Thu Sept. 3
MIAMI, Sept. 3 /PRNewswire-USNewswire/ — Karl W. Miller, a senior energy executive and institutional investor, today issued the following statement through his advisors that the true state of the U.S. economy is much worse than the current administration and leading economist have portrayed.

Mr. Miller acknowledges that while it is not popular … to state that energy markets are overvalued, there are no fundamental or sustainable drivers to move the oil and natural gas commodity complex or renewable energy company’s prices forward. The simple fact is that there are no bona fide drivers to deploy capital behind the energy complex at the current time other than pure speculation.

Nor is it popular to illuminate that there will be no meaningful economic recovery in the U.S. until the defunct real estate loans in the residential and commercial marketplace are properly vetted, written down to net realizable value, and sold off of the banks, hedge funds and insurance company books. Yet these are the facts, the U.S. economy is essentially broke financially, and the financial workout will be long, painful and complicated.

Mr. Miller has called for a potential and pending crash to the Renewable Energy Industry in the making by issuing a sell recommendation on the Renewable energy sector. Mr. Miller recognizes this is a bold and some would say risky proposition, yet despite the feel good factor we all want to by declaring ourselves green and renewable, the economic facts support selling the sector based upon deficient cash flows and deficient asset value metrics.

Yes, the truth hurts and if we don’t acknowledge the cold hard facts regarding where the U.S. economy and energy industry are today, there will be no tomorrow in the form of any meaningful economic recovery. The economy got in trouble by ignoring the economic signals and the painful truth.

To move forward, we need to dig some mass graves and bury the dead. We have serious and deep rooted problems in the U.S. economy and energy market, and we need to start addressing these problems starting with cleaning up the banks, hedge funds and insurance companies bad debts and scraping the currently flawed renewable energy and carbon emissions plans being proposed by the current administration.

http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-29-2009/0005052129&EDATE=

About Mr. Miller:

Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise. Mr. Miller began his career on Wall Street during the 1980’s and has an extensive background in banking, commodities trading and risk management.

Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career.

Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.

Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.