Solyndra insiders get a second bite out of the taxpayers

The Obama administration has already granted new investors to the faltering (and now bankrupt) Solyndra priority in bankruptcy relative to the taxpayers' claim. Now, two investors have stepped up to the plate and offered loans carrying an interest rate of 15% (ouch) for 180 days. The Wall Street Journal's Peg Brickley  has identified  who those investors are, and the terms they are seeking for their new loans: Argonaut Ventures I and Madrone Partners.  The terms for the loan: 15% for 6 months (ouch). That seems rather high given that they are likely to be repaid, according to calculations by Bloomberg News. They are especially likely to be repaid since Obama and his team are more than willing to subordinate taxpayer interests to those of Argonaut and Madrone. This just begs the question: who are the people behind Argonaut and Madrone? Argonaut I is Obama's crony  George Kaiser's investment firm.  Kaiser was already the largest single investor in...(Read Full Post)