George Kaiser's Great Big Green Energy Scam

The Wall Street Journal reports that George Kaiser, "a Tulsa oil billionaire who bundled campaign checks for Mr. Obama in 2008," is poised to accomplish one of the great scams of all time.  Here is how it works.  The "primary investment arm of the George Kaiser Family Foundation" is Argonaut Ventures I LCCC.  Argonaut Ventures happens to be the largest shareholder in Solyndra LCC, the California-based solar panel maker that received a $535 million U.S. Energy Department loan guarantee in September 2009 and went bankrupt two years later, laying off nearly 1,000 workers. Now the very same Argonaut Ventures, thanks to a February 2011 deal with President Obama's Energy Department, (along with Madrone Partners LP) ranks ahead of the U.S. government in order of creditors who will be repaid from the proceeds of the sale of Solyndra's assets.  As Bloomberg reports, the sale of the proceeds amounted to $117 million minus the $46 million it cost to sell the assets, for a...(Read Full Post)