Solyndra Sold Assets Cheap to a New Business closely tied to company's biggest investors

Does this look suspicious? Jim McElhatton writes in the Washington Times that Solyndra, one of the more prominent Green Scheme failures that the Obama administration funded with taxpayer money - and one closely tied to a huger donor to President Obama - may have allowed its investors to get a second bite of the apple. This is one bite that the taxpayers may have taken had it not been taken by Solyndra's investors first: Fast running out of money, solar-panel maker Solyndra LLC last summer sold off nearly $60 million worth of inventory for less than $20 million in cash to a newly formed corporate entity closely tied to the company's biggest investors, records show. Backed by $535 million in federal loan guarantees but burning through the little cash it had left, Solyndra made its first sale in late July to a corporate entity that had been formed just a day earlier. Three more transactions followed over the next few weeks with the same buyer, Solyndra Solar II. By the time...(Read Full Post)

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