March 20, 2013
Why won't Tom Friedman write about this fiasco?
Tom Friedman has promoted green energy and Chinese communism for years. Now why doesn't he have the basic decency and courage to write about this Chinese green energy disaster? Walter Russell Mead writes: The world's top-selling producer of solar panels has defaulted on a $541 million bond payment. The Chinese firm Suntech hasn't posted a profit since the first quarter of 2011 and has been relying on the government of Wuxi, the city where it is headquartered, to stay solvent. But as more bills come due, this renewable energy producer is looking less and less sustainable. The WSJ reports: The China-based company, whose shares are listed in the U.S., was scheduled to repay foreign investors for the bonds on Friday. But Suntech, which has faced shrinking profit amid difficulty in the solar-panel market, didn't make the payment on the 3% convertible notes. [...] Monday, the American depositary shares of Suntech fell 8.4% to 64 cents in 4 p.m. trading on the New York Stock...(Read Full Post)