Tag Archives: debt

Business/Economics, Idaho, International, Opinion, Technology, U.S.

Corporate & Government Incompetence: Hoku Corp “restructuring” code for going bust! Pocatello wasted hundreds of thousands on tax breaks! Hundreds of hoped for jobs down the drain! Who’s gonna buy those new homes now Mr Mayor?

On 05 July 2012, NASDAQ (National Association of Securities Dealers Automated Quotations) ordered an end to trading of Hoku stock, pending “additional information”.

NASDAQ requires that companies traded in their exchange can not go below one U.S. dollar per share for a set period of time, or that company will be de-listed.  But Hoku Corp was guaranteed doom when, at the beginning of June, a “do not trade” warning was issued to investors!

Rumors are now rampant that Hoku will declare bankruptcy, but get a clue, when a company announces it’s “restructuring” it’s a real good chance that bankruptcy is close behind.

I’ve been following the slow motion Hoku Materials train wreck in Pocatello, Idaho, since day one.  This was because I learned that some of the board members of Hoku have a history of starting up corporations on paper, then folding them for technical reasons after selling off stock in the paper corps.

You can search my posts, but briefly; the city of Pocatello, and Bannock County, bent over backwards to get the company to settle in the area, including I believe a $200,000 property tax break on land which only cost $200,000.  This was unprecedented for Pocatello, because they had been actually running off businesses, and good paying jobs, because they (city officials) refused to make concessions (the big job loss that started the whole decline for the Pocatello/Chubbuck was refusing to give Union Pacific more land to make Pocatello UP’s new huge Pacific Northwest depot!) .

From day one of construction Hoku has failed to pay contractors on time, or at all! The big guy, JH Kelly, is now using legal action to seize the property!

Hoku was also consistently late paying their massive electric bills to Idaho Power.  At one point Tianwei New Energy Holdings announced at the end of 2011 that polysilicon production had begun, however, Idaho Power refused to provide the electricity because Hoku had not met its contractual obligations, so no production was ever started!

Hoku turned to Chinese companies to bail them out of their financial woes.  They became a subsidiary of Tianwei New Energy Holdings, which is an affiliate of China South Industries Group Corporation (CSGC).  All of Hoku Material’s contracts are with Chinese solar product companies hoping to increase their business in the United States.

The hopes of Chinese solar companies, and indirectly Hoku, were finally dashed because the Obama Administration imposed high tariffs on any Chinese made solar power product!

At least 120 of the 150 Hoku Materials employees were laid off, but the massive 50 football fields long polysilicon factory (built at the end of a dead end residential road, those people are not happy) was to employ several hundreds of people once it got up and running.  One year, I remember, in one of the monthly city of Chubbuck newsletters the incompetent mayor excitedly reminding people of the boom in home sales when the factory was finished. It was in response to residents questioning the allowing of new home developments, when the housing market was so bad.

So who’s gonna buy those new homes now Mr Mayor?

 SOLAR COMPANY HOKU CORPORATION STOCK now WORTHLESS 

Business/Economics, International, Opinion, U.S.

What Economic Recovery? U.S. GDP lags behind its puppet state Afghanistan

“The global growth outlook will be somewhat less than we anticipated just three months ago. Many indicators of economic activity, investment, employment, and manufacturing, have deteriorated. And not just in Europe or the United States.”-Christine Lagarde, International Monetary Fund, 03 July 2012

In June 2012, the World Bank issued GDP growth projections for the next year.

GDP growth for the United States will stagnate at 1.9%, while the war torn country of Afghanistan will actually grow at 4.9%!!!

Is this because of the billions and billions of USD pledged to the Afghan government by the international community?

The U.S. economy will continue to stagnate partly because the government is spending billions of tax dollars on occupying countries like Afghanistan?

Business/Economics, International, U.S.

Government Incompetence & What Economic Recovery? Japan & U.S. want mo money for Afghanistan, another $15 billion!!!

On Sunday, 08 July 2012, Japan will host a conference that is pushing for the international community (ie; governments who’ll squeeze their tax payers) to come up with at least $15 billion USD for Afghanistan.  That’s in addition to what’s already been pledged in the past year!

Attendies to the conference will include Afghan President Hamid Karzai, U.S. Secretary of State Hillary Clinton, and UN Secretary General Ban Ki-moon.

Karzai has already announced that he wants another $3.9 billion USD for more “reconstruction”!

How can there be any economic recovery in the western countries when their governments are getting deeper in debt by giving away money they don’t have?

On 28 June 2012, Norway joined dozens of countries in pledging money in a military pact with Afghanistan. The pact will be officially signed in September.

Also on 28 June 2012, India hosted an international conference on private investment into Afghanistan.   Afghanistan’s Foreign Minister, Zalmai Rassoul, said investors will get a big return on their investment because: “While it is true that there are certain areas in Afghanistan where the security situation is not ideal, we should remember that these areas represent a small part of the country.”

Yeah right! Read my U.S. occupation of Afghanistan updates to know that’s a lie.

Business/Economics, International, U.S.

Chock Full o’Crap Western News Media: United States caves to Pakistan’s demands for mo money to open NATO occupation supply routes! $9 million for starters!

“We can seize any item, anything that be, if it is not mentioned in the agreements between Pakistan and Afghanistan and Pakistan and NATO.”-Qamar Thalho, Customs official

The full o’crap western news media has been reporting that Pakistan re-opened U.S./NATO supply routes into Afghanistan, because U.S. officials apologized for last year’s killing of Pakistani soldiers.  Wrong! It’s all about the money.

What the western media is not telling the tax payers of the U.S. and other NATO affiliated countries, is that Pakistan is now being paid about $6,000 for every U.S./NATO occupying force supply truck that crosses the Pakistani border into Afghanistan.

There are currently 1,500 trucks waiting to go through, that’s $9 million USD!!!  Pakistani news media said U.S. officials agreed to the higher fee because the alternate supply routes through other countries costs even more money!

Example: The Pentagon says its costs $100 million per month to take supplies through Central Asia, Russia and the Caucasus!!!

Question: Is this bull shit War on Terror in Afghanistan (a country where not one of the residents were involved with the 11 September 2001 attacks on the U.S.) really worth it?

To top it off, the new U.S./NATO supply agreement allows the Pakistani Customs officials to seize any truck that’s carrying “lethal” supplies!

Fukushima

One Year Later: Fresh water fish more radioactive than salt water fish! More proof that you need lots of salt in your diet!

03 July 2012, the Ministry of Environment in Japan discovered that fresh water fish are more susceptible to radiation contamination than salt water fish.

From December 2011 to February 2012, they sampled fish from rivers, lakes and eight locations in the Pacific Ocean.  Fresh water fish were much more contaminated than salt water fish.

In a river north of Fukushima Daiichi nuclear plant, goby fish were found with 2,600 becquerels per kilogram of cesium!  The highest readings of cesium in salt water flounder and bass were 260 becquerels per kilogram.

The researchers speculate that the salt in the ocean water absorbs much of the radiation, and then the fish excrete it (the concept is similar to the idea of taking iodide pills after a nuclear accident).

Radiation ends up being concentrated in the bodies of fresh water fish.

ONE YEAR LATER: LEFT BEHIND; FUKUSHIMA PETS STILL WITHOUT HOMES, NEW KITTENS FOUND NEAR NUCLEAR PLANT

Business/Economics, International, U.S.

What Economic Recovery? Cyprus joins growing list of European countries asking for a bailout!

25 June 2012, the small island country of Cyrus has asked the European Union (EU) for a bailout.  It’s the fifth country to do so, after Greece, Ireland, Spain and Portugal.

The economy of Cyprus is directly tied to Greece, and the economic disaster there has dragged down banks in Cyprus.

Fitch just downgraded the Cyprus’s sovereign credit (bonds) grade by one notch to a junk status of BB+.  Standard & Poor’s and Moody’s also rank Cyprus at junk level.

Fukushima

One Year Later: TEPCo accepts blame for poor handling of Fukushima Daiichi, but also points finger at incompetent government.

20 June 2012, Tokyo Electric Power Company (TEPCo) published a thick report concerning the handling of the Fukushima Daiichi nuclear disaster.

It admits three of four damaged reactors (there are six reactors at the facility) actually went into melt down, because of total loss in cooling.

“The report admits that the company’s management of the emergency cooling system, which had been criticized by a government panel, was inadequate.”  However, “The report also blames the government for directly and indirectly interfering with TEPCO’s emergency response efforts. It says government officials disregarded what was actually happening on the ground, causing unnecessary confusion.”-NHK (nippon housou kyoukai/Japan Broadcasting Corporation)

The reactors were supplied by the U.S. company General Electric. The disaster is ongoing!

Fukushima

Government Incompetence: Forced re-start of Ohi Nuclear plant backfires; emergency at Reactor 3, missing cooling water! People not told until the day after!

About a week ago the Japanese federal government forced the re-start of the Ohi nuclear power plant.  Prime Minister Noda gave the order, saying “…Japanese society can not survive!” without it.

Now, 20 June 2012, the operators of the Ohi disaster reactors, Kansai Electric Power Company (KEPCo) revealed a potentially major problem with Reactor 3, and they didn’t discover it until an alarm sounded when they tried to re-start it!

Reactor 3 has lost cooling water, and KEPCo officials don’t know why.  Just like TEPCo officials at Fukushima Daiichi, they believe the water got out through leaks but so far they can’t find any!

The alarm sounded when the water dropped by 5 centimeters (almost 2 inches).  Doesn’t sound like much but realize the cooling tanks are huge and it could amount to tons of water lost!

People living near the nuclear plant (in their wisdom the Japanese officials allowed nuclear plants to be built near homes, and vice verse) are outraged because they were not told about the problem until 13 hours later.  They were already angry because most of them opposed the re-start.

KEPCo said it did not warn the residents because there is no law in Japan requiring them to do so, in regards to the amount of water lost.

Ohi’s Reactor 4 is also scheduled for re-start.  The reactors at Ohi were supplied by the U.S. company Westinghouse.

 

Fukushima

One Year Later: Government admits it was not prepared to handle Fukushima Daiichi! Ignored radiation contamination predictions from United States!

19 June 2012, NHK (nippon housou kyoukai/Japan Broadcasting Corporation) reporting that a Japanese government ‘white paper’ report on science and technology in 2011, states that the government was not prepared to respond to the nuclear disaster at Fukushima Diiachi.

“…tsunami estimates were too lenient and facilities which had been in place for nuclear safety were ineffective.  It says the way the public was notified about the spread of radioactive substances was inadequate.”-NHK

Also, on 18 June 2012, the Foreign Ministry of Japan revealed that the U.S. Department of Energy (DoE) presented a map of the most likely radiation contamination spread from the GE designed reactors.

The Japanese government refused to make the radiation spread map public, until now.

The U.S. DoE map was made using data from 17 March to 19 March 2011. It was supposedly given to the Japanese Science Ministry and the Nuclear and Industry Safety Agency, via the Japanese Foreign Ministry.

“The map shows radiation spreading northwest from the accident site. Parts of the map indicate levels of 125 microsieverts per hour. The figure suggests residents close to the plant were exposed to the annual [yearly] permissible level within 8 hours.“-NHK

Fukushima

One Year Later: Japanese government incompetence; still no official nuclear disaster emergency regulations!

8 June 2012, NHK (nippon housou kyoukai/Japan Broadcasting Corporation) reporting that more than one year after the nuclear disaster at Fukushima Daiichi began, the federal government of Japan still has no new official policy regarding nuclear disasters!

Last year most local governments, and individuals, learned of government evacuation instructions through media, not federal government channels.  Also, it’s now known that some people actually evacuated the wrong way, into radiation plumes, and many of the emergency centers did not perform as expected.

The federal government scrapped their old policies, as they proved totally useless, and were supposed to come up with new ones by now!

About the only thing the federal government of Japan has agreed on is to expand danger zones around nuclear plants from 10 kilometers (6.2 miles) to 30 km (18.6 miles).

More than 130 municipal governments are supposed to create their own nuke disaster regulations, but, they’re supposed to be based on the, so far, non-existent federal regulations.

A new federal nuclear regulatory body was supposed to be up and running in April 2012, but it never happened.