Tina Korbe
HotAir.com
10/21/2011
Early next month, Solyndra will auction off its assets – including thousands of pieces of office equipment, computers, power tools, assembly line machinery and even solar panels. That should help taxpayers recoup their money — money that should never have been loaned to Solyndra in the first place. Right? Wrong.
Scribe’s Lachlan Markay explains that the proceeds of the auction will all go to … private investors.
DOE has developed an unprecedented interpretation of the law to allow Solyndra’s private investors to recoup $75 million of their investment before taxpayers are repaid.
Heritage Global Partners, which is conducting the auction, told Scribe that the money raised from the upcoming auction “will not be anywhere near” $75 million, meaning the proceeds will go entirely towards repaying Solyndra’s private investors.
That’s highly atypical. According to testimony from two Treasury Department officials, before Solyndra, taxpayers have never been subordinated to private investors in the repayment of a government loan…
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