You know that investment you didn’t know you invested in – Solyndra? We gave the solar panel company $527 million during their collapse. Now the defunct solar panel company doesn’t have to return most of the money. They are only going to repay the taxpayers $24 million.
This is what happens when the government assumes the role of investor while taxing us without representation to do it.
We’re not alone, the private equity firms are getting burned too. Mr. Obama is no fan of private equity and I doubt he will lose sleep over it.
Solyndra filed for bankruptcy last September, will pay back a mere $24 million of the $527 million loaned to it by the U.S. government, according to Dow Jones reports.
The company will also repay about half of a $70 million investment from private equity firms, but most of the separate $1 billion investment from the private equity industry won’t be returned.
Solyndra was the first company to receive a federal loan (our tax money) under the 2009 stimulus bailout fund.
Thousands of people lost their jobs when Solyndra went bankrupt.
Billionaire George Kaiser, one of Solyndra’s backers, was a major bundler for Obama’s 2008 presidential campaign. Goldman Sachs, friends of Obama’s, were Solyndra financial advisers. Maybe they know where our money went.
This is where some of our money went – Solyndra converts taxpayer money into toxic waste
Obama’s taped speech to Solyndra follows. In it he expressed his view that he saved our country from collapse by investing in companies like Solyndra. He said our share of the solar panel market had shrunk tremendously and he planned to change that [the reason for the loss of the solar panel market is because it is a loser].
In the video, he touts the employment numbers and international success that will be Solyndra. He also brags about giving Stimulus money to foreign company, Tesla. The battery-propelled cars he talks about aren’t working either.
He shows himself to be the great investor in this video. [kidding, I’m kidding.] Solyndra was in financial trouble at the time Obama made the investment with our money.