The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC’s bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes. “The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS wrote in a bankruptcy pleading. Arguing that the bankruptcy court ought not confirm a plan “whose principal purpose is tax avoidance,” attorneys said in filings in U.S. Bankruptcy Court in Delaware that the tax breaks would be worth more money than funds set aside for creditors.
Comments: Delaware.....Joe Biden's Delaware? An interesting place to be holding a bankruptcy proceeding for a company that was physically in California.
Just reading this article told me a lot about what is wrong with our economy. Something that is not Obama's fault. Net operating losses ARE losses. They should never be viewed as assets. If our tax code and regulatory environment has (and it has) created a situation in which losses are assets, there is a fundamental structural flaw in our economy.
The Solyndra deal was a stinker from the beginning. 0bama gave millions of dollars to a failing company; he knew it was failing, but he did it anyway, since his bundlers and friends would reap the benefit of these millions. 0bama then rewrote contract law so that the taxpayers would be the last to get their money back; first in line were his friends who would run the company. Then when the company went bust, 0bama's friends stayed on and milked every dime out of it they could; now they do not want to pay the taxes. They should go to prison.
President Obama said Saturday that he believed that the chances of a final, comprehensive nuclear agreement being struck with Iran are less than 50-50. However, Obama defended the interim deal struck between the U.S., Iran, and five other world powers last month in Geneva, saying that diplomacy had to be tested as a solution to the crisis and was the best way to prevent Tehran from acquiring automatic weapons. "If you ask me what is the likelihood that we´re able to arrive at the end state ... I wouldn´t say that it´s more than 50-50," Obama said. "But we have to try."
How affordable is the Affordable Care Act? Not very, it would seem for Washington state resident Jessica Sanford. The self-employed single mother was cited last month as an ObamaCare success story by President Obama in the Rose Garden. But according to Washington State Wire, she´s now finding out she doesn´t qualify for the tax credits she was originally told she´d get. Sanford, who told the news site she hasn´t had health insurance in 15 years, initially said she was excited by the prospect of purchasing a policy for her and her son under ObamaCare. Before ObamaCare, Sanford was getting health insurance rate
France and Mexico have angrily demanded prompt explanations from Washington following fresh, "shocking" spying allegations leaked by former US security contractor Edward Snowden. The reports in French daily Le Monde and German weekly Der Spiegel revealed that the National Security Agency secretly recorded tens of millions of phone calls in France and hacked into former Mexican President Felipe Calderon´s email account. French Interior Minister Manuel Valls described the revelations in Le Monde newspaper as "shocking", in an interview Monday with Europe 1 radio.
ObamaCare may have its skeptics, but one group is decidedly optimistic -- prison inmates. "At least 50 percent of the [prison] population has symptoms of mental health disorders," said Brad Brockmann, executive director of the Center for Prisoner Health and Human Rights at Brown University. "With Medicaid expansion, we have an incredible opportunity to take care of the very neediest, the very poorest while freeing up huge amounts of money within the states through not having to provide that care in correctional settings."
President Obama has made many promises about his signature health care plan, but one of the simplest was an assurance that it would lower national health care spending and save every family thousands of dollars. For example, in May 2009 he hailed "comprehensive health care reform -- so that we can do what I pledged to do as a candidate and save a typical family an average of $2,500 on their health care costs in the coming years." But now government actuaries have reached a different conclusion, finding that ObamaCare will actually increase health care spending by $621 billion over the next
A federal grand jury on Wednesday indicted Quinshaunta R. Golden — a onetime top aide to Dr. Eric E. Whitaker, one of President Barack Obama’s closest friends — on bribery, theft and fraud charges, accusing her of embezzling about $433,000 in state health department funds. The money from the kickback scheme began flowing to Golden in July 2007, when Whitaker headed the Illinois Department of Public Health, and Golden was his chief of staff, the indictment alleges. It allegedly kept flowing until October 2008, by which time Golden and Whitaker had left state government
Around the same time the nation was transfixed on the hunt for the Boston Marathon bombers last month, thieves on the other side of the country pulled off a little-noticed heist -- swiping 559 pounds of explosives from a federal storage facility in Montana. As of Friday, not one ounce of it has been found. The incident, federal officials believe, was not terrorism-related. But it´s the latest to raise security concerns in an age when authorities are warning about the desire of violence-bent terrorists to inflict mass casualties with bombs.
President Obama found himself weathering bipartisan broadsides Wednesday as he sent Congress his 2014 budget proposal, which in its effort to please both sides of the aisle has ended up angering both. The budget arrived on Capitol Hill Wednesday morning, delivered 65 days after the legal deadline. The $3.77 trillion spending plan, which is over 2,000 pages, tries to curb deficits by further raising taxes on top earners and reining in the growth of Social Security.
Former Detroit Mayor Kwame Kilpatrick, once seen as a rising star in Democratic Party politics, was convicted on Monday on two dozen federal charges of corruption and bribery while in office. U.S. prosecutors accused Kilpatrick, 42, his father and a city contractor of widespread corruption, extorting bribes from contractors who wanted to be awarded or keep city contracts, turning the mayor´s office into "Kilpatrick Incorporated" during his seven year tenure.
The Internal Revenue Service on Friday unveiled its proposal to raise tens of billions of dollars through annual fees on health insurers, prompting fierce criticism from industry groups who warn the costs will be passed along to consumers. The proposed rule from President Obama´s healthcare law will be published for public consideration in Monday’s Federal Register. The rule would assess annual fees on most insurers that would total $8 billion next year and rise thereafter, eclipsing $14 billion in 2018, according to the IRS.
Another member of the Washington political media stepped forward Thursday to claim he was threatened by the Obama White House, shortly after the White House denied reports that an adviser threatened famed Watergate journalist Bob Woodward. The latest claim comes from Lanny Davis, who served as counsel to former President Bill Clinton and later went on to write a column for The Washington Times.
President Obama’s political team is fanning out across the country in pursuit of an ambitious goal: raising $50 million to convert his re-election campaign into a powerhouse national advocacy network, a sum that would rank the new group as one of Washington’s biggest lobbying operations. (snip)But those contributions will also translate into access, according to donors courted by the president’s aides.
A veteran Washington adviser who has worked for four Presidents on both sides of the political aisle said that the stunning Government Accountability Report report that found President Barack Obama has not had a one-on-one meeting with Health and Human Services Secretary Kathleen Sebelius since the passage of Obamacare over three years ago is an indictment of the entire White House operation and shows that the Obama administration has bordered on "malfeasance." "I have no doubt the White House is right, that Secretary Sebelius was in several group meetings with the president about health care," Gergen caveated, "but the whole
President Barack Obama’s Facebook page on Saturday posted a message honoring the dead from Pearl Harbor—accompanied by a picture of Obama descending the stairs next to the Pearl Harbor Memorial. The picture barely fits the name of the Arizona Memorial so it can frame Obama in the foreground. The post´s statement reads: Today, with solemn pride and reverence, let us remember those who fought and died at Pearl Harbor, acknowledge everyone who carried their legacy forward, and reaffirm our commitment to upholding the ideals for which they served. President Obama The Obama Administration´s current shipbuilding plan shrinks the size of
Just how much do many Hollywood liberals hate conservatives? In an interview with Playboy, Ben Affleck said, "When I watch a guy [on film] I know is a big Republican, part of me thinks, I probably wouldn’t like this person if I met him": PLAYBOY: You developed a political profile campaigning for presidential candidates Al Gore, John Kerry and Barack Obama. How did that come about? AFFLECK: I grew up in a house with a mother who was a teacher and a Freedom Rider—very left-wing Democrats living in a heterogeneous working-class neighborhood. I picked up a lot of those values there, and I
On his way to the podium at the memorial ceremony for former South African president Nelson Mandela, President Obama walked down the line of dignitaries, greeting other leaders there to pay their respects. Among the hands shaken: that of Cuban leader Raul Castro. Obama neither made a special effort to shake Castro’s hand nor to avoid him. A snub might have been awkward: In his speech, Obama praised Mandela’s “greatest gift” as “his recognition that we are all bound together in ways that can be invisible to the eye; that there is a oneness to humanity; that we achieve ourselves by
The Obama State Department has finally released a second round of photos revealing the harrowing devastation wrought by a terrorist attack on the U.S. Consulate in Benghazi on Sept. 11, 2012. The new photographs depict rampant damage to the consulate. They show charred walls, smoldering fires, Arabic graffiti defacing exterior walls, and scattered debris throughout. The extent of the damage would lead any reasonably serious person to conclude that this was a cold, calculated attack, carefully coordinated to mark the 11th anniversary of Sept. 11, 2001. Unfortunately for the American people, the Obama-Clinton-Rice cabal that led to the Benghazi cover-up was
MSNBC host Melissa Harris-Perry opened her program over the weekend with a commentary about the Affordable Care Act’s colloquial moniker: “Obamacare.” She said that the word was originally created as a “derogatory term,” designed by white men as a way to delegitimize President Barack Obama and his achievement. However, she said that the term will soon be synonymous with all of Obama’s accomplishments and she urged her audience to use the term with pride. “I want to talk today about a controversial word. It’s a word that has been with us for years, and like it or not, it’s indelibly
Prime Minister Benjamin Netanyahu made a last minute decision not to participate in a memorial service for the late South African President Nelson Mandela, despite having notified the South African government that he would attend the event. The decision was made in light of the high transportation costs resulting from the short notice of the trip and the security required for the prime minister in Johannesburg. The Prime Minister’s Office found that the trip would have cost roughly 7 million shekels ($2.4 million) – 2.8 million shekels for chartering a private El Al plane and a further 3.2 million shekels for
President Obama, former president George W. Bush and their wives departed Washington Monday morning on Air Force One on their way to a memorial service in South Africa for Nelson Mandela. The president and first lady Michelle Obama are being accompanied by Mr. Bush, former first lady Laura Bush and former Secretary of State Hillary Rodham Clinton on the flight to Johannesburg. A four-hour memorial service will be held on Tuesday for South Africa’s first black president. Mr. Mandela, the anti-apartheid revolutionary, died on Thursday at age 95. Former President Bill Clinton and daughter Chelsea are traveling separately to South Africa. Former President
President Obama will make remarks on Nelson Mandela´s legacy during a memorial service Tuesday for the late South African freedom fighter, officials said Monday. "We do expect President Obama to speak as part of the program," said Ben Rhodes, deputy national security adviser for strategic communications. The president and first lady Michelle Obama departed Monday for Johannesburg, where a Mandela memorial service will be held in a soccer stadium. Obama, who will also spend time with the Mandela family, is not scheduled to hold any bilateral meetings with foreign leaders while in South Africa, Rhodes said. Rhodes also said the
Barack Obama has arrived in South Africa to lead the American delegation at a memorial service for former South African President Nelson Mandela in Johannesburg. But his party is reportedly stuck in traffic and he is said to have arrived late at the stadium for the ceremony. [Snip] But Mr Clinton, Mr Carter and his wife Rosalynn have all traveled separately to the event. According to reports, Mr Obama and his delegation are stuck in a lines of traffic caused by tens of thousands of people making their way to the event. Mr Obama is among the foreign leaders who
All three networks on Monday morning highlighted the appearance of the Obamas at the Kennedy Center Honors, but only ABC fawned over "fashion win" of First Lady. Lara Spencer enthused that " one of the stars of the show was Michelle Obama." An excited Spencer explained that Mrs. Obama looked "absolutely ravishing in a flowing teal gown as she accompanied President Obama." The co-host declared, "Another big fashion win for the First Lady. CBS This Morning offered a full report on the various performers who were honored, but co-anchor Charlie Rose avoided ABC´s superlatives.
An Iraq veteran who thought he was buying an iPad as a Christmas present after responding to a Craigslist posting, has been shot dead in an Indianapolis parking lot by the fake sellers. New-dad Jim Vester, 32, was lured to an address on Wednesday in the west side of the city and brothers Tyron Kincade, 19, and Tyshaune Kincade, 18, have been arrested after Vester was shot dead leaving behind his one-year-old son, Gavin and wife, Jamie.