On the Hook

2012 August 3
tags:
by drdog09

To get the shaft that is. Yes, We the People, will be in a sense left standing out in the rain over the fall out of the Solyndra deal —

In a little-noticed move, Solyndra LLC officially released it bankruptcy plan this week. The official word from it is that taxpayers will recover only $24 million of the about $527 million that the failed solar panel company drew from its $535 million federal loan guarantee, according to a report from Dow Jones newswire:

Documents filed Friday evening in a Delaware bankruptcy court say private equity firms, including one whose chief has ties to the Obama administration, will get back at least half of the $70 million they put into Solyndra early last year as the company battled for survival.

US taxpayers, on the other hand, won’t be so lucky:

Court papers estimate that one piece of the U.S. loan, nearly $143 million, could go unpaid, or it could receive as much as a 17% recovery. A second piece, $385 million, is in for a recovery of “$0 plus, depending on outcome of liquidation efforts,” court papers say.

The main private equity firm here is Argonaut Ventures. This company was put ahead of US taxpayers in recovering funds in the event of a bankruptcy in direct violation of standard Energy Department policy, a fact that administration officials subsequently scrambled to justify.

Argonaut is the investment arm of the George Kaiser Family Foundation. Despite being called a foundation, GKFF is not a nonprofit in the conventional understanding of the term, but an exotic variation that allows the wealthy to park their assets tax-free. The foundation’s namesake is a major fundraiser of President Obama’s. He was often a guest in the White House and even discussed Solyndra with officials there.

So the taxpayer pours $535m into this turkey and we don’t even get to sit at the head of the table and have the first right to the bones? That goes to venture capitalist who was a two bit player in the whole affair? Just goes to show how smart that Obama guy really is. He’s got that Nobel and all you know….

We taxpayers ought to confiscate the current accounts of OFA as part of a settlement in this bankruptcy proceeding.

42 Responses leave one →
  1. 2012 August 3 5:34 am
    [1]
    drdog09 permalink

    By the way another rat is leaving the sinking ship. Cass Sustein is headed back to Haaaaavard.

  2. 2012 August 3 5:43 am
    [2]
    justrand permalink

    O/T…Unemployment UP to 8.3%

    But somehow, 163k jobs were supposedly created (until next month…when we find out they WEREN’T really)

    Last month’s number “created” was [gasp!] revised DOWN. I’m shocked

  3. 2012 August 3 5:46 am
    [3]
    justrand permalink

    ABC News headline:

    North Korea’s Key to Olympic Medals: Refrigerators For Winners, Labor Camps for Losers

    gotta hand it to the Norks…they DO know how to motivate people! And since North Korea is the model Obama wants to follow, look for this motivation to make its way here soon!

  4. 2012 August 3 5:57 am
    [4]
    justrand permalink

    one more O/T add (then I “promise” to get ON topic)

    excellent article…and it points out how hard it is to breach the wall of BS the media has erected:
    http://www.americanthinker.com/2012/08/my_black_dad_and_chick-fil-a.html

  5. 2012 August 3 6:08 am
    [5]
    justrand permalink

    ok, I’m breaking my “promise” 🙂

    Note that the unemployment went UP, but it “seems” that 163k new jobs were added. What’s up??

    Per the A/P [emphasis mine]
    The government uses two surveys to measure employment. A survey of businesses showed job gains. The unemployment rate comes from a survey of households, which showed fewer people had jobs. Economists say the business survey is more reliable.

    Huh? Who are these “Economists”??? Because the reality is that the “New jobs created” number is WILDLY revised each month!!! Last month’s number?? Revised DOWN 16,000 to 64,000. A revision of 25% It’s a BULLSHIT survey!

  6. 2012 August 3 6:17 am
    [6]
    drdog09 permalink

    “North Korea’s Key to Olympic Medals: Refrigerators For Winners, Labor Camps for Losers”

    Is that really a motivator? Heck all of Nork is a labor camp so no change there. Oh the refrigerator. Well considering that Ma and Pa probably don’t have any electricity, that refrig will make nice shelving I guess. 🙂

  7. 2012 August 3 6:22 am
    [7]
    justrand permalink

    hmmm…good points on the Nork Motivation Plan. I’ll contact them and tell them to modify it “slightly”. Something along the lines of:
    “Winners get to keep all their fingers & toes…losers will lose one finger or toe for each competitor that came out ahead of them”

    Better??

  8. 2012 August 3 6:31 am
    [8]
    justrand permalink

    back on topic…

    http://hotair.com/archives/2012/08/03/bombshell-obama-chief-of-staff-daley-briefed-on-solyndra-concerns-six-months-before-bankruptcy/

    The Solyndra scandal took a big step up the ladder today, as ABC News uncovers new evidence that shows fears over a collapse reached all the way into the West Wing. An OMB analyst tried to raise red flags on the Obama administration’s attempt to rescue the now-bankrupt green-tech firm, before the Department of Energy rejected her advice and restructured the loans in March 2011, which illegally subordinated taxpayers in case of default

    …of course, ABC News will now suddenly realize that Britney Spears new wardrobe is a MUCH more important story!!!

  9. 2012 August 3 6:37 am
    [9]

    Note that the unemployment went UP, but it “seems” that 163k new jobs were added. What’s up??

    The workforce % may have increased.~~???

  10. 2012 August 3 6:44 am
    [10]
    justrand permalink

    the workforce number DECREASED…again. It is now at a historic low.

    FEWER people are working in the United States now than in the year 2000. And yet, there are 11 MILLION MORE people in the U.S. now than there were 12 years ago.

    The disparity between the Unemployment Rate and the number of jobs “created” is a result of the two methodologies used to arrive at them.

  11. 2012 August 3 6:45 am
    [11]

    😳 😳

  12. 2012 August 3 6:52 am
    [12]
    justrand permalink

    on the Chick-Fil-A story…

    the media IGNORED “Appreciation Day”…except for FoxNews. NO front-page stories, almost ZERO network coverage…yet millions of people flooded the restaurants.

    today there will a VERY FEW and VERY MINOR “counter-protests”…and I expect the media will TRUMPET those.

    yes, the media is a disgrace, and no one trusts them much…but when they ALL ignore or ALL cover a story, people read into that whether something is important. THAT is how they continue to set the narrative.

  13. 2012 August 3 7:01 am
    [13]

    THAT is how they continue to set the narrative.~~~JR

    That is also why they will feel shock and awe when they are wiped away election day.

    Their chagrin will make me 😀

  14. 2012 August 3 7:06 am
    [14]
    mulletover permalink

    Sustein leaving…that’s good. He is the most radical of the communist social engineers.

    I heard this morning the spin on the unemployment numbers and first half growth was a temporary dip, and the second half of the year will be booming, booming!, I tell ya.

    Meanwhile most of the 163,000 jobs created were service jobs (burger flippers), but that’s going to spur growth to 6% or more, according to obamanomics.

    Now, let’s get to work on those bullet trains. Gotta hire some more TSA workers to unionize.

  15. 2012 August 3 7:11 am
    [15]

    Never fear the MSM spin,
    It is we who’ll have the last grin,
    Their opinions will be cast into the void,
    While we enjoy our schadenfreude,
    Much to their well deserved chagrin.

  16. 2012 August 3 7:16 am
    [16]
    bc3b permalink

    My contribution for the day. Canada has lost of beautiful Eurasian women. Here’s one:

    http://www.torontosun.com/sunshine-girl/2012/08/03/cj

    Actually, it appears she’s from California so maybe Deckard can check her out and report back.

  17. 2012 August 3 7:20 am
    [17]
    mulletover permalink

    #15

    I am saving a bottle of Dom Perignon for the occasion.

    I may smash it on the hood of an Obama/Biden chevy volt that parks in our neighborhood.

  18. 2012 August 3 7:37 am
    [18]

    Drink it prior to the smashing~~por favor

  19. 2012 August 3 7:38 am
    [19]
    bc3b permalink

    Mullet –

    “I may smash it on the hood of an Obama/Biden chevy volt that parks in our neighborhood.”

    Don’t get yourself electricuted.

  20. 2012 August 3 7:47 am
    [20]
    drdog09 permalink

    The Volt would be the perfect car to fire bomb if done correctly. When the car burns up the insurance company will go after GM thinking it is their error.

  21. 2012 August 3 7:50 am
    [21]
    judyt2012 permalink

    http://​campaigntrailreport.com/2012/​08/03/​obamas-190-million-swing-state-​ad-buy

    A FB friend linked to the above
    ….. and my favorite comment is below…

    “Ask yourself why totalitarian dictatorships find it necessary to pour money and effort into propaganda for their own helpless, chained, gagged slaves, who have no means of protest or defense. The answer is that even the humblest peasant or the lowest savage would rise in blind rebellion, were he to realize that he is being immolated, not to some incomprehensible noble purpose, but to plain, naked human evil.” Ayn Rand

    about an hour ago ·

  22. 2012 August 3 7:52 am
    [22]
    judyt2012 permalink

    Why do they need a refrigerator in North Korea? They don’t have any food to store in it.

  23. 2012 August 3 7:52 am
    [23]
    JustMary permalink

    Is it too late for our Green Baby Seal Clubbing business? I feel like there is still time for me to get Obama to fast track that one through. Perhaps he can promise this to me if he is reelected?

  24. 2012 August 3 7:54 am
    [24]
    judyt2012 permalink

    JR #12 — that’s okay … we no longer need the media to tell the American people what is going on … WE HAVE AL GORE’S INTERNET!!!

  25. 2012 August 3 7:56 am
    [25]

    A believe the idea a California condor fil-A restaurant would be worth exploring.

  26. 2012 August 3 7:57 am
    [26]
    judyt2012 permalink

    JM… please don’t we are busy enough trying to push though everything we possibly can for the next six months…. (insanity rules)

    As for me, I am stocking up for the 2 month furlough….

  27. 2012 August 3 8:00 am
    [27]
    drdog09 permalink

  28. 2012 August 3 8:07 am
    [28]
    JustMary permalink

    #26 Leave some peanut butter for the rest of us!

  29. 2012 August 3 8:10 am
    [29]
    justrand permalink

    IP: “California Condor-Fil-A

    Yes!!!!!!!!!!!!!

  30. 2012 August 3 8:13 am
    [30]
    mulletover permalink

    For the Green Baby Seal Clubbing business, I have a line of seal billies that would suit just fine.

    I can provide them in green and ship them free.

  31. 2012 August 3 8:17 am
    [31]

    California Condor-Fil-A~~~Has a unique flavor, kinda like a cross between baby seals
    and bald eagles.

  32. 2012 August 3 8:19 am
    [32]
    judyt2012 permalink

    Spam, peanut butter and tuna fish…. I still need to place an order.

  33. 2012 August 3 8:21 am
    [33]
    JustMary permalink

    #32 I wouldn’t advise eating those at the same time, unless you put a little ketchup on it. Everything is better with ketchup.

  34. 2012 August 3 8:33 am
    [34]
    judyt2012 permalink

    lol… I am sure there is a way but I wouldn’t want to try it.

  35. 2012 August 3 8:35 am
    [35]
    judyt2012 permalink

    anyone seeing news stories on the kiss-fil-a?

  36. 2012 August 3 8:36 am
    [36]
    JustMary permalink

    #35 No, but I don’t watch msm news. 😆

  37. 2012 August 3 8:38 am
    [37]
    JustMary permalink

    How DARE Drudge question the correctness of the Ministry!!!!!!!

    THEY BOTH CANT BE RIGHT:

    Reuters: Labor market slowed sharply after strong gains in winter, spelling trouble for Obama…

    AP: Stronger job creation could help Obama’s re-election hopes…

  38. 2012 August 3 8:41 am
    [38]
    TLS permalink

    Here’s the tasteful response for you on the CFA Day, judy, via drudge:

    http://latimesblogs.latimes.com/lanow/2012/08/chick-fil-a-kiss-hate-graffiti-vandalized.html

  39. 2012 August 3 8:48 am
    [39]
    JustMary permalink

    #38 Commenter Wil has it right.

  40. 2012 August 3 8:50 am
    [40]
    TLS permalink

    Common sense cracking the shell?

    http://www.latimes.com/news/nation/nationnow/la-na-nn-chick-fil-a-kiss-in-20120802,0,3873417.story

    Nationwide, at least 15,000 people have agreed to participate in the kiss-in, McGehee said. But even among LGBT supporters, some wonder whether such an in-your-face act might be too provocative, or amount to taunting.

    “I respect not patronizing their establishment … but by taunting them in their establishment is hate-filled and inciting anger and hate,” said one commenter on a Causes.com page urging people to participate in the kiss-in.

    Suggested another: “Its okay to disagree but its not okay to confront a person on their views in such an aggressive and provocative manner. There are forums for that.”

  41. 2012 August 3 9:07 am
    [41]
    drdog09 permalink

    JM, 37,

    Always Perplexed gets it all wrong on purpose most of the time so you can throw that one out. Now if we could just do the same with its editorial staff….

  42. 2012 August 3 11:07 am
    [42]
    Deckard permalink

    TLS #38 – that’s the one I went to on Wednesday!! Leftists are soooo tolerant, aren’t they . . . .

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