Sen. Grassley Questions Solyndra Investor’s Charity Giving

Tuesday, 18 Oct 2011 03:16 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

The George Kaiser Family Foundation, an investor in Solyndra LLC, may not qualify for the favorable tax status it claims as a public charity, according to Sen. Charles Grassley.

Grassley, an Iowa Republican, sent a letter dated Monday to Treasury Secretary Timothy Geithner and IRS Commissioner Douglas Shulman questioning whether the foundation met qualifications.

“The numbers are very troublesome,” Grassley wrote. The foundation claims assets of $4 billion and has given out less than 2 percent of its total assets in grants over three years, about $215.4 million, according to Grassley.

Kaiser, an oil billionaire, was a campaign fundraiser for President Barack Obama in 2008. The foundation he started invested in Solyndra, a maker of solar panels that received $535 million in loan guarantees from the Energy Department before filing for bankruptcy on Sept. 6.

Grassley urged the administration to tighten loopholes that let charities avoid payout requirements.

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obama Executive Order Gives Pay Raise to Federal Workers

Friday, 19 Dec 2014 22:36 PM

Federal workers and uniformed military service members are getting a 1 percent pay boost. . . .

Mental Illness History Ruled on Appeal to Not Bar Gun Ownership

Friday, 19 Dec 2014 22:14 PM

A federal appeals court concluded that a history of mental illness shouldn't bar citizens from owning a weapon in a firs . . .

China Arrests US Aid Worker on North Korean Border

Friday, 19 Dec 2014 21:56 PM

China has arrested an American Christian aid worker based near its border with North Korea, his lawyer said Saturday, as . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved