Toddsterpatriot
Diamond Member
- May 3, 2011
- 102,112
- 36,151
the program that supplied their money absorbed the loss, and went on to make 5 to 6 BILLION in profit for the tax payers
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Your claim.........
The $5 billion to $6 billion figure was calculated based on the average rates and expected returns of funds dispersed so far, paid back over 20 to 25 years.
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Your link.
Let's see if you can figure out your error........
Here is a newer link
Solyndra who? The Energy Department's loan program is now profitable.
Thanks.
According to a report by the Department of Energy, interest payments to the government from projects funded by the Loan Programs Office were $810 million as of September - higher than the $780 million in losses from loans it sustained from startups including Fisker Automotive, Abound Solar and Solyndra, which went bankrupt after receiving large government loans intended to help them bring their advanced green technologies to market.........
Of the $30.3 billion in loans and loan guarantees issued by the Loan Programs Office, $21.71 billion has been disbursed. At least one company has yet to draw down its DOE loan.
$30 million in "profits" on $21.71 billion in loans.
Pretend the government funded those loans with a sale of 10 year Treasury Bonds (current yield 2.54%).
The program has to make $551 million a year to break even. $30 million over 7 years adds up to a big loss.
No, lets don't pretend anything. Make your point with facts.
The claim that they made a profit while ignoring the cost of their funds is accounting malpractice.
OK, so give me the numbers you use to determine how much of the Solyndra loss was not made up and exceeded.
2.5% a year is a decent number. Times 6 years, $3.3 billion.
So they made $30 million more than their write-offs, they're still $3.27 billion in the hole.