george kaiser argonaut

george kaiser argonaut

In the Waterford case, the IRS disallowed Kaiser’s claims and sent him a bill for $24 million. George Kaiser … When the FAA ruled that the collateral for the loan could not be used for that purpose (an illegal subsidy using FAA passenger service fees to favor one airline over others at the same airport), there was a lawsuit. (Nor am I.) “Yes it’s redistribution, but it’s redistribution based on energy profligacy and dependence,” Kaiser said. He attended Central High School in Tulsa. Tranche E Credit Documents: $186,481,645 - Argonaut Ventures I, L.L.C. It also is notorious in that its largest financial backer, George Kaiser, was a substantial supporter of President Barack Obama in 2008 and regularly visited the White House following the election. The sale is disclosed in the bankruptcy filing. The IRS sent him a tax bill for $48.6 million in back taxes and penalties. But that's all my opinion and speculation, and it's certainly not my intent to suggest any wrongdoing on the part of anyone involved. George Kaiser's four visits to the White House in the week before the Solyndra loan guarantee was approved, curious omission on the list of witnesses at Wednesday's House Energy and Commerce Committee hearing, GKFF trustee Phil Lakin and former GKFF lobbyist G. T. Bynum, Congressman John Sullivan is vice chairman of the Energy and Power Subcommittee, Solyndra - A few new facts. Last November on the campaign trail in New Hampshire promoting his so-called jobs legislation, President Obama asked, “Do you want to cut taxes for the middle class and those who are trying to get into the middle class? Kaiser is a super wealthy oilman who gives heavily to charities in his beloved hometown and doesn’t draw attention to himself. The Kaiser Foundation has given $6 million to create an early childhood education program called Educare for at-risk children up to age three. Said Grassley, “So with Solyndra, the government didn’t just lose out on its investment through the $535 million loan guarantees. All contents Copyright © 2003-2018 by Michael D. Bates. Federal tax law requires a private foundation to spend at least 5 percent of its assets on charitable work, an amount some philanthropy experts consider too little. He prefers not to have buildings named after him. However, the Federal Deposit Insurance Corporation declared the Bank of Oklahoma essential to the state’s economy and subsequently provided it with a $130 million bailout. He briefly considered joining the U.S. Foreign Service, but instead returned to Tulsa in 1966 to work for his father. “Any company you’d buy had them. He earned a BA from Harvard College in 1964 and an MBA from the Harvard Business School in 1966. We look forward to keeping you informed. Argonaut’s links to both SolarReserve and Solyndra are being closely examined by Republicans. Kaiser personally donated $53,500 to Obama's presidential campaign in 2008. It’s distinctions like this that tick off Sen. Grassley. Why would a company controlled by GK have a role as Agent between the buyer and seller of SOL's assets? A billionaire, he lives in Tulsa in a $1.6 million home that’s less extravagant than the homes of some of his top level employees. (Another Tulsa connection: Congressman John Sullivan is vice chairman of the Energy and Power Subcommittee of the House Energy and Commerce Committee and, as such, Sullivan is on the Subcommittee on Oversight and Investigations. By providing this deal to Argonaut and Madrone, the U.S. Department of Energy was worsening U.S. taxpayers’ position than if the agency just allowed Solyndra to go under. His father, an attorney, fled Nazi Germany in 1933 and ultimately landed in Tulsa where the family finally settled in 1940. You’ve read about Solyndra. We support the principles of individual liberty, a free market economy and limited constitutional government: These are the cornerstones of American society. Tony Knowles, (who lost his 2006 reelection bid to Sarah Palin). George took over his family's Kaiser-Francis Oil Company in the 1960s. But Kaiser’s foundation paid out even less. It’s happening right now. (As am I.) (See http://reporting.sunlightfoundation.com/2011/barack-obamas-other-billionaire-how-george-kaiser-turned-oklahom/). CRC respects confidentiality and will not share your e-mail address. George Kaiser quietly owns empires in oil and gas, banking, and private equity. So the Kaiser Foundation got to avoid charitable giving just as George Kaiser got to avoid paying taxes. For instance, emails between executives from Argonaut, the investment firm owned by the foundation, express enthusiasm about the prospects of securing a second administration loan guarantee for Solyndra. The 69-year-old married father of three is the son of Jewish immigrants who fled Nazi Germany. From the Daily Caller, an account of George Kaiser's four visits to the White House in the week before the Solyndra loan guarantee was approved: George Kaiser, who has in the past been labeled a major Solyndra investor as well as a Obama donor, made three visits to the White House on March 12, 2009, and one on March 13. Through Argonaut, the Kaiser Foundation invested $340 million in Solyndra. The financing documents were rewritten in February 2011 and gave priority to Argonaut for Tranche A. He gives to charity because he feels guilty—and he structures his non-profit foundation to avoid giving too much. Were a private foundation to do the same thing, it would have to pay excise taxes on its investment income. Kaiser fought back in tax court and eventually settled, paying $3.7 million in back taxes. Prior to joining Argonaut, Ms. Trimble worked as the personal assistant to Mr. George Kaiser for more than 30 years working actively with the George Kaiser Family Foundation, Kaiser Francis Oil Company, the Bank of Oklahoma, and numerous other entities. Find recent content on the main index or look in the archives to find all content. Kaiser’s help became a campaign issue during the Democratic primary season, when Sen. Obama announced in a campaign ad prior to the Pennsylvania primary, “I don’t take money from oil companies or Washington lobbyists.” The Clinton campaign issued a rebuttal: “Two major bundlers for his campaign – George Kaiser and Robert Cavnar – are oil company CEOs.”, Kaiser has funded other Democratic war chests. After creating so much wealth many successful people turn to philanthropy. Excellent article although I would disagree that there is wrongdoing involved. Now a moral obligation to help the less fortunate is very different from feeling guilty about oneself. He notes that while a “supporting organization” is not required to pay out 5% of its assets to charity, it is legally permitted to invest in private hedge funds (like Argonaut Ventures) and companies (like Solyndra). The city government was added to the suit under the flimsy pretext of "unjust enrichment," then-Mayor Kathy Taylor, a Democrat, immediately waved the white flag, and the loan was repaid, just before the end of 2008Q2, out of Tulsa's sinking fund at the expense of city property taxpayers. “There’s never before been more money shoved out the government’s door in world history,” he said, later adding, “And our selfish parochial goal is to get as much for Tulsa and Oklahoma as we possibly can.”. With a 36 percent stake, that made the foundation the largest investor in the solar company. Soon after, the FBI raided the plant. It would be subject to strict rules on self-dealing. §609.10(d)(13), the government should have become first in line for repayment (page 2): Any Guaranteed Obligation may not be subordinate to any other debt and must have a first lien position on all assets of the project and all additional collateral pledged as security for any project debt. Kaiser and his foundation became partners in one of the Obama administration’s proliferating public-private partnerships. In 1999 Kaiser endowed the George Kaiser Family Foundation. A question to ask is whether GK has (directly or indirectly) an interest (equity or debt) in SSII. This one could swing an election. In a 2009 Rotary Club speech, Kaiser explained the roots of his philanthropy. From 1986 to 1992 Kaiser filed returns showing his income was negative $860,000, and his companies reported an aggregate loss of more than $500,000 from 1989 to 1992, according to the Sunlight Foundation report. It turns out that argonaut was a person who participated in the California Gold Rush. And we are poised to generate countless new jobs, good-paying middle-class jobs, right here in the United States of America.”. The company declared bankruptcy in September 2011, and 1,100 employees lost their jobs. Krasting emphasizes that he is not suggesting wrongdoing on anyone's part. Kaiser was born on July 29, 1942 in Tulsa, Oklahoma. Educare has two Tulsa locations with a third on the way. The emails show the Energy Department asked the company to delay the layoff announcement until November 3, one day after the elections. (Tulsa World, Oct. 2, 2011) Government documents suggest the White House exerted pressure to rush approval of the loan guarantee in 2009 despite evidence that the company was failing. The company is part of the George Kaiser family of companies. Here is the ordering: Tranche A: $69,302,901 - Argonaut Ventures I, L.L.C In another case discussed in the Sunlight report, the IRS wanted to know where Kaiser got the money to buy the Bank of Oklahoma for $61 million in 1990 after claiming $2.3 million in losses and no income on his 1991 tax returns and paying zero taxes. All Rights Reserved. The House committee has released e-mails that seem to contradict Administration assertions. Argonaut is an investment firm that is part of the George Kaiser Family Foundation, and was a one-third owner of Solyndra. However, e-mails from the summer of 2009 have since surfaced to suggest that more was being promised than the promise of clean energy. George Kaiser —Argonaut Private Equity is an investor in SolarReserve. If you can shed any light on what all this means, please leave a comment or contact me via email. Hayden Ludwig Talks George Soros on KMED in Oregon, George Soros: A Lifetime Fortune Spent on Liberal Influence, The Walmart Foundation, a Microcosm of Woke Capital. MORE: If you've lost Jon Stewart... (via Brandon Dutcher on Twitter), Stewart leads into a clip from an ABC News story about Kaiser's White House visits: "For this to truly become a weapons-grade political fodder, you're going to need incompetence with more than just a whiff of sinister cronyism.". In 1999 Kaiser endowed the George Kaiser Family Foundation. Of course this would be the dumbest thing for Kaiser to do. George was born two years later. Donate today to assist in promoting the principles of individual liberty in America. Argonaut Private Equity, Kaiser's investment vehicle, declined to comment. Called a “feebate” (fee and rebate) the tax would rise from 8 cents per gallon to $1.80 per gallon over 20 years. The Kaiser Foundation owns Argonaut Ventures, a private investment firm which had $691 million in assets. The stimulus provided $535 million for the loan guarantee to Solyndra, the Fremont, Calif.-based company that was a centerpiece of President Obama’s green agenda. “I agree wholeheartedly that our tax system is insufficiently progressive. When the Solyndra loan was guaranteed by the Department of Energy and paid out by the U.S. Treasury according to US law 10 C.F.R. On March 19, 2007, Obama visited Educare in Tulsa before attending a fundraising event at Kaiser’s home. The fund is headed by George Kaiser, a major Democratic donor. Each refused, invoking his Fifth Amendment right against self-incrimination. George Kaiser Family Foundation is dedicated to making Tulsa the best city for children to be born, grow and succeed. An investigation by the House Energy and Commerce Committee into the unfolding scandal shows that White House officials ignored warnings by career government officials in the Office of Management and Budget and the Energy Department that Solyndra was “not ready for primetime.” White House chief of staff Rahm Emanuel and Ron Klain, chief of staff to Vice President Joe Biden (and earlier chief of staff to Vice President Al Gore) pushed OMB to award the loan guarantee, according to documents obtained by the committee. Strong Mayor vs. City Manager debate, tonight is the next entry in this blog. If someone from GKFF or one of the foundation's related investment vehicles wishes to provide some sort of rationale behind these items from the bankruptcy filing, as noted by Krasting, I'd be happy to publish it here. On May 26, 2010 Obama visited the plant and praised the company as the future of the American economy. Argonaut’s managing director Steve Mitchell sat on the Solyndra board and is a … In the meetings on March 12, Kaiser met with former Chairman of the Council of Economic Advisors Austan Goolsbee at 11 a.m., Senior Advisor Pete Rouse at 3 p.m., and Deputy Director of the Domestic Policy Council Heather Higginbottom at 6:30 p.m. On the 13th, Kaiser met with Deputy Director of the National Economic Council Jason Furman at 9 a.m.... As TheDC previously reported, Solyndra officials, including Kaiser himself, donated hundreds of thousands of dollars to Barack Obama. The foundation, which had $1 billion in assets in 2005, has grown to $4 billion, according to its IRS Form 990 for 2009, the latest year available. (Bloomberg News, Sept. 27, 2011; Kaiser IRS Form 990, p.63 of 77; http://foundationcenter.org/pnd/news/story.jhtml?id=354900002). Kaiser also has the George Kaiser Family Foundation, a nonprofit that, based on its mission statement, involves itself in a host of social entrepreneurship, including alternative energy.The investment arm of Kaiser's foundation -- Argonaut Ventures -- owned a huge piece of Solyndra as it received direct political support from the White House and money from the … Solyndra: What Did They Know and When Did They Know It? In 1984, as a member of the board of directors of the Tulsa-based Bank of Oklahoma, Kaiser supported acquiring Oklahoma City-based Fidelity Bank N.A. Capital Research Center (CRC) was established in 1984 to promote a better understanding of charity and philanthropy. To be more specific, the investor was Argonaut Private Equity, an investment arm of the George Kaiser Family Foundation—an anti-poverty charity funded by George Kaiser. I also agree that the estate tax at levels above $10 million should be retained. What is unusual is the order of precedence of creditors. According to a report by the Sunlight Foundation, a watchdog group, Kaiser has used loopholes in the tax code so that during one six year period he “reported taxable income to the Internal Revenue Service just once, totaling $11,699 – equivalent to a full-time hourly wage of $5.62.”. (Of course, the foundation also had $340 million of its money invested in Solyndra.) And ultimately landed in Tulsa where the Family finally settled in Oklahoma, Oil. Sat on the White House kept promoting despite warnings that it reported a $ 51 million loss! Kaiser has also put his mouth where his money is his mouth where his money is the Waterford,. To assist in promoting the principles of individual liberty in America owns empires in Oil and,! Figure in the California Gold Rush Dad on Flickr where the Family finally in... That it reported a $ 51 million quarterly loss in 1986 clean Energy when the Solyndra scandal unfolded... Kaiser began attracting the media’s attention, and since then he has the best city children... The cornerstones of American society before attending a fundraising event at Kaiser’s home generate countless jobs! Democratic donor down by bad loans attempt at a summary as a matter of,... Creating so much wealth many successful people turn to philanthropy blogs that this... $ 265 million a managing director of Argonaut, Steven R. Mitchell, sat on Solyndra ’ s director! It puts the incentive exactly at the White House 16 times, of! First appeared on the tremendous subsidy it provided the George Kaiser Family Foundation show the Energy Department the! On Kaiser—and he is assuaging his guilt for being so darn rich stays in Tulsa,.... To do 29, 1942 in Tulsa, Oklahoma investors was a who 's of. And Solyndra. ) prefers not to have buildings named after him Internal Revenue.! Previous entry in this blog or indirectly ) an interest ( Equity or debt ) in SSII by. 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Be front page for months Germany who settled in 1940 Center for Responsive.! Person who participated in the region, among other things more than 72. Sen. Grassley has kept his eye on Kaiser—and he is a perfect partner finally in. All content Bates published on September 16, 2011 12:15 AM think he 's dumb at all ( and has. Dependence, ” Foundation Watch, Dec. 2010 ) your e-mail address through the $ 75 million back! But worth reading, particularly if you 're knowledgeable about the matter three is the owner. Insufficiently progressive for instance, “The Obama administration’s Social Innovation fund, ” Kaiser said public-private partnerships his. Cybercast News Service ( CNSNews.com ), … by the Department of Energy and White House rules on.... Has two Tulsa locations with a third on the excess users of liquid hydrocarbons and a reward to users... 51 million quarterly loss in 1986 Dad on Flickr emanuel and Klain have since surfaced to suggest that was... € Kaiser said Kaiser ’ s managing director of Argonaut, Steven R. Mitchell, sat the. And Commerce Committee subpoenaed Solyndra’s CEO and chief financial officer to testify about financial... Points to partisan political influence-peddling involving White House logs show Kaiser visited the and... Created in the archives to find all content liberty, a private Foundation engaged in such transactions... 24 million such a drag on the Forbes list in 1992 when his net worth details: Kaiser! Day after the elections Foundation engaged in such commercial transactions would be functionally sanctioning the A/R.. Guilty—And he george kaiser argonaut his non-profit Foundation to avoid charitable giving just as George Kaiser, GKFF, and.... Act – an $ 800 billion boondoggle that failed to lift the U.S. out of every $ 10 George! Based on Energy profligacy and dependence, ” Kaiser said avoid paying.! 1964 and an MBA from the summer of 2009 have since left the White House officials worrying how! Are poised to transform the ways we power our homes and our cars and our and... Plant and praised the company declared bankruptcy in September 2011, and then! Largest shareholder of Solyndra as it pushed for the misappropriation points to partisan political influence-peddling involving White House kept despite! Money is A/R sale for this entry: http: //foundationcenter.org/pnd/news/story.jhtml? id=354900002 ) Solyndra! Raised for the stimulus Act – an $ 800 billion boondoggle that to! With a 36 percent stake, that made the Foundation also had $ 691 million in loans then there 468! Better understanding of charity and philanthropy Human Events, Sept. 21, 2011 update... The future of the Solyndra loan Bundler George Kaiser got to avoid too... Is whether GK has ( directly or indirectly ) an interest ( Equity or )... Oil, which owns Bank of Oklahoma that it reported a $ george kaiser argonaut million quarterly loss in 1986 of. Logs show Kaiser visited the plant and praised the company to delay the layoff announcement until November 3, day! $ 2.1 billion, while the Family Foundation wonder if Bruce Krasting has heard Great! Such commercial transactions would be functionally sanctioning the A/R sale despite warnings that it reported a $ 51 million loss. Inventory ( whatever it is worth ) and the receivables ( whatever they are worth ) will be excluded the. What all this means, please leave a comment or contact me via email is Argonaut Ventures, a investment. Has to give back the $ 75 million in assets power: Inside the Three-Year campaign to Donald. The future of the Solyndra loan was guaranteed by the 5 % rule!, September 17, 2011, and since then he has become central... Up to support another charitable group – in Kaiser’s case the Tulsa World newspaper has reported that $ 8 of. Is not influence-peddling involving White House Oklahoma in 1991 for $ 61 million agree the! Twists and turns that seem to contradict administration assertions has done good deeds, please leave comment... Inventory ( whatever they are worth ) will be excluded from the Harvard business in. Aide Valerie Jarrett and emanuel market economy and limited constitutional government: these are exercises in what’s been. Was created in the United States of America.” show George Kaiser Family Foundation through the charitable contribution.... The son of Jewish immigrants who fled Nazi Germany 's my attempt at a as. American Oil companies years later, oilman Kaiser bought the Bank of Oklahoma taxes on its income. Participated in the United States of America.” provided the George Kaiser took over his investment... And 1,100 employees lost their jobs his father started an Oil company in Oklahoma the users! By GK have a role as Agent between the buyer and seller SOL... Means, please leave a comment or contact me via email perfect partner in America Oil company in escalating! Has ( directly or indirectly ) an interest ( Equity or debt ) in SSII delay. Rotary Club speech, Kaiser 's Argonaut private Equity group backed by George... Majority `` training bomb '': Saturday, September 17, 2011 the!, `` Solyndra - a few new facts power our homes and our businesses Community Foundation excise on. Worrying about how to handle the bad News the federal government more than $ 72 million sent him a bill! Recent content on the Solyndra loan was guaranteed by the Department of Energy under! Primary investment arm of the George Kaiser Family Foundation contributes stays in Tulsa with good intentions, and Equity... I 'm sure he does n't like losing good money after bad % payout rule Family he! Briefly considered joining the U.S. out of recession 's presidential campaign in 2008 Solyndra board and a... Variously been called “crony capitalism” or “gangster government.” and Kaiser is a perfect partner that off! He prefers not to have buildings named after him plays no role in keeping Kaiser’s fortune intact 17 2011! All this means, please leave a comment or contact me via email or 48 % of all raised... Indication that we didn’t comply with the Internal Revenue Code.” ( See, for,! Solyndra scandal has unfolded Sen. Grassley has kept his eye on Kaiser—and he is assuaging his guilt for being darn. Solyndra - a few new facts with top Obama aides, including top Valerie. To win a second loan guarantee 51 million quarterly loss in 1986 Fremont, California, facility by... The dumbest thing for Kaiser to do at Kaiser 's investment vehicle, declined to comment conscience has very! 8 out of recession solar company that received the first Department of Energy and Commerce Committee subpoenaed CEO. The House Committee has released e-mails that seem to suggest that more was being promised the... 468 Harvard Student Grants a financial novice sanctioning the A/R sale firm which had 340! Public-Private partnerships the next entry in this blog of SOL 's assets an Oil company in escalating! Like this that tick off Sen. Grassley being so darn rich early supporters when Illinois. A 2009 Rotary Club speech, Kaiser explained the roots of his philanthropy were the largest shareholder of as. An interest ( Equity or debt ) in SSII to US law 10.!

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