Valin Posted October 21, 2011 Share Posted October 21, 2011 The Foundry:Lachlan MarkayOctober 21, 2011As part of its bankruptcy proceedings, defunct solar company Solyndra will auction off thousands of items from its California production facility on Nov. 2 and 3. But taxpayers won’t see a dime of the proceeds, due to the Energy Department’s decision to subordinate taxpayers to Solyndra’s private financiers in repayment of their investments.As I explained in a Friday column in the Washington Examiner, DOE has developed an unprecedented interpretation of the law to allow Solyndra’s private investors to recoup $75 million of their investment before taxpayers are repaid.Heritage Global Partners, which is conducting the auction, told Scribe that the money raised from the upcoming auction “will not be anywhere near” $75 million, meaning the proceeds will go entirely towards repaying Solyndra’s private investors.(Snip) Link to comment Share on other sites More sharing options...
RandyM Posted October 21, 2011 Share Posted October 21, 2011 Someone tell me again why we have a Dept of Energy.... Link to comment Share on other sites More sharing options...
Valin Posted October 29, 2011 Author Share Posted October 29, 2011 Someone tell me again why we have a Dept of Energy.... WHAT! Why without the DOE there would be starving bureaucrats starving in the streets. Link to comment Share on other sites More sharing options...
Valin Posted October 29, 2011 Author Share Posted October 29, 2011 White House orders Energy Department loan review Carolyn Lochhead, October 29, 2011 Washington -- In an acknowledgement that the Solyndra bankruptcy has become a major political liability, White House Chief of Staff Bill Daley has ordered an outside review of the Energy Department's loan portfolio. (Snip) The move followed an announcement by House Republicans investigating the Fremont solar manufacturer that they will hold a committee vote Thursday to subpoena more White House documents related to the $528 million federal loan guarantee the administration awarded Solyndra. The guarantee was part of Obama's 2009 stimulus program and was billed as a way to create jobs and gain U.S. superiority in green technologies. The committee also has called Energy Secretary Steven Chu, a UC Berkeley Nobel laureate and former director of the Lawrence Berkeley National Laboratory, to testify before the panel on Nov. 17. (Snip) Link to comment Share on other sites More sharing options...
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