7030 S. Yale Avenue, Suite 600, Tulsa, OK 74136 918-392-1612 | [email protected] | [email protected] George took over his family's Kaiser-Francis Oil Company in the 1960s. 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. (Of course, the foundation also had $340 million of its money invested in Solyndra.) Kaiser and his foundation became partners in one of the Obama administration’s proliferating public-private partnerships. It’s given away $300 million over the past decade, contributing heavily to state and local charities such as the Tulsa Community Foundation, the University of Oklahoma Foundation, and the University’s medical school. Higher tax rates for higher levels of income up to at least 50 percent, maybe higher, not only are socially responsible but also would encourage more charitable giving.”. Then in October 2010 Solyndra began planning to layoff 200 employees. The Kaiser Foundation and the Payout Rule On May 26, 2010 Obama visited the plant and praised the company as the future of the American economy. 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. 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. There are some interesting twists and turns that seem to suggest that GKFF's investments have been protected to the detriment of federal taxpayers. Called a “feebate” (fee and rebate) the tax would rise from 8 cents per gallon to $1.80 per gallon over 20 years. White House logs show Kaiser visited the White House 16 times, four of them just before approval of the Solyndra loan. Kaiser professes “guilt” over his fortune, which he attributes to “dumb luck.” Yet while he publicly advocates higher taxes on the rich, he strenuously avoids paying them, taking advantage of provisions in the IRS tax code to protect his business profits and structuring his foundation so that it gives away far less of its assets than most other private foundations. America’s Frozen Future Under the Green New Deal, Environmentalists Spent a Record $2.4 Billion Pushing Global Warming Ideology, Election Irregularities Involving CTCL: Scott Walter Testifies Before Arizona House Committee, How Mark Zuckerberg Changed the Outcome of the 2020 Election. §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. (As am I.) If that's so, I'm torn: It's better for Tulsa if GKFF doesn't get soaked by the failure of Solyndra, but as a fiscal conservative I have a problem with a government guarantee, particularly one that has a strong whiff of political favoritism, that gives investors nothing but upside while taxpayers break even at best. The Kaiser Foundation owns Argonaut Ventures, a private investment firm which had $691 million in assets. (Washington Post, Jan. 14, 2012) In February 2011, the Energy Department restructured the Solyndra loan agreement to allow the struggling company to pay off $75 million in private loans before repaying $535 million in taxpayers’ money. Soon after, the FBI raided the plant. The fund is headed by George Kaiser, a major Democratic donor. He is a journalist who reports for the Daily Signal,…. 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? Of course this would be the dumbest thing for Kaiser to do. All contents Copyright © 2003-2018 by Michael D. Bates. MORE: Bruce Krasting has a September 15, 2011, update, "Solyndra - A few new facts. A “supporting organization” is set up to support another charitable group – in Kaiser’s case the Tulsa Community Foundation. Kaiser’s parents came to America to escape oppression, and their son built a business that make profits, creates jobs and opportunities for others, and provides the wealth that makes philanthropy possible. All rights reserved. I wonder if Bruce Krasting has heard of Great Plains Airlines. But Kaiser’s foundation paid out even less. “It’s not some abstract possibility for science fiction movies or a distant future – 10 years down the road or 20 years down the road. In 1999 Kaiser endowed the George Kaiser Family Foundation. Educare has two Tulsa locations with a third on the way. Now a moral obligation to help the less fortunate is very different from feeling guilty about oneself. Many Oklahomans believe George Kaiser acted with good intentions, and certainly the Kaiser Foundation has done good deeds. 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. Through Argonaut, the Kaiser Foundation invested $340 million in Solyndra. 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. In 2005, the Senate Finance Committee, then controlled by Republicans and chaired by Grassley, issued a staff memo that said this loophole “is now being used by wealthy individuals to avoid the private foundation rules.” The memo cited Kaiser’s foundation for giving just 0.2 percent in 2002. “Tax deductions for charitable contributions are intended to encourage transfer of wealth to those in need,” the memo said. (That's my attempt at a summary as a financial novice. These are exercises in what’s variously been called “crony capitalism” or “gangster government.” And Kaiser is a perfect partner. 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. In 2010 he contributed $30,400 to the Democratic Senatorial Campaign Committee and $2,400 to Senate Majority Leader Harry Reid, a Nevada Democrat. The George Kaiser Family Foundation and the University of Tulsa set up a program called the National Energy Policy Institute to develop “sustainable solutions for the energy crisis facing the U.S.” Two Democrats run the organization: the executive director is former Oklahoma Rep. Brad Carson (who lost his 2004 Senate race to Tom Coburn) and the Institute’s president is former Alaska Gov. Argonaut did not respond to requests for comment, nor did Mr. Kaiser ’s George Kaiser Family Foundation. The Kaiser Foundation owns Argonaut Ventures, a private investment firm which had $691 million in assets. Many news stories about Solyndra focus on the Obama administration’s over-eagerness to promote solar power as an “alternative fuel.” But in the months since Solyndra declared bankruptcy last September more attention has been paid to Kaiser, a man whose estimated net worth of $10 billion led Forbes magazine to list him as the 31st richest person in the United States. I went back into Solyndra's IPO filing and totaled up the amount of funding Kaiser's investment businesses gave Solyndra. Were the Kaiser Foundation a “private foundation” it would have been required to make at least $200 million in grants annually. Best to read Krasting's opinion for yourself.). He briefly considered joining the U.S. Foreign Service, but instead returned to Tulsa in 1966 to work for his father. In other words, Argonaut is willing to make a new $4mm loan, PROVIDED that the Judge releases (at least $3.86m) back to an entity that Argonaut is connected to (SSII). American Majority "training bomb": Saturday, September 17, 2011 was the previous entry in this blog. Tranche E Credit Documents: $186,481,645 - Argonaut Ventures I, L.L.C. George B. Kaiser, billionaire oilman and philanthropist from Tulsa, Oklahoma, is the owner, president, and CEO of the GBK Corporation, a holding company in the oil and natural gas industry. Kaiser bundled between $50,000 and $100,000 for presidential candidate Barack Obama, according to the Center for Responsive Politics. Kaiser personally donated $53,500 to Obama's presidential campaign in 2008. It turns out that argonaut was a person who participated in the California Gold Rush. But when I read the bankrutpcy filing it turns out George Kaiser's investment firm is actually first in line, ahead of the U.S. government, for $69 million. Founded in 2006, VentureDeal is a database that provides the latest information about venture capital firms, venture-backed technology companies and transactions throughout North America. The bad loans would become such a drag on the Bank of Oklahoma that it reported a $51 million quarterly loss in 1986. That said, this isn't one of those everyday stories. Although Kaiser, through Argonaut and GKFF Investment Company, LLC, did not participate in the initial two private financing rounds, they dominated the following funding rounds and were the major venture capital investors in the firm.... Like many bankruptcies there are a lot of creditors in line to be repaid by disposing of Solyndra'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. Evidence for the misappropriation points to partisan political influence-peddling involving White House involvement with an Oklahoma billionaire named George Kaiser. Krasting emphasizes that he is not suggesting wrongdoing on anyone's part. Capital Research Center (CRC) was established in 1984 to promote a better understanding of charity and philanthropy. [1] Kaiser… A question to ask is whether GK has (directly or indirectly) an interest (equity or debt) in SSII. George Kaiser is chairman of BOK Financial Corp. and owner of Kaiser-Francis Oil Co. Argonaut is headed by Steve Mitchell, who also served on Solyndra's board of directors. Were a private foundation to do the same thing, it would have to pay excise taxes on its investment income. Each refused, invoking his Fifth Amendment right against self-incrimination. In 1999 Kaiser endowed the George Kaiser Family Foundation. And we are poised to generate countless new jobs, good-paying middle-class jobs, right here in the United States of America.”. He attended Central High School in Tulsa. His family investment vehicle channeled money to SOL through a company called Argonaut Ventures. Step up and fix this problem. The answer is that about ten years ago the George Kaiser Family Foundation converted itself from a “private foundation” to a “supporting organization,” an important distinction in tax law that lawmakers have seriously considered eliminating. The 69-year-old married father of three is the son of Jewish immigrants who fled Nazi Germany. TrackBack URL for this entry: http://www.batesline.com/cgi-bin/mt/mt-tb.cgi/6143. 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. http://www.batesline.com/cgi-bin/mt/mt-tb.cgi/6143. The Committee has also subpoenaed the White House and the Energy Department for records, and the Justice Department and the Treasury Department’s Office of Inspector General say they are probing the matter. In a 2009 Rotary Club speech, Kaiser explained the roots of his philanthropy. With a 36 percent stake, that made the foundation the largest investor in the solar company. He earned a BA from Harvard College in 1964 and an MBA from the Harvard Business School in 1966. (It should be noted that Kaiser was not an GPA investor.) The Wall Street Journal reports that George Kaiser, "a Tulsa oil billionaire who bundled campaign checks for Mr. Obama in 2008," is poised to accomplish one of the great scams of all time. (More about Great Plains Airlines, its failure, and the ongoing impact on Tulsa taxpayers in the BatesLine Great Plains Airlines archive.). “Yes it’s redistribution, but it’s redistribution based on energy profligacy and dependence,” Kaiser said. George Kaiser … E-mails for the period show Energy and White House officials worrying about how to handle the bad news. He gladly accepts corporate welfare for an unproven solar energy project—and denounces tax breaks for oil, a proven energy source that has made him one of the richest—and guiltiest—men in America. After creating so much wealth many successful people turn to philanthropy. All Rights Reserved. (See, for instance, “The Obama Administration’s Social Innovation Fund,” Foundation Watch, Dec. 2010). As a matter of law, a supporting organization is not required to abide by the 5% payout rule. Argonaut is a Tulsa-based private equity group backed by billionaire George Kaiser. USA/Canada: Acquisition of valve manufacture; dual structure exit to Cameron JV & Schlumberger, including a JV with George Kaiser (Argonaut, BOKF) China: Started three green field JV’s and built Foundries and a Processing Center factory combined with an acquisition of … This one could swing an election. Kaiser-Francis Oil Co. was created in the 1940s by Kaiser's uncle and parents, Jewish refugees from Nazi Germany who settled in Oklahoma. 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. Despite these tax battles and the settlements that yielded the taxman pennies on the dollar, Kaiser told Forbes in 2007 that the wealthy should pay far more in taxes. CRC respects confidentiality and will not share your e-mail address. He prefers not to have buildings named after him. Donate today to assist in promoting the principles of individual liberty in America. If you can shed any light on what all this means, please leave a comment or contact me via email. In 2009, the last year for which its tax records are available, the foundation made a mere $46.3 million in charitable grants, a little over 1 percent of its $4 billion in assets. 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. Remember: “avoid” is legal, “evade” is not. Kaiser, in fact, is responsible for 16 of the 20 meetings that showed up on the White House logs. It would be subject to strict rules on self-dealing. A few new questions, That Custom-Tailored Obama Scandal You Ordered Is Finally Here, American Majority "training bomb": Saturday, September 17, 2011, Strong Mayor vs. City Manager debate, tonight. His father started an oil company in Oklahoma, Kaiser-Francis Oil, which George Kaiser took over in 1969. 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. Argonaut’s managing director Steve Mitchell sat on the Solyndra board and is a … A few new questions," in which he takes a closer look at the sale of Solyndra's inventory and accounts receivable by subsidiary Solyndra Financial to a day-old Delaware corporation called Solyndra Solar II, with a company called Argonaut Solar acting as agent. The parties settled for $11,891. (No second loan was ever made.) George B. Kaiser, a billionaire oilman whose foundation has the biggest stake in failed solar- panel maker Solyndra LLC, might have had more than money tied up in … 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 … The IRS sent him a tax bill for $48.6 million in back taxes and penalties. Krasting has asked for insight from his readers. “Every day that you build this expanded facility, as you fill orders for solar panels to ship around the world, you’re demonstrating that the promise of clean energy isn’t just an article of faith – not anymore,” Obama said. Kaiser's Argonaut Private Equity and its affiliates were the largest shareholder of Solyndra as it pushed for the IPO. Krasting asks some questions: Krasting considers the impact to the taxpayers: Argonaut's (very good) lawyers make their position very clear as to who owns the assets in the A/R accounts. Obama Bundler George Kaiser. How is this possible? So the Kaiser Foundation got to avoid charitable giving just as George Kaiser got to avoid paying taxes. He is simply, as a taxpayer and blogger, looking for some clarity. 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. But the countless meetings at the White House seem hardly coincidental. It also lost out on the tremendous subsidy it provided the George Kaiser Family Foundation through the charitable contribution deduction.”. A few news stories and commentaries of interest, regarding Oklahoma's wealthiest man, George B. Kaiser, and the recently-bankrupt solar energy firm Solyndra, which failed despite $535 million in federal loan guarantees. Typically, they are concerned about particular causes, or they want to leave a legacy, or “give back.” But Kaiser doesn’t see it that way. He gives to charity because he feels guilty—and he structures his non-profit foundation to avoid giving too much. Here is the ordering: Tranche A: $69,302,901 - Argonaut Ventures I, L.L.C “Any company you’d buy had them. Or do you want to protect massive tax breaks for millionaires and billionaires?”. Kaiser is a super wealthy oilman who gives heavily to charities in his beloved hometown and doesn’t draw attention to himself. However, e-mails from the summer of 2009 have since surfaced to suggest that more was being promised than the promise of clean energy. 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). “It starts with a sense of guilt we should all feel. Democratic Party Booster and Environmentalist (Nor am I.) Bruce Krasting on the Zero Hedge blog notes a curious omission on the list of witnesses at Wednesday's House Energy and Commerce Committee hearing: Maybe a couple of Tuesday's Tulsa City Council primary winners could have flown up to DC to represent the investors -- GKFF trustee Phil Lakin and former GKFF lobbyist G. T. Bynum. The failed Tulsa-based airline defaulted on $7.1 million from George Kaiser's Bank of Oklahoma and burned up some $30 million in transferable tax credits. The company is part of the George Kaiser family of companies. Congress is exploring why the doomed loan was made and if it’s connected to the fact that Kaiser – whose foundation owned one-third of Solyndra – raised between $50,000 and $100,000 for Obama in the 2008 presidential race. He explains that he gives because he is assuaging his guilt for being so darn rich. (Bloomberg News, Sept. 27, 2011; Kaiser IRS Form 990, p.63 of 77; http://foundationcenter.org/pnd/news/story.jhtml?id=354900002). There was no indication that we didn’t comply with the Internal Revenue Code.”. In late September the House Energy and Commerce Committee subpoenaed Solyndra’s CEO and chief financial officer to testify about the matter. Kaiser expressed his full support for the stimulus act – an $800 billion boondoggle that failed to lift the U.S. out of recession. The stories discuss Kaiser's fundraising for the Obama campaign, his visits to the Obama White House the week before the Solyndra guarantee was approved, the increasing level of his George Kaiser Family Foundation's investment vehicles in Solyndra, and Kaiser's Argonaut Ventures I moving first in line, ahead of the taxpayers, for repayment. And the “dumb luck” comment betrays Kaiser’s ignorance about how the free market works and why it’s been good to him. Over 9 rounds of financing it invested approximately $337 million, or 48% of all equity raised for the business. Tulsa billionaire oilman, banker and philanthropist George Kaiser’s Argonaut Private Equity backed the startup, per the reports. 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. “Dumb luck” plays no role in keeping Kaiser’s fortune intact. Net Worth details: George Kaiser is the sole owner of Kaiser-Francis Oil. Mr. Kaiser holds the position of Chairman of Kaiser Wholesale, Inc., Chairman for BOK Financial Corp. and President & Chief Executive Officer at GBK Corp. (Oklahoma). 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 addition, the Judge would be functionally sanctioning the A/R sale. “I agree wholeheartedly that our tax system is insufficiently progressive. George B. Kaiser founded Argonaut Private Equity LLC and Excelerate Energy LP. 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. The sale is disclosed in the bankruptcy filing. Argonaut is an investment firm that is part of the George Kaiser Family Foundation, and was a one-third owner of Solyndra. Argonaut is a name that George Kaiser uses. Five years later, oilman Kaiser bought the bank from the FDIC for $61 million. He speculates that Argonaut might be able to profit from the purchase of Solyndra as a company to be able to use its Net Operating Losses (NOLs) to offset income from other energy-related investments. If George Kaiser has to give back the $75 million in loans then there goes 468 Harvard Student Grants. Kaiser was the largest shareholder in Solyndra, the bankrupt solar panel company that got a $535 million Energy Department loan guarantee through the American Recovery and Reinvestment Act, better known as “the stimulus.” The government must now assume Solyndra’s debt, which will likely never be repaid. About VentureDeal. This page contains a single entry by Michael Bates published on September 16, 2011 12:15 AM. As the Solyndra scandal has unfolded Sen. Grassley has kept his eye on Kaiser—and he is outraged. Excellent article although I would disagree that there is wrongdoing involved. In 2009, before a committee of the Oklahoma state legislature he testified that oil companies like his do not need tax breaks, and that government funds should be used instead for “tax cuts or services for the middle class and working poor.” (Wall Street Journal, Oct. 3, 2011), He has called for a graduated gasoline tax that would collect fees from drivers of fuel-inefficient vehicles and rebate them to drivers of fuel-efficient vehicles who commute to work. The financing documents were rewritten in February 2011 and gave priority to Argonaut for Tranche A. By 2011 Kaiser’s shares were worth $2.1 billion, while the family foundation he established held another $251 million in bank stock. I don't think he's dumb at all (and he has the best lawyers). In the Waterford case, the IRS disallowed Kaiser’s claims and sent him a bill for $24 million. Fred Lucas is White House correspondent for Cybercast News Service (CNSNews.com). Kaiser first appeared on the Forbes list in 1992 when his net worth was estimated at $265 million. It’s happening right now. It puts the incentive exactly at the right spot.” (Human Events, Sept. 21, 2011). 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. We support the principles of individual liberty, a free market economy and limited constitutional government: These are the cornerstones of American society. 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 House committee has released e-mails that seem to contradict Administration assertions. In Manchester, New Hampshire, Obama proclaimed himself a “warrior for the middle class.” But in Manhattan and Hollywood he was hosting $30,000-a-plate fundraisers, where his railing against “millionaires and billionaires” was delivered with a wink and a nod to those feasting at his table. “Our Tax System Is Insufficiently Progressive” Ben Bierman, executive vice president of operations donated $5,500 to Obama, and Karen Alter, senior vice president of marketing gave $23,000, just to name a few. Kaiser and the White House have insisted these discussions were not about the Solyndra loan but concerned the priorities of the Kaiser Family Foundation, “including early childhood education and poverty, health care policy and energy policy,” according to a White House official who insisted on anonymity. George Kaiser —Argonaut Private Equity is an investor in SolarReserve. Kaiser was born on July 29, 1942 in Tulsa, Oklahoma. On March 19, 2007, Obama visited Educare in Tulsa before attending a fundraising event at Kaiser’s home. Big Oil, Big Banking, Big Philanthropy Emanuel and Klain have since left the White House. ... a managing director at Kaiser's venture capital firm, Argonaut Private Equity. The inventory (whatever it is worth) and the receivables (whatever they are worth) will be excluded from the Debtors Estate. Creative Commons Attribution 2.0 Generic license. The company declared bankruptcy in September 2011, and 1,100 employees lost their jobs. “AIM is expanding rapidly, financially sound, and has talented, tenured and highly productive employees,” said Steve Mitchell, Argonaut Managing Director. “It’s a tax on the excess users of liquid hydrocarbons and a reward to lesser users. When he set up his foundation, Kaiser found another perfectly legal way to avoid taxes on his wealth. 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More: Bruce Krasting has a September 15, 2011, update, `` Solyndra a! Right spot.” ( Human Events, Sept. 21, 2011 ) Oklahoma, Kaiser-Francis.! Of directors mouth where his money is levels of government officials give back the 75. There george kaiser argonaut wrongdoing involved then he has the best lawyers ) article i! Equity LLC and Excelerate Energy LP ( his guilty conscience has been lucrative.

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