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The NYT Notices Al Gore’s Profiteering!

Buried in the ‘Energy & Environment’ section of the New York Times:

Gore’s Dual Role: Advocate and Investor


November 3, 2009

WASHINGTON — Former Vice President Al Gore thought he had spotted a winner last year when a small California firm sought financing for an energy-saving technology from the venture capital firm where Mr. Gore is a partner.

The company, Silver Spring Networks, produces hardware and software to make the electricity grid more efficient. It came to Mr. Gore’s firm, Kleiner Perkins Caufield & Byers, one of Silicon Valley’s top venture capital providers, looking for $75 million to expand its partnerships with utilities seeking to install millions of so-called smart meters in homes and businesses.

Mr. Gore and his partners decided to back the company, and in gratitude Silver Spring retained him and John Doerr, another Kleiner Perkins partner, as unpaid corporate advisers.

The deal appeared to pay off in a big way last week, when the Energy Department announced $3.4 billion in smart grid grants. Of the total, more than $560 million went to utilities with which Silver Spring has contracts. Kleiner Perkins and its partners, including Mr. Gore, could recoup their investment many times over in coming years.

Silver Spring Networks is a foot soldier in the global green energy revolution Mr. Gore hopes to lead. Few people have been as vocal about the urgency of global warming and the need to reinvent the way the world produces and consumes energy. And few have put as much money behind their advocacy as Mr. Gore and are as well positioned to profit from this green transformation, if and when it comes.

Critics, mostly on the political right and among global warming skeptics, say Mr. Gore is poised to become the world’s first “carbon billionaire,” profiteering from government policies he supports that would direct billions of dollars to the business ventures he has invested in.

Representative Marsha Blackburn, Republican of Tennessee, asserted at a hearing this year that Mr. Gore stood to benefit personally from the energy and climate policies he was urging Congress to adopt.

Mr. Gore says that he is simply putting his money where his mouth is.

“Do you think there is something wrong with being active in business in this country?” Mr. Gore said. “I am proud of it. I am proud of it.”

In an e-mail message this week, he said his investment activities were consistent with his public advocacy over decades…

Other public figures, like Speaker Nancy Pelosi and Robert F. Kennedy Jr., who have vocally supported government financing of energy-saving technologies, have investments in alternative energy ventures…

As a private citizen, Mr. Gore does not have to disclose his income or assets, as he did in his years in Congress and the White House. When he left government in early 2001, he listed assets of less than $2 million, including homes in suburban Washington and in Tennessee.

Since then, his net worth has skyrocketed, helped by timely investments in Apple and Google, profits from books and his movie, and scores of speeches for which he can be paid more than $100,000, although he often speaks at no charge.

He is a founder of Generation Investment Management, based in London and run by David Blood, a former head of Goldman Sachs Asset Management (the firm was quickly dubbed Blood and Gore). Mr. Gore earns a partner’s salary at Kleiner Perkins. He has substantial personal finances invested at both firms, officials of the companies said…

Mr. Gore’s spokeswoman would not give a figure for his current net worth, but the scale of his wealth is evident in a single investment of $35 million in Capricorn Investment Group, a private equity fund started by his friend Jeffrey Skoll, the first president of eBay…

He has a stake in the world’s pre-eminent carbon credit trading market and in an array of companies in bio-fuels, sustainable fish farming, electric vehicles and solar power.

Capricorn holds a major stake in Falcon Waterfree Technologies, the world’s leading maker of waterless urinals. Generation has holdings in Ausra, a solar energy company based in California, and Camco, a British firm that develops carbon dioxide emissions reduction projects. Kleiner Perkins has a green ventures fund with nearly $1 billion invested in renewable energy and efficiency concerns…

Mr. Gore is not a lobbyist, and he has never asked Congress or the administration for an earmark or policy decision that would directly benefit one of his investments. But he has been a tireless advocate for policies that would move the country away from the use of coal and oil, and he has begun a $300 million campaign to end the use of fossil fuels in electricity production in 10 years…

Mr. Gore, who shared the 2007 Nobel Peace Prize for his climate advocacy, is generally received on Capitol Hill as something of an oracle, at least by Democrats…

How could anything having to do with saving Mother Earth be corrupt?

As for Mr. Gore being an “oracle.”

Lest we forget the most famous of oracle of all, the Oracle Of Delphi was also a money making scam that made its scam artists priestesses rich for spouting meaningless gibberish.

Mr. Gore is not a lobbyist, and he has never asked Congress or the administration for an earmark or policy decision that would directly benefit one of his investments.

By the way, in what sense of the word is Mr. Gore not a lobbyist?

This article was posted by Steve on Tuesday, November 3rd, 2009. Comments are currently closed.

5 Responses to “The NYT Notices Al Gore’s Profiteering!”

  1. canary says:

    Gore calls capitalism from grants, business. Spread the wealth Gore.

  2. Liberals Demise says:

    He is just trying to market the “PET” Green Energy lobbyist market before it waivers and follows the Pet Rock and Ronco “Pocket Fisherman”.

    Only he’s a fat, smug, slug about it.

  3. proreason says:

    “Do you think there is something wrong with being active in business in this country?” Mr. Gore said. “I am proud of it. I am proud of it.”


    The “business” you are active in is a scam.

    And you, Mr Gore, are a scam artist.

    No better or worse than Bernie Madoff.

    • TwilightZoned says:

      Absolutely, Pro. This is exactly
      how ‘ol Al went from a net worth of
      2 million to 100 million since he began
      the global warming scam about 8 years ago.
      Nice little return, wouldn’t you say?! It’s
      shameful how many others will line their
      pockets off the backs of the taxpayers with
      this flim flam. Global warming for global

  4. Chuckk says:

    A cult leader getting rich on the backs of his followers. Unheard of!!!

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