Saturday, October 1, 2011

ABC News Blows Solyndra Scandal Wide Open

The following is from ABC News, believe it or not:

• Billionaire George Kaiser raised at least $50,000 for Barack Obama's 2008 presidential campaign.
• Kaiser's company, Solyndra, received a $535 million loan guarantee from DOE.
• Kaiser's company received the loan before DOE received final copies of outside reviews of the deal.
• Steven Spinner raised $500,000 for Barack Obama's 2008 presidential campaign.
• Spinner then became one of Energy Secretary Steven Chu's key loan advisers.
• Spinner later wrote that he "helped oversee the more than $100 billion" in loans and guarantees.
• Spinner executed 29 stock trades in energy companeis while serving as a DOE adviser
• Spinner held shares in at least four companies that received DOE loans
• Spinner's wife's law firm collected around $2.5 million while representing Solyndra
• Spinner's wife's law firm also represented two other companies that received $34 million from DOE
• Steve Westly raised $500,000 for Barack Obama's 2008 presidential campaign.
• Westly then became one of Energy Secretary Steven Chu's key advisers.
• Westly was an investor in five firms that received half a billion dollars in energy grants and loans from DOE.
• John V. Roos raised $500,000 for Barack Obama's 2008 presidential campaign.
• Roos' law firm (the same firm Spinner's wife worked for) collected around millions from DOE-funded companies.

Links to source:


ecc102 said...

Hello! I followed a link days ago to your blog, and finally have the time to really dig in. I see you are a numbers kinda person, and I am not.

I have an honest question and one I hope you can assist me with:

This whole 9-9-9 Plan from Herman Cain...have you seen it? Does it make sense or is it nonsense?

It would be cool if you could write about it. I am poorly lacking in the financial acumen needed to rightly determine what the gist of the 9-9-9 Plan is. Can you help?

Doo Doo Econ said...

9-9-9 makes good sense if the goals are to widen the tax base, close loopholes, reduce debt and spur the economy.

The negatives are:

Very low income people will be told that they will have to pay more taxes. The truth of that situation is not so clear.

Class warfare subsribers will say that the top income tax rate will fall. Again that depends upon loopholes available in the current system.

Finally, the most legitimate argument against is that 9-9-9 will be grown by future administrations to 12-12-12 or higher. To be frank, that depends upon you and I, not the plan.

In my opinion, 9-9-9 would bring manufacturing jobs back to America. Taxes are the main reason companies outsource. America has the highest or second highest corporate income tax in the industrialized world. Many countries require 50% less corporate income tax. That means companies there can hire more workers than they could here for the same amount of money.

ecc102 said...


Thank you for your response! You put it in easy-to-follow terms, which I thank you for!, and I will now digest it.

Again, thank you for responding so succinctly and promptly.




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