Report: Taxpayer loss due to Solyndra may be as high as $849 million (Obama blows taxpayer's money)

washington examiner ^ | 10/22/2012 | staff

[tobyhill]

The cost to taxpayers for the failure of solar panel company Solyndra may be much higher than the $535 million dollar federal loan guarantee the company received. After the company went bankrupt in last August, 2011, the Energy Department, which had given the original loan, okayed an unprecedented deal to attract more private investment to Solyndra. One result of this deal is that it has allowed more than $350 million in tax write-offs to pass to those private creditors, one of which is owned by a major donor to President Obama. The House Oversight Committee now warns the total loss on Solyndra now could be as high as $849 million.

According to its IRS filings, the one remaining major asset that Solyndra has is, ironically, its debt. It has $875-975 million in losses that can be used to write off about $350 million in future tax liabilities. Ordinarily, this would be useless because, of course, Solyndra is bankrupt, but a 2010 deal with the Energy Department allows the debt to pass on to its other creditors. In this case the main ones are Argonaut Ventures I LLC and Madrone Partners LP.

[Lacey2]

Report: Taxpayer loss due to Solyndra may be as high as $849 million (Obama blows taxpayer's money)

That's better.

[Truth29]

This is nothing more than a money laundering scheme to take taxpayer dollars and funnel them to Obama and his cronies.

[Gilbo_3]

when did reggie love change his name to ‘taxpayers money’ ???

[inpajamas]

Exactly. And Obama has many more scams too to rob the people and feed his cronies which in turn kick money back to him.

[JIM O]

The State of RI prohibited Curt Shilling from selling its tax credits as was attempted. Forcing the crippled companies cash problems to come to light months before they would have had the sale of the credits occurred. The federal government has no checks and balances and clearly the White House and energy department has no financial geniuses on the payroll.