Posted on 10/20/2012 1:21:23 PM PDT by SeekAndFind
The Wall Street Journal reports that George Kaiser, "a Tulsa oil billionaire who bundled campaign checks for Mr. Obama in 2008," is poised to accomplish one of the great scams of all time. Here is how it works. The "primary investment arm of the George Kaiser Family Foundation" is Argonaut Ventures I LCCC. Argonaut Ventures happens to be the largest shareholder in Solyndra LCC, the California-based solar panel maker that received a $535 million U.S. Energy Department loan guarantee in September 2009 and went bankrupt two years later, laying off nearly 1,000 workers.
Now the very same Argonaut Ventures, thanks to a February 2011 deal with President Obama's Energy Department, (along with Madrone Partners LP) ranks ahead of the U.S. government in order of creditors who will be repaid from the proceeds of the sale of Solyndra's assets. As Bloomberg reports, the sale of the proceeds amounted to $117 million minus the $46 million it cost to sell the assets, for a total of$71 million. Since this is $6 million short of the $77 million Argonaut and Madrone loaned to Solyndra, the U.S. government will not receive a cent from the sale.
Not only that, but thanks to the same deal with the Energy Department, a holding company owned by George Kaiser's Argonaut Ventures will come into possession of Solyndra's net operating losses, which the IRS estimates will save George Kaiser's company as much as $350 million in future taxes.
(Excerpt) Read more at americanthinker.com ...
SUMMARY OF THE “INVESTMENT” ( NOTE THE QUOTES ):
- George Kaiser was the primary shareholder in Solyndra, which received, spent, and lost a $535 million U.S. government loan.
- George Kaiser will receive $71 million in proceeds from the sale of Solyndra’s assets,
- George Kaiser will pay $350 million less in future taxes as a result of inheriting Solyndra’s losses.
Not a bad return for bundling campaign checks for President Obama.
I remember George from my high school math and physics classes. He was a nice kid then before he started milking the government. Nice work George.
Bump
The Orren Boyle system of looting and of looters.
What a money laundering operation this is.
Bump
Socialist fallback positions benefitting socialists after government taxpayer fleecing goes awry. Heads they win, tails we lose.
BIG GOVERNMENT IS CRONY SOCIALISM
“Socialism Is Legal Plunder” - Bastiat 1801-1850
The fraud was committed when the government subordinated to the borrower. That should never happen. The person who approved this should see jail time.
Evergreen Solar ($24 million)*
SpectraWatt ($500,000)*
Solyndra ($535 million)*
Beacon Power ($69 million)*
AES’s subsidiary Eastern Energy ($17.1 million)
Nevada Geothermal ($98.5 million)
SunPower ($1.5 billion)
First Solar ($1.46 billion)
Babcock and Brown ($178 million)
EnerDel’s subsidiary Ener1 ($118.5 million)*
Amonix ($5.9 million)
National Renewable Energy Lab ($200 million)
Fisker Automotive ($528 million)
Abound Solar ($374 million)*
A123 Systems ($279 million)*
Willard and Kelsey Solar Group ($6 million)
Johnson Controls ($299 million)
Schneider Electric ($86 million)
Brightsource ($1.6 billion)
ECOtality ($126.2 million)
Raser Technologies ($33 million)*
Energy Conversion Devices ($13.3 million)*
Mountain Plaza, Inc. ($2 million)*
Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
Range Fuels ($80 million)*
Thompson River Power ($6.4 million)*
Stirling Energy Systems ($7 million)*
LSP Energy ($2.1 billion)*
UniSolar ($100 million)*
Azure Dynamics ($120 million)*
GreenVolts ($500,000)
Vestas ($50 million)
LG Chem’s subsidiary Compact Power ($150 million)
Nordic Windpower ($16 million)*
Navistar ($10 million)
Satcon ($3 million)*
*Denotes companies that have filed for bankruptcy.
I want him in jail......why aren’t people in jail?
There are two classes of people: 1. The indictable (you and me)..2. The unindictable (Obama and his cronies)
Section 1 is expected to obey all laws.
Section 2 gets to pick and choose which laws they obey.
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