They Didn’t Even Buy Us Dinner First
By Wyatt Earp | October 22, 2011
If the Solyndra scandal has angered you, this probably won’t improve your mood. You see, while our money was used to give the company a hefty loan, we won’t be seeing a nickel from the liquidation.
Solyndra, the bankrupt solar company that received a $535 million loan guarantee from the Obama administration, is set to sell off some of its remaining assets at auction in a little over a week. If you are an American taxpayer hoping for some kind of return on the administration’s “investment” in Solyndra, prepare to be disappointed.
[P]erhaps the most controversial aspect of the Solyndra loan scandal is the Department of Energy’s unprecedented decision to restructure the company’s loan agreement in way that granted priority to private investors over taxpayers with respect to the first $75 million recovered from Solyndra liquidation.
The firm overseeing the Solyndra auction, [said] the money they expect to raise “will not be anywhere near” $75 million. That means taxpayers will not see a single dime of their money from this sale. Not to worry, because private investors like Argonaut Ventures, the investment arm of the Kaiser Family Foundation operated by Oklahoma billionaire and major Obama fundraiser George Kaiser, ought to do just fine.
But by all means, let’s give this administration another four years.
Topics: Duct Tape Advisory | 11 Comments »
October 22nd, 2011 at 1:27 pm
No reach around either….
October 22nd, 2011 at 2:17 pm
I want them out now!! I hate having to wait until January of 2013 to get this nitwit out of his office. He has disgraced the Presidency in my eyes!!
October 22nd, 2011 at 2:54 pm
Any time the government loans money, they are first in line to get it back. But somehow after all those meetings at the Whitehouse this loan was made different than every other one in the last 200 years. WTF?
October 22nd, 2011 at 4:12 pm
It’s the Chicago Way…….and that’s another reason we moved WEST………….Never, Never Ever vote for a Chicago or Illinois pol………….
October 22nd, 2011 at 4:39 pm
sigh…
October 22nd, 2011 at 5:04 pm
Funny how this administration somehow “creatively” interprets the financial laws to benefit Democrats, their clients and their sponsors.
Obama made a point of screwing over the “greedy” investors – including everybody with a 401K – in favor of the unions in the GM and Chrysler bailouts. And his administration had to ignore/bypass/tear up federal bankruptcy law in the process.
(Which is one reason this formerly-loyal Mopar owner is going to Hyundai for his next car. Screw Obama and the UAW…and since my new Elantra – they’ll be delivering it next week – was built in Alabama, they can’t even accuse me of not “buying American…”)
And now he’s screwing over the taxpayers in favor of the Democrat campaign donors who owned Solyndra, despite the fact that the law clearly states that any money recovered from a federally bailed-out company goes first to the taxpayers. And despite the fact that most of those same investors used the $535 billion bailout Solyndra got from the feds to cash out and leave the taxpayers holding the bag.
So we got screwed twice over on the Solyndra deal. And again on SunPower. And again on Fisher, where the working class gets to subsidize Leonardo diCaprio’s favorite marque.
“So you say you want a revolution, well you know…”
October 22nd, 2011 at 5:06 pm
I just realized that “Solyndra” is an anagram for “Sold Nary”.
October 22nd, 2011 at 7:12 pm
Sully – And that’s just common courtesy.
Danny – Then chew on this: What is he wins re-election?
Ingineer66 – And lo and behold, one of Obama’s cronies gets a chunk of change from the deal.
LDIV – Especially a “community organizer.”
Old NFO – Agreed.
Wes S. – No worries, as Sebastian said, Occupy Wall Street will be ranting about this any moment now.
Proof – Well done!
October 23rd, 2011 at 2:38 pm
Gee, it’s almost like a cop needs to arrest these bastards.
But writing speeding tickets must occupy all their time, right?
It’s time for LEOs to start doing their fucking job. If you’re not willing to do this, then you’re just a free source of soft porn.
Nothing else.
October 23rd, 2011 at 7:39 pm
Kaveman – Yeah, hold on while I get an arrest warrant served on the President of the United States. Shouldn’t be long.
And I stopped writing speeding tickets when I got promoted. Now I just point and laugh at the cops who choose to do that.
October 24th, 2011 at 11:03 am
Wyat:
If you think the SOLYNDRA gig is interesting, check out the FISKAR (KARMA) electric/hybrid automobile company…in Finland!
No American jobs created there with OUR money.
(and endorsed by shareholder Al Gore)
Makes the EDSEL (or even the Trabant) look like a Lamborghini…
I’m just sayin’…