Hacker News new | past | comments | ask | show | jobs | submit login
Billion-Dollar DC Solar Ponzi That Hooked Warren Buffett and the U.S. Treasury (theatlantic.com)
2 points by nabla9 7 months ago | hide | past | favorite | 2 comments



Here’s the scam:

>Corporations could decide how much they wanted to save in taxes, then—through an investment fund created just for them—buy exactly the number of generators to achieve that figure. All they’d have to put down was 30 percent of the generators’ price—the exact amount they could deduct, dollar for dollar, from their federal tax returns through the investment tax credit. DC Solar would not only loan buyers the other 70 percent; it would pay it back for them, with the money it made leasing out generators on their behalf.





Consider applying for YC's Spring batch! Applications are open till Feb 11.

Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: