Thursday, November 1, 2012

Solyndra Haunts Obama in Bankruptcy This Halloween





The president got tricked not treated this Halloween.  Judge Mary Walrath, the bankruptcy judge for the Solyndra bankruptcy, ruled that the US department of energy will simply lose most of the $527 million in tax payers’ money Obama and Chu risked in betting on Solyndra.   The judge also ruled against objections that the US Internal Revenue Service had against the chapter 11 bankruptcy plan.  The third strike against the administration happened when the judge also ruled against a third US agency, the Office of the US Trustee as well.  Obama is batting like the Detroit Tigers when it comes to the Giant Judge Mary Walrath.  I love the Giants and they are world champs!!  I guess Obama used a new Halloween mask and costume when he went out last night.  Instead of dressing as Santa Clause and handing out freebies to his bundlers he dressed as himself in the first debate and looked lost, tired, and dejected. 

Dow Jones Daily Bankruptcy Review reported on the bankruptcy court’s decision that basically gave Obama three strikes.  The silver lining in the gangrene company however will be for George Kaiser, the Obama bundler, and large investor in Solyndra.    Two private equity groups that George Kaiser has a hand in, will keep most of the money they got back from Solyndra for a $77 million loan they made to the company.

The irony of Steven Chu’s Department of Energy fighting in court for the money the private equity groups will get should not be lost.   There is no doubt that Dr Chu favored investing in Solyndra because he was both partial to Mr. Kaiser his boss’s benefactor and to the exotic chemistry of copper, indium, gallium, diselenide that the Nobel Prize winner still believes is how solar cells should be made.   Perhaps it is Dr. Chu who got tricked as well as treated?  He got tricked by his own brilliance in the physical sciences and he got treated to a shellacking by the Chinese who went with simple silicon chemistry to dominate the solar cell market.

Chu and Obama as well as the taxpayers were told by the judge that if and only if Solyndra prevails in the collusion and price fixing case against three of its Chinese competitors will the DOE funds that were lavished on Solyndra be returned.  I have opined that this lawsuit Solyndra has filed against the Chinese competitors is rather bizarre.

It was reported that Obama Halloween masks outsold Romney masks by a margin of 60% to 40%.  Where I come from people buy masks of a celebrity they want to lampoon.    Some will argue however that the mask sales are an indication of the results of the upcoming election.  Those who argue this way also believe that Secretary Chu has the Midas touch.  I tried to find a Halloween mask of Dr. Chu but none were available.  Instead I dressed as Big Bird with a sign that says “if Dr. Chu had not wasted $90 billion, Romney would not be cutting my funding.”  Big Bird was a very popular costume this Halloween.

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