George Kaiser's Great Big Green Energy Scam

[daveman]

George Kaiser's Great Big Green Energy Scam

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.

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So let us review: 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, and 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.​

Typical of this Administration's corruption and view that the American taxpayers' purpose is to repay Democrat party donors.

 

[theDoctorisIn]

Are you claiming that Obama made Solyndra go bankrupt, so George Kaiser would get a tax break?

Where is the "corruption"?

 

[daveman]

Are you claiming that Obama made Solyndra go bankrupt, so George Kaiser would get a tax break?

Where is the "corruption"?

No. I'm claiming, and reality backs me up, that the Obama Administration proceeded with the Solyndra loan, despite warnings that the company's business plan was flawed and unsustainable, because the CEO was a major Democratic Party donor.

Further, as the linked article shows, the loan was structured so that one of the company's largest shareholders, which happens to be owned by George Kaiser, a major Demo Party bundler, would receive proceeds of the bankruptcy liquidation AHEAD of the government, who underwrote the half-billion-dollar loan.

Additionally, another company owned by George Kaiser will come into possession of the net losses of the bankruptcy sale, "which the IRS estimates will save George Kaiser's company as much as $350 million in future taxes."

The loan was written to pay back Kaiser. The loan which experts warned against making.

Corruption.