comment outside of business hours.

    Solyndra has sold everything from its remaining inventory and assembly equipment to office computers in a bid to raise money to repay creditors.

    The Obama administration came under fire for missing signs of financial trouble at the California-based Solyndra and approving nearly $535 million in loans in a bid to spark a clean energy industry and create jobs through stimulus spending.

    Last year, executives from bankrupt Solyndra LLC testified that a flood of cheap Chinese solar panels kept it from realizing $1.2 billion in contracts it announced in 2008.

    The lawsuit is Solyndra, LLC v. Suntech Power Holdings Co Ltd et al, U.S. District Court, Northern District of California, No. 12-05272.

    (Reporting by Thyagaraju Adinarayan and Divya Lad in Bangalore; Editing by Bernard Orr and Michael Perry)
  2. achilles28


    Solar is a Government-subsidized industry, ya?
  3. Lucrum


    They're blaming the Chinese? What happened to blaming Bush for everything?
  4. How many companies have been driven out of business due to being unable to be price competitive with China, or a host of many other slave labor countries? This is nothing new and has been going on for decades. They didn't know about this?
  5. Remember they had those interviews and asked people if comapnies should make a profit?

    This is a good example of companies not making a profit. We don't need no stinkin profits.
  6. Speaking of going on for decades. I read a book called the "match king". at the turn of the century and the business of producing matches in the US vs Europe. The flight of US dollars out fo America to Europe. Slave labor, cornering the market. Same shit been going on for years.

    The book is very detailed, a good read and surprisinlgy relevant to todays business world. I can't believe someone could fill a book on just the match industry, but matches were a vital and big commodity.
  7. Geesus Nutmeg, you read a book at the turn of the century? How old are you?...:D
  8. Obama Campaign Backers and Bundlers Rewarded With Green Grants and Loans

    In March 2011, for example, the GAO examined the first 18 loans that were approved and found that none were properly documented... No notes were kept during the review process, so it is difficult to determine how loan decisions were made. The GAO further declared that the Department of Energy “had treated applicants inconsistently in the application review process, favoring some applicants and disadvantaging others.” The Department of Energy’s inspector general, Gregory Friedman, who was not a political appointee, chastised the alternative-energy loan and grant programs for their absence of “sufficient transparency and accountability.” He has testified that contracts have been steered to “friends and family.”
  9. Ricter


    A determination of dumping or subsidization follows a formal investigation which is initiated by industry and performed by government. Tariffs are not just arbitrarily raised on anything and everything. We do not raise import tariffs on cheaper products made merely with low cost labor, though I'm sure many domestic industries wish we would.