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By Orrin G. Hatch
Procedural changes impede the chamber's traditional deliberative function
Topic - Todd Zywicki
Fast running out of money, solar-panel maker Solyndra LLC last summer sold off nearly $60 million worth of inventory for less than $20 million in cash to a newly formed corporate entity closely tied to the company's biggest investors, records show.
Todd Zywicki and Joshua Wright’s claims (“Durbin’s Antitrust Fantasies,” June 18, 2010) about the payment card market and economic theory are incorrect. MasterCard and Visa compete for card issuers, not for consumers or merchants.
With the economy still teetering, Republicans and Democrats are engaged in a high-stakes game of blame fixing, all with an eye to preparing voters to pin the blame on the donkey - or elephant - before the next election.
"It could be a problem, however, if there were particular creditors who were benefited by converting the accounts/inventory to cash for some reason or if those assets were converted to cash for less than reasonably equivalent value."
But he said the inventory sales figure cited by Solyndra — $58.1 million in inventory for $17.5 million in cash — seems unusual.