The Emperor’s New Solar Panels

CHINESE SOLAR FRAUD

The largest solar panel company in China, Hanergy Thin Film Power Group, which lost half of its value last week, might not have even been making solar panels. HTF lost $18.6 billion in frantic trading last Wednesday, burning index-tracking stock funds in its wake and ‘losing’ its chairman and majority chair man Li Hejun $15 billion. Li shorted HTF by 796 million shares two days before the stock crashed…

According to hedge fund manager John Hempton, who visited Hanergy’s main Chinese factory last month, the vast complex appeared to be pretty much empty.

“It was almost entirely silent. There was essentially no production of solar cells at all and the accounts that suggest significant production and sales are entirely fraudulent.”

Brilliantly, the demonstration solar panels set up outside the factory were oriented away from the sun…




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Quote of the Day

Logging company Resolute’s CEO Richard Garneau suing Greenpeace

“A funny thing happened when Greenpeace and allies were forced to account for their claims in court. They started changing their tune. Their condemnations of our forestry practices “do not hew to strict literalism or scientific precision,” as they concede in their latest legal filings. Their accusations against Resolute were instead “hyperbole,” “heated rhetoric,” and “non-verifiable statements of subjective opinion” that should not be taken “literally” or expose them to any legal liability. These are sober admissions after years of irresponsible attacks.”

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