This week was some week here in the United States. The Pope is visiting and has called upon us to live as one and protect the earth from physical harm. Volkswagen has admitted to faking their diesel vehicle emissions right under the noses of Gina McCarthy’s EPA. The CEO of Volkswagen said Auf Wiedersehen and the shareholders said hasta la vista to over $20 billion of market cap. I did not shed a tear that the rich Al Gore connected Qataris lost $5 billion of those twenty big boys.
The Pope did big things in DC, New York, and is speaking today in Philly. I did my little thing for the safeguarding of the planet. Yesterday I did receive the highly redacted version of the independent engineer’s report on KIOR that was given to the US DOE. The report written by Shaw was given to Dr. Chu et al on April 29, 2011. By May 15, 2011 Khosla and KIOR had “voluntarily” withdrawn their application for the billion dollar DOE loan that already had an agreed upon term sheet. The timing is not coincidental. The report had a risk section that must have been critical of the alchemy Mr. Khosla et al were practicing at KIOR. Of course our open government blacked out the entire risk section of the redacted report I was given.
The report stated that Kellogg Brown and Root a subsidiary of Halliburton was busy designing the plant in Columbus Mississippi. Yes the now failed plant that is rusting as Kior sits in Bankruptcy. We know Con D Rice joined the board of KIOR to prop up the IPO in late June 2011. We know Con D Rice is tight with Halliburton and Kellogg Brown and Root. We know Con D Rice insider traded shares for a profit in the now worthless KIOR. We know Con D Rice falsely hyped the company stating they were a reality to lower imports of crude oil, and we know Con D Rice resigned from the board before the company declared bankruptcy.
Con D Rice must have either not read the Shaw report or she must have relied on her old friends at Halliburton to join the board of KIOR to get those free stock options that might have netted her many millions of dollars. Now the disgraced KIOR director has a record of selling 6,500 shares at $13.22 as an insider of a company that she falsely hyped. Con D sold her soul for $85,930. Con D Rice was pretty tight with Kellogg Brown and Root all the way back to the “rebuilding” of Iraq.
The Magnolia State is suing Khosla, other officers, and directors of KIOR for fraud. They have not sued Con D Rice. The sad thing is the US DOE had the Shaw report on April 29, 2011 and knew the alchemy at KIOR would not work. Dr. Chu pulled out of the billion dollar loan yet the poor in Old Miss got stuck loaning KIOR $75 million that they are now trying to recover in court. Dr. Chu owed it to the Magnolia State and the folks who bought the KIOR stock in the IPO and later to have shared the concerns Shaw had over the KIOR alchemy.
Dr. Chu and Dr. Rice now bend the minds of young people at Stanford. These two should be breaking rocks in a chain gang in Mississippi. I remember the warden telling Cool Hand Luke that what was happening was “a failure to communicate”. Yes the US DOE certainly had a failure to communicate the Shaw report it had. The report predated much of the Mississippi loan and certainly all of the IPO. Personally I had blogged that the report existed and that it was probably issued around the end of April 2011.
How did I know this? I studied thermodynamics in college! I also know how to communicate. Dr. Chu studied thermodynamics but did not communicate. Con D Rice did not study thermodynamics but only communicated with her stockbroker to sell those shares in KIOR for a profit. The Pope asked for justice for all and I say God bless those who are suing the operatives that brought the KIOR caper. The Pope studied chemistry and he would never have called KIOR a reality, he would have called it a Bloomdoggle.
The Pope is driven in a Fiat not a Volkswagen. I really like the Pope, I wish he would move to the United States and clean up the complex. Of course the operatives of the complex may confess their greenwashing sins and beg for forgiveness.