George Kaiser Family Foundation Under Scanner After Solyndra Fallout

October 21 00:00 2011

New York, Oct 20, 2011 (RainbowNewsLine.com) – The fallout at the solar energy major, Solyndra, has raised concerns about a supporting organization known as George Kaiser Family Foundation (GKFF). This foundation belongs to George Kaiser who is a billionaire and a close aide of Barack Obama. He is also a frequent visitor to the White House.

Experts claim that the type of organizations called “supporting organizations”, mainly serve the purpose of rich families to hoard their wealth without facing any taxation liability. They do not have any obligation to pay out any part of their endowment.

They say that people like George Kaiser, write a check to the organization (effectively themselves) and this becomes a completely tax deductible expense. This money is then used to invest in companies like Solyandra to gain further profit. This is complete exploitation of the tax code which is clearly not prepared for contingencies like these.

Apart from that, there was also a $535 million loan guarantee that the government lost when Solyndra filed for bankruptcy protection.  The close ties to George Kaiser who has been a prominent figure for raising funds for President Obama may have become a liability for the government.

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