Report: Taxpayer loss due to Solyndra may be as high as $849 million (Obama blows

[ScienceRocks]

Report: Taxpayer loss due to Solyndra may be as high as $849 million (Obama blows taxpayer's money)
washington examiner ^ | 10/22/2012 | staff

report-taxpayer-loss-due-to-solyndra-may-be-as-high-as-849-million

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.

 

[Claudette]

I wouldnt' doubt it.

Of course those investor friends of Barry's will be getting their money back first. If there is any.

We taxpayers are sucking hind tit.

I wonder how many other of his green wonders have gone bellyup on our dime??

 

[ScienceRocks]

There's many more like it. How's this for being compative within our market. LOL.

 

[tyroneweaver]

barry is living the economics of the free love culture. someone needs to in form him its the 21st century