Taxpayers To Recover $0 On Solyndra

Tyler Durden's picture

It will come as no surprise to some but the bankruptcy court hearing for Solyndra just threw up all over any hopes that our taxpayer-funded loans to this solar sinkhole will be recovered:

  • *SOLYNDRA HAS ABOUT $71 MILLION IN NET DISTRIBUTABLE ASSETS
  • *SOLYNDRA LENDERS AHEAD OF GOVERNMENT OWED ABOUT $77 MILLION

So it looks like a $0 recovery for us - US Government: Picking Losers One Sector At A Time.

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hedgeless_horseman's picture

 

 

The larceny will not be debated, questioned, nor televised.

idea_hamster's picture

SOLYNDRA LENDERS AHEAD OF GOVERNMENT 

And here we see the difference between opulent private equity and average private citizen:

When government is standing behind PE, it's the govt getting f'k'd, but when government is standing behind you and me....

Dr. Richard Head's picture

Could I get a loan from Uncle Sam and not repay it?

redpill's picture

They could have flown, they just didn't flap their arms hard enough.

HobbyFarmer's picture

" US Government: Picking Losers One Sector At A Time"

US Citizens: Picking Losers One President At A Time.

Gert_B_Frobe's picture

NO! You'll wallow in your mediocre, low-pay part-time employ and like it!!!

CPL's picture

What's the total loss on that? 

http://swampland.time.com/2011/09/03/big-name-investors-to-recoup-losses...

http://hotair.com/archives/2012/08/03/bombshell-obama-chief-of-staff-dal...

2011:  $535 million federal loan in 2009 and collapsed on Wednesday

2012:  spent it on a bender...and now holding less than company assets with channel partners begging them to take back their shit.

Today

 

They are going to be short on cash once someone sharpens a pencil...all that inventory floating around out there. 

 

So the silver lining is solar crap is going to be dirt cheap, but with no offered support.  If it gets it under 1 buck a watt...hmmmm, would be time to go buying in bulk.  Doubt there will be an opportunity again to purchase a lifetimes supply of solar cells again.

fnord88's picture

China seems to be playing this game very smart. Sell high tech products at a loss to bankrupt US companies with valuable patents, then buy them for cents on the dollar. Solar and battery tech will replace coal and oil at some stage, but by then china will own it all.

LMAOLORI's picture

 

 

 

Actually YOU are standing behind the government it is YOU in the U.S. Government so it is YOU getting screwed both by Cronies like Solyndra and by the politicians for their friends.

DoChenRollingBearing's picture

@ h_h

+ 1

VERY LITTLE about the Solyndra / alternative energy debacles last night.  Very little about Benghazi either.  NOTHING about the "Fiscal Cliff".  The MSM is bought off, that is clear.  Did Candi do it for the money, or because of her ideology?

inevitablecollapse's picture

i heard it was for a bag of cheetos and a mountain dew

surf0766's picture

Is there any doubt cnn.nbc, etc are done as news networks.

DoChenRollingBearing's picture

inevitablecollapse

Would that have been a LARGE bag of Cheetos and a non-Bloomberg approved 32 oz Mountain Dew?

inevitablecollapse's picture

you're damn right - this obesity problem is not going to solve itself!

Harbanger's picture

Bengazhi was talked about. CNN’s Candy, misled 60 million viewing Americans in the debate when she “surprisingly” lied along with Obama. When Romney made the point that Obama took many days before he finally started calling the attacks on our Benghazi embassy an “act of terror“. Candy jumped in insisting Obama DID call the attack an act of terror. Then Muchell started clapping breaking the debate rules, (it’s on video) to further confuse the issue. For weeks the Pres was lying and saying it was all “spontaneous” and because of a “video“. No it wasn‘t, it was Al Qaeda and he knew it. It was pre-planned and coordinated for the 9/11 anniversary. Guess what folks, Al Qaeda is alive and well and the WH is covering for them.

dbTX's picture

Neither, she wanted to flaunt her beauty

Ruffcut's picture

Whata biog pile of bullshit. The oil cartel does not want solar.

IT ain't that sophisticated. 

I wanted a unit for if anything, my hot water heated. NOthing was ever release to the public creating industries, supply demand and the normal shit that built this country.  

Oh, but the military kicks the shit of anyone on the planet and the gov can't do a little solar gig. Pitiful clusterfuck.

neidermeyer's picture

There is video of "workers" destroying the remaining unshipped components (about $8M worth) after the insolvent announcement smashing them into several rolloff construction dumpsters, they were German sourced and the supplier was unpaid, they found out via Youtube ,, the parts should have been made available/returned to them ,, the completed product in inventory was sold off at VERY CHEAP prices and resold to installers nationwide.. you could buy it from middlemen on eBay for about 25% of original sticker... Somebody made $$$$$ ....  

foofoojin's picture

you can't make that claim with out  a source.

 

here you go.  http://youtu.be/4OwIo05nsNA

 

althouy a few pallets survived the ordeal it looks like.

http://www.luckyequipment.com/equip_detail/equip/1005/

now here the real question. where they added to the list of assets ?

 althou i am i alittle confused how the total assets is less then 75. but the building sold for more then 90 million?

 http://hotair.com/archives/2012/08/24/300-million-taxpayer-investment-in...

 

nmewn's picture

Could someone please get these fuckers away from the public Treasury?

Thank you.

hedgeless_horseman's picture

 

 

The only way to not pay the inflation tax is to not use the currency.

crusty curmudgeon's picture

Provide more than $500 million to your buddies through a worthless company.  That's the Chicago way.

Rat Patrol's picture

Dems rape everything.

 

The taxpayers just need to put some ice on that.

LMAOLORI's picture

 

 

The Government Will Never End the Fed but the Fed is Destined to Die Anyway

http://judymorrisreport.blogspot.com/2012/09/the-government-will-never-end-fed-but.html

Sixdeuce062's picture

Obama: candi no candi wait stop him dont let him say it okay that enough everyone gets a drone atttack

firstdivision's picture

How much did we lose on GM again?

MacGruber's picture

Totally. And how come no sarcastic quips for the oil industry that pockets BILLIONS of dollars in subsidies as profit every year? That money isn't even for something new, it's just a transfer payment to reward the rich oil barrons that get wealthy off of public lands to begin with. I guess it's only in fashion to pick apart goverment decisions if it's a new industry that's in competition with the status quo, and if the president is a supposed bleeding heart liberal (even though he's proven through his actions to be a staunch neocon).

hedgeless_horseman's picture

 

 

Basic economics, we the consumers are the one's being subsidized, not the producers.

 

Similiar to farm subsidies...

 

Most farm subsidies are actually just transfer payments of money taken via taxes from the wealthy minority to pay a portion of the cost of food for the many food consumers that do not pay taxes; nearly 50% of the US, if I remember correctly.

Price paid to farmer = government subsidy + artificially low "market price"

The whole "paying farmers not to produce" is just a distraction, and represents very little of the actual payments.

This inflation effect would be additive to dollar depreciation, should tax revenue not be available to subsidize the price of food.

 

http://en.wikipedia.org/wiki/Progressive_tax

 

Price paid to farmer = government subsidy + artificially low "market price"

The farmers have no choice, because they do not set the price. Care to know who does?

 

You understand how school lunch programs work, right? The schools are not being subsidized, the poor students are. It is the same with farm subsidies.

 

"Paying producers not to produce" is a fallacy perpetuated by the nomenclature. The payments should be called eater subsidies, rather than farm subsidies. Look at the numbers behind the headlines.

 

 

 

NotApplicable's picture

These ideas would only be valid in a truly free market (and I agree fully with the logic presented within that context).

As for the farm subsidies, most programs I know of are labeled "crop insurance" and cover farmer's losses due to that mean ole Mother Nature screwing up the season, and thus have no effect on the supply/demand curve, and thus the resultant price.

As for "paying not to grow" as a myth? Well, maybe where you live. Around here they call it "conservation." Fields are left fallow in exchange for fedgov cash. You'll know when you've found a subsidized tract when you see it on fire due to a "mandated burn" (shows up in the 911 log like that as well, since they're supposed to alert the FD first).

You can't even cut hay on it! (I learned that this year when they lifted that restriction due to our severe drought)

Then there's the dairy (gubmint cheese) subsidy, where fedgov SETS THE FLOOR on prices by buying up all product that would otherwise fall in price (like Benron and Timmah's game). Do higher consumer prices equal a subsidy? Nope. ALL of that purchased product goes into underground storage in Kansas City.

Like I said, your points are valid, but not in a mercantilist economy. Otherwise they'd never bothered to game it like they have.

Oh, and I didn't junk you, btw.

Dr. Acula's picture

>we the consumers are the one's being subsidized, not the producers

So you're saying a subsidy given to the producers is not a subsidy given to the producers?

>[farmers] do not set the price

They don't set the price on the food they sell?

>The whole "paying farmers not to produce" is just a distraction... "Paying producers not to produce" is a fallacy

So which is it? A distraction or a fallacy?

Your post makes no sense.

insanelysane's picture

So when the Dems had complete control of the gov in 2009 and 2010 they didn't end those why???  Wake the fuck up you moron.  The money is sent from the gov to the companies and then back to the campaigns for both parties.

Rat Patrol's picture

Dipshit.

Much like speed is life for fighter pilots, cheap energy is life for economies. What kind of moron would demonize oil companies?

 

Enjoy your solar, wind and ethanol...and your nation's poverty.

DCFusor's picture

I am enjoying my solar (made in America panels) and electric car, yeah, that made in America one.

And, the result is I have a lot more of my income being discretionary, so I can spend it in the economy here.

Exactly how is that worse than buying a foreign car - burning foriegn oil, burning coal for my power, and thereby sending all my dough overseas to people who want us dead, rat patrol?  I think you might have a cognitive problem here.

Rat Patrol's picture

Your $80k car subsidized down to $40K? You are a parasite on the tax payers.

 

Coal is local, moron. Fracking is good. Death to Saudi.

 

It is nice you have now have "extra" cash courtesy of the middle class. Souless bastard.

Plus battery base anything is harmful to the environment, you Gaia hating fool. Why do you hate Gaia?

 

ShrNfr's picture

Oddly, the tree huggers never talk about the topic crap that you generate when you mine rare earth elements or produce solar panels. I have nothing against solar except that I need a big muthafucker battery bank to keep the lights on at night. 100 KWH of batteries is one load and a half of lead. The six volt cells for 1/2 of the bank (two done in parrallel) weigh in at over 300# each. The bank is a total of over 2 tons of lead. Stupidity comes easy for folks who are not engineers. Stupidity comes easier for people who think AGW is real. Sorry, but I got my PhD from the place at the corner of Mass Ave. and Memorial Drive in Cambridge. I know better. It is the boneheads like Jeremy Grantham that are mbas who fall for that shit.

NotApplicable's picture

I've had a Honda Civic Hybrid for ten years now, and let me tell you, nothing is more satisfying than when a clueless do-gooder gets all excited about how I'm saving the Earth.

My reply? "It's so nice to see an evironmentalist who understands how important it is to support the mining industry! I mean, you do realize there's over a hundred pounds of batteries in the trunk, right?"

Then I let them in on a secret. I bought the car because it was obvious to me that the economy was being sacrificed by the criminals they (those evil-do(good)er voters) insist upon empowering over us all.

HangSorosHigh's picture

Just wait until electric cars actually become cheap and useful - the treehuggers will immediately discover how bad the battery manufacturing process is.

 

And guess what'll happen once solar panels become useful? They'll suddenly discover the same thing.

 

Wind turbines will always be useless though, so one can expect that treehuggers will always like them.

Offthebeach's picture

Coal and oil are more organic then organic farming.
Solar panel manufacturing ( none of which use solar panels to make panels. 2nd law of Thermodynamic's anyone? Suppose not.)

Natural carbon all the way baby.

ShrNfr's picture

Odd, XOM paid more in taxes to the US government than they earned from their US operations. If you consider that a subsidy, I suggest you do a self colonoscopy with your cranium. It does not seem to be worth anything else.

Winston Churchill's picture

Lets get this straight.

Oil companies do not get subsidies.

They do get accellerated capital expenditure allowances to offset against corp. tax.

The nature of the business requires it,just as a horsefarm gets break the other way.

They are getting to keep a little more of THEIR profit.

We are not yet Marxist( in spite of Obummer) sp their profits are theirs.

ShrNfr's picture

Yes, the accelerated capex is there because a well in the GOM and other places has a very finite lifetime before it waters out or goes dry. At that point, all the PP&E on the site except for perhaps a towable drilling rig is worthless in general. This is not the building that you can straightline depreciate over 40 years.

Dr. Acula's picture

I wonder who downvoted you?

Was it perhaps a parasite who wants to perpetrate robberies against the oil companies? Or a tax slave who is jealous that others aren't subjected to robberies as much as they are?

 

nmewn's picture

"How much did we lose on GM again?"

Looks like the US government will have to get $53 a share for Government Motors stock just to break even.

http://news.investors.com/ibd-editorials/081412-622168-gm-costs-taxpayers-25-billion-dollars.htm

Its around $25 today...now, who's buyin when "we" already own it? ;-)

Water Is Wet's picture

GM also got some loans from the DOE which turned into grants which turned into losses right before GM filed for bankruptcy.  I'm skeptical of every story quantifying GM's loss because there was some shady shit right before the bankruptcy filing.

ShrNfr's picture

Not only that, GM newco got to carry their losses over from the GM oldco in the 363(n) sale. That is not the way it is supposed to happen.

LMAOLORI's picture

 

 

 

GM also didn't pay any taxes ZERO and we bailed out GE Credit in addition to GE auto

General Electric Paid No Federal Taxes in 2010

http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558

Report: GE Capital Is Close To Systemic Risk Designation

snip

I wrote about GE Capital just the other day. When last we checked, they were using their nominal bank status to collect bank bailout money -- but avoid the same restrictions as banks, thanks to intense lobbying that always seems to work when it's on the behalf of the bad guys. CEO Jeffrey Immelt (who is leading Obama's job creation efforts - funny, how most of GE's jobs went out the door to other countries) is also lobbying for the Grand Bargain.

Now it turns out that his company (which seems to be operate more like a casino) is about to be designated a systemic risk. Which means if they tank, we'll hand them even more money and talk to them sternly to protect the whole house of cards!

http://crooksandliars.com/susie-madrak/report-ge-capital-close-systemic-risk

Cognitive Dissonance's picture

"Taxpayers To Recover $0 On Solyndra"

Yeah, but the taxpayer can just write that off.

Right?............