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.
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.
The fiscal crisis plaguing Detroit is now in the hands of Michigan´s governor after a state-appointed review team determined the city was in a financial emergency with "no satisfactory plan" to resolve it. Republican Gov. Rick Snyder has 30 days to decide if Detroit needs an emergency manager to take charge of its finances and spending, and come up with a new plan to get the city out of its financial mess. (Snip)The report also said the city´s bureaucratic structure makes it difficult to solve the financial problems. Intro repaired by staff
Everyone has a favorite recipe, find it in the back of a kitchen drawer, call your mom, see if you still have that dog-eared copy of the Joy of Cooking. It´s on the back of an old electric bill stuck inside the back cover. Find it and post it for all your LCom friends. If you have a special request let us know, someone can find it somewhere.
Conservatives have for years attempted to put our finger upon precisely why Barack Obama strikes us as queer in precisely the way he does. There is an alienness about him, which in the fever swamps is expressed in all that ridiculous Kenyan-Muslim hokum, but his citizen-of-the-world shtick is strictly sophomore year — the great globalist does not even speak a foreign language. Obama has been called many things — radical, socialist — labels that may have him dead to rights at the phylum level but not down at his genus or species. His social circle includes an alarming number of
Those who wrote the PPACA legislation were much more brilliant than most conservatives have given them credit for. They have hidden a landmine in the way it all works that will ensure an eventual takeover of the entire health care industry by the government. Let me first clarify my professional interest. I have been a vendor of software and services to both insurance companies and providers, and therefore have a deep understanding of the health care industry and what the ACA will do to it. I do not work for any insurance companies or medical providers, nor do I own stock
Iranian officials say that the White House is misleading the public about the details of an interim nuclear agreement reached over the weekend in Geneva. Iran and Western nations including the United States came to an agreement on the framework for an interim deal late Saturday night in Geneva. The deal has yet to be implemented. The White House released a multi-page fact sheet containing details of the draft agreement shortly after the deal was announced. However, Iranian foreign ministry official on Tuesday rejected the White House’s version of the deal as “invalid” and accused Washington
Appearing on Arsenio Hall’s talk show over the weekend, ?Jesse Jackson defended both President Obama, who he said has faced heretofore unseen advsersity as president, as well as Jackson’s embattled son, who he said “had the best voting record in the Congress” before he was sentenced by unfair laws. On the president, Jackson praised him for “serving us well against the most hostility an American president has ever had” and “more attempts to derail his legislation then in the history of the country.” Between job creation and his efforts in Iraq, President Obama has “maintained a kind of dignity” without stooping
Pure, sweet, schadenfreudean goodness from Politico. See now why I think there’s a chance that those new Iran sanctions pass with veto-proof majorities? Turns out, after three years and a half years of development plus two months of frantic triage to Healthcare.gov, Democrats are finally ready to hold the White House accountable for its giant O-Care fark-up. A little. “The president and his team have repeatedly assured us that the system will be working by Dec. 1. That’s when I start looking at what we have to do in our oversight function to hold the administration accountable for making it work.” Rep.
It is no secret that the Democrat party is hemorrhaging support in the wake of the disastrous ObamaCare rollout. As the Administration warns that the website will not be fully operational at the end of November, nervous Democrats are expected to try to separate themselves from Obama and his flawed health program. Politico´s Mike Allen was on MSNBC this week, saying that they are "hearing" that Democrats will be very aggressive against the program in Congressional oversight hearings next week. If Politico is "hearing" something, it means Democrats are trying to leak the information to the public ahead of the
Former Utah Gov. Jon Huntsman (R) left the door open to another presidential run during a Monday panel in New Hampshire. Asked whether he ever thinks about running again — Huntsman dropped out of the 2012 Republican primary after finishing third in New Hampshire — he suggested he hadn´t ruled out the option. He closed a long response to the question, posed at Saint Anselm College, by saying: "Which is a long way of saying that I love public service. I´ll always be committed to public service. And as an itinerant public servant, from time to time, it´s hard to know where
SANFORD, Fla. — George Zimmerman had five guns and more than 100 rounds of ammunition with him when deputies arrested him earlier this month on domestic violence charges, according to court documents released Tuesday. A search warrant made public by the Seminole County court clerk shows that Zimmerman had a 12-gauge shotgun, an AR-15 assault rifle and three handguns when he was arrested Nov. 18 at his girlfriend´s house. The girlfriend, Samantha Scheibe, told deputies that Zimmerman pointed a shotgun at her during an argument and also used it to smash her coffee table. Zimmerman is free on $9,000 bail on charges
"Trust is like virginity: once you lose it it´s hard to get it back." So spoke pollster John Zogby, commenting on his latest poll on President Obama´s handling of his office. Quoted by Paul Bedard in the Washington Examiner: "Most ominous for Mr. Obama is that 57 percent now disapprove of his job. That is his worst number yet. This includes 57 percent of men and 55 percent of women; 51 percent of moderates, 24 percent of liberals and 24 percent of Democrats; 66 percent of independents and 40 percent of Hispanics. Meanwhile, a separate poll by CNN/ORC International found: 53%
Maybe it was something about what they served in the White House mess in the 1990s. Or perhaps it´s what happens to baby boomer Democrats more than a decade after leaving office. For whatever the reason former vice president Al Gore has gone vegan, just like the president with whom he once served. Gore´s recent decision to forgo animal products surfaced as an offhand reference in a Forbes magazine piece about Hampton Creek Foods, an upscale vegan product line carried in Whole Foods. Ryan Mac´s article, which posted Saturday, chronicled how wealthy investors including Bill Gates, Tom Steyer and Vinod Khosla
Alec Baldwin has been fired by MSNBC, sources say. The rage-aholic’s weekly show, “Up Late With Alec Baldwin,” has been canceled because of the actor’s foul-mouthed rant at a photographer he called a nasty name. “The decision has been made. He’s gone,” an insider at the cable channel told me. “The [parent company] Comcast guys have decided. Word is spreading through the building.” Baldwin’s dismissal was decided on partly because of his diva-like behavior toward co-workers, a source said.