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Posted on 01/20/2012 10:10:13 AM PST by sunmars
Well, why not just toss out millions in assets? Isn’t that what the Obama administration did in subsidizing Solyndra in the first place? The CBS affiliate in San Francisco catches Solyndra in the act of destroying millions of dollars in glass tubes after a court ruled that the company was spending more than they were worth on storage, After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.
At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week and they are being thrown into dumpsters. …
Solyndra paid at least $2 million for the specialized glass. A CBS 5 crew found one piece lying in the parking lot. Solyndra still owes the German company that made the tubes close to another $8 million.
Solyndra’s liquidators claim that the glass tubes can’t attract a market for discounted sale. It didn’t take KCBS long to find a buyer, though, who is hardly unknown to the liquidators. David Lucky bought some of the completed solar panels in an earlier auction and is now reselling them from his base in Las Vegas. Lucky also tells CBS that the glass tubes didn’t get sold because the liquidator didn’t bother to list them in the auction.
KCBS then contacted the manufacturer of the glass tubes, still owed millions from Solyndra. No one ever told them that the liquidators intended to destroy the merchandise. They could have tried to negotiate a return of the product to reduce the debt load on taxpayers in the collapse.
(Excerpt) Read more at hotair.com ...
“Good enough for Government work!”
and i bet you they are hiring and paying the same people who built them to destroy them. Its just ludicrous.
dig a ditch and fill it in = “good union jobs!”
How much can it cost to store a glass tube?
It isn’t like they need special humidity controlled storage space.Doesn’t someone else make solar panels using these tubes?
Oh Well: It’s Gubmint money so who cares?
The guys in the white jumpsuits are probably getting time and a half.
I have not got a clue as to why this takes place post bankruptcy filing? It seems to be commonplace however. I worked for an office equipment company who did the same thing as well. It was more covert however.
This is good Keynesian economic policy.
If a surplus of solar panel glassware exists, the prices of solar panel glassware would be depressed. That would adversely affect manufacturers of solar panel glassware, and exacerbate unemployment. So it makes perfect sense to destroy the glassware.
The reasoning is similar the destruction of cattle, hogs, and grains during the Depression and recent proposals to bulldoze foreclosed houses.
Just in case anybody is wondering, this comment is not sarcastic: it accurately reflects the logic of Keynesian economics.
My late grandfather talked about that very thing happening on the family farm where he grew up. It made him angry to talk about it, many years later. They were forced to destroy livestock that could have been used to feed a family of 2 adults and 10 children, and he said that was one of the main reasons he would never vote for a Democrat.
i wonder just who the liquidators are??
What do you want to bet that we are paying the salaries of those who are doing this.
This kind of waste is just outrageous.
The cash generated is being used to pay high level employees and allow them to cash out bonuses.
This is highly unusual behavior, and it's obvious that the interests of the taxpayers is not being considered.
They are also working hard to cover up any fraud or illegal financial dealings from the taxpayers. The whole Solyndra business was a scam to convert taxpayer money into the hands of Obama cronies.
It’s just money. We can get more from Obama’s stash.
/sarc
They don’t have to pay for them, why should they care?
A large glass manufacturer offered him a large quantity of glass at extremely low prices, they shipped it and as he began using it he found it had terribly low quality. It was full of imperfections that would make it useless. Who would buy a window that distorted the view through it?
He called the manufacturer and asked why they even tried to sell him this garbage and was told they have a huge quantity of this low grade glass that was ordered by Solendra and they were hoping to find some use for it before they destroyed it all.
I would say it is sensational much to do about nothing.
The best use for the tubes is cullet. Cullet is broken glass used in the glass manufacturing process.
The value of cullet is small because there is a lot of it. The probability is that the cost of handling and transporting is more than the value.
Then there is the report....... never trust such a report. They constantly make things up to sell air time...... they lie
Yes, it is Keynesian- but the ‘broken glass’ is a fallacy
the money that would have gone o comething else, goes to making something that was already made
it is in every sense, a destruction of wealth
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