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August 24, 2012

$300 million taxpayer investment in Solyndra sold for ... $90.3 million: Taxpayers get bupkis

Topics: Political News and commentaries

As Ed Morrissey explains:

In 2009, the Obama administration approved a set of loan guarantees to Solyndra that totaled over $520 million, which supposedly would have created thousands of new jobs. Most of that money, $300 million, went to build a new manufacturing plant for the solar panels that cost more to build than the market price they could fetch. For some reason, the Department of Energy and the White House found this to be a solid business model. Eventually, the company went bankrupt despite an effort by the Obama administration to bring new cash into Solyndra -- by illegally subordinating taxpayer standing in event of a collapse.

The bankruptcy continued to unwind this week with the sale of the new facility. The $300 million facility managed to go for 30 cents on the dollar:

And as Ed goes on to point out, taxpayers probably won't see a dime of Seagate's money for the facility because when the Obama administration illegally subordinated taxpayers to newer investors like Obama bundler George Kaiser, taxpayers got put far back in line for repayment from Solyndra's bankruptcy -- far enough back not to get any reimbursement on the half-billion dollars Obama threw at Solyndra.

Read the whole thing here.

One might as well move along ... nothing new here ... just another case of Obamanomics at work. Taxpayer dollars go out, and taxpayers get bupkis for their having intrusted Obama with the economy.

Posted by Hyscience at August 24, 2012 4:44 PM

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