Solyndra: a “tax windfall to investors”
The Washington Times reports on the current state of Solyndra, that corrupt jewel of Barack Obama’s failed economic policies:
Two investment companies stand to receive hundreds of millions of dollars in tax breaks under a bankruptcy exit plan for failed solar company Solyndra, government lawyers say.
Nearly a year to the day after the solar company filed for bankruptcy owing taxpayers more than $500 million, Solyndra is poised to restructure under a deal that government lawyers fear could provide a tax windfall to the investors.
The investment companies, Argonaut Ventures and Madrone Capital Partners, may be able to use net operating losses at Solyndra to avoid “hundreds of millions of dollars in future income taxes” unrelated to the solar company, according to a recent court filing by government lawyers.
Argonaut Ventures is George Kaiser’s operation. He’s the one who used his connections to Obama to get the wheels turning on that high-speed, damn-the-torpedoes loan from the Energy Department. This “tax windfall” is on top of the obscene taxpayer raid that will pay last-ditch Solyndra investors back, while leaving Americans on the hook for $528 million. The legality of that arrangement has been vigorously questioned by congressional Republicans.
No, this is another big money payday for Obama’s Solyndra cronies, who will be able to use the massive half-billion dollars in “operating losses” to “reduce their income tax liabilities on income earned from other sources completely unrelated to Solyndra,” according to the government’s bankruptcy filing.
Does this sound familiar? It should. The Obama campaign just got finished excoriating Mitt Romney for shifting around corporate losses to reduce tax liabilities, during his days with Bain Capital. Two whole weeks ago, “tax avoidance” was unspeakable evil to the President and his allies. Now their cronies are doing it… with a shelter built from $528 million in taxpayer losses.