First, it was Solyndra. The Obama administration wasted $535 million in taxpayer funds to float a solar panel company they knew would go bankrupt. Unfortunately for Team Obama, Solyndra started drowning before funding of the company became politically convenient for the Obama campaign. After going bankrupt, Solyndra literally trashed millions in assets, executives walked away with bonuses and now the company is attempting to cheat the IRS.
In the latest twist, Solyndra's investors could be rewarded for their failure, thanks to a tax benefit the Administration handed out in a bid to evade political accountability.
The Internal Revenue Service exposed this double Solyndra debacle last week in the U.S. bankruptcy court for the district of Delaware, which is unwinding the defunct solar-panel maker. The IRS formally objected to Solyndra's Chapter 11 reorganization plan, claiming its "principal purpose is tax avoidance."
Now, another Obama "green energy" experiment/pet project
company has gone belly-up, leaving taxpayers on the hook for $249 million. The company was making electric car batteries for electric cars nobody wants to buy.
A123 Systems Inc. (AONE), the electric car battery maker that received a $249.1 million federal grant, filed for bankruptcy protection and said it would sell its automotive business assets to Johnson Controls Inc. (JCI)
A123 Systems Inc., like Solyndra, received high praises directly from President Obama. Obama repeatedly called the company a "success story."
And yet again...
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is a New York Times Best Selling author. Her new book Assault and Flattery: The Truth About the Left and Their War on Women, will be published on July 8, 2014.|
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The Wisdom of Bastiat, as Revealed by Great Moments in Federal, State, and Local Government | Daniel J. Mitchell