light

U.S. corporations set to profit well from 'green' light bulb production in China, with Treasury Department help

Sunday, September 11, 2011 by: J. D. Heyes
Tags: green light bulbs, Treasury Department, health news

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
Malaysia Airlines Flight 370 now clearly a government cover-up: All evidence contradicts official story
White House admits staging fake vaccination operation to gather DNA from the public
10 other companies that use the same Subway yoga mat chemical in their buns
High-dose vitamin C injections shown to annihilate cancer
Irrefutable proof we are all being sprayed with poison: 571 tons of toxic lead 'chemtrailed' into America's skies every year
EXCLUSIVE: Natural News tests flu vaccine for heavy metals, finds 25,000 times higher mercury level than EPA limit for water
Truvia sweetener a powerful pesticide; scientists shocked as fruit flies die in less than a week from eating GMO-derived erythritol
Senator who attacked Doctor Oz over dietary supplements received over $146,000 in campaign contributions from Big Pharma mega-retailer and Monsanto
Global warming data FAKED by government to fit climate change fictions
U.S. treating meat with ammonia, bleach and antibiotics to kill the '24-hour sickness'
Ben and Jerry's switches to non-GMO, Fair Trade ice cream ingredients
Battle for humanity nearly lost: global food supply deliberately engineered to end life, not nourish it
Diet soda, aspartame linked to premature deaths in women
Cannabis kicks Lyme disease to the curb
Elliot Rodger, like nearly all young killers, was taking psychiatric drugs (Xanax)
Harvard research links fluoridated water to ADHD, mental disorders
Right to farm being stripped from Americans: Michigan to criminalize small family farms with chickens, goats, honey bees and more
Monsanto's seed imperialism halted in Canada thanks to massive protests
Delicious
(NaturalNews) Have you heard about those expensive new "green" light bulbs the government will force you to begin using next year?

The reasoning behind a law that requires a phase-out of the current incandescent bulbs in favor of the new green bulbs - the latter are more efficient and better for the environment - might be a good idea the surface.

But when you find out the same government that is forcing us to begin paying $2-$3 each for light bulbs is not only involved financially with the deal, but is helping to fund the Chinese company that will be making the bulbs, the good intentions begin to lose their luster.

According to a recent published report, two U.S. corporations - banking monster Goldman Sachs and networking giant Cisco - have invested mightily in Chinese lighting maker NVC Lighting Holding Co. Ltd., a Cayman Islands-listed firm that was founded in 1998.

Goldman Sachs, via its Asian subsidiary, and Cisco, through its investment vehicle SAIF, or SB Asian Investment Fund, began buying the stock in 2008 and 2006 respectively. The lighting company went public in 2010 on the Hong Kong stock exchange, and both SAIF and Goldman Sachs were represented on the board.

At the time of NVC's share offering, SAIF was listed as the largest single shareholder. In fact, SAIF owned 36 percent of NVC's shares, while Goldman Sachs initially owned about 11 percent, which has dropped to 9.36 percent.

The initial buy-ins were particularly timely, because the law requiring a phase-out of old bulbs was passed in 2007. And shortly thereafter NVC, China's premier lighting company, began a multi-million dollar marketing campaign to make sure that China is successful in manufacturing a huge portion of the new green bulbs Americans and other Westerners are going to be required to use. That's a nice little financial arrangement if you can get it.

Enter the Treasury Department.

This entire effort to enrich China's dominant lighting firm, as well as the U.S. corporations "lucky enough" to have bought into the company just in time, is being funded by a financing vehicle known as the Global Environmental Facility (GEF). And the Treasury Department is a major contributor to the GEF.

Overseas sales accounted for 20 percent of NVC's revenues last year, but the company says it hopes to increase that to 50 percent in the "near future," according to the company's prospectus. NVC wants to capture about 21 percent of a $39 billion global industry over the next three years. And, one of the major factors in that growth is the mega-million dollar GEF project.

The U.S. (meaning, you) has contributed $90 million to the fund this year alone, and plans to contribute another $575 million between 2011 and 2014. So in essence, American taxpayers are subsidizing the growth of a Chinese lighting company so it can sell expensive, government-mandated light bulbs back to us, while a pair of well-positioned U.S. corporations profit, all while ensuring that more Chinese workers are employed as the U.S. unemployment rate continues to hover near double digits.

Didn't President Obama just give a jobs speech the other night?

Sources:

http://www.foxnews.com/politics/2011/09/06/u...

http://www.nvc-lighting.com/upfile/relations...).pdf

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.