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Obama And Soros Invested In LightSquared

Some dot connecting from a columnist for the Washington Examiner:

Soros turns up in Obama’s LightSquared imbroglio

By Timothy P. Carney, Senior Political Columnist
September 21, 2011

As Republican lawmakers begin to dig into the White House’s cozy relationship with a startup wireless company and the wealthy Democratic donor who owns it, a new character has appeared on the story’s edges: liberal superdonor, conservative bete noire and controversial investor George Soros.

Soros reportedly invested in the telecom company LightSquared through a hedge fund, and many of the nonprofits he finances have backed LightSquared in regulatory and policy disputes…

LightSquared wants to compete with AT&T, Verizon and Sprint to provide mobile broadband

Harbinger Capital Partners, a hedge fund run by billionaire financier Philip Falcone, owns LightSquared, and deftly steered the company through some tricky regulatory waters (with would-be competitors AT&T and Verizon fighting him along the way) to get preliminary approval for its plan to start a high-speed broadband wireless network…

Gee, we wonder if concern for LightSquared might have caused the Department Of Justice to put the kibosh on the AT&T and T-Mobile merger? Which seems to have surprised the industry analysts. (But of course such things would never happen in this administration.)

Emails have surfaced showing LightSquared executives discussing donations to Obama’s campaign in policy conversations with White House officials.

Finally, there’s the eye-catching detail that another Obama donor, George Haywood, steered then-Sen. Obama to invest $90,000 in the company (then named SkyTerra) back in 2005.

In fact, according to a March 8, 2007 article in the New York Times: "Records show that [Obama’s] SkyTerra shares were bought the same day a ruling by the Federal Communications Commission supported the company’s effort to create a nationwide wireless network and caused a temporary spike in its stock price."

But that is probably just a coincidence. And, for the record, the New York Times article goes on to assure us that there was no conflict of interest. And Mr. Obama himself claims he sold the stock later at a loss.

LightSquared’s main lobbying firm is owned by Norman Brownstein, a major fundraiser for Obama’s 2008 nominating convention

In the LightSquared affair, Soros shows up repeatedly.

First, Soros is reportedly an investor in LightSquared. The Wall Street Journal reported in November 2010: "In 2009, while some investors were asking for withdrawals, others were lining up to put money into Harbinger. They included Soros Fund Management, which during the past year became a significant new investor, say people familiar with the matter." …

By the way, this is such an insignificant detail, the Wall Street Journal didn’t even mention it until the final paragraph of their article about an SEC probe of LightSquared.

Additionally, the telecom- and tech-related liberal nonprofits Soros funds have gone to bat for LightSquared in its various policy fights. In April 2010, the Public Interest Spectrum Coalition filed a petition with the Federal Communications Commission backing Harbinger’s business plans and met with an FCC commissioner on the matter. Four groups that belong to that coalition received six-figure gifts from Soros’ Open Society Institute the year before.

Six months later, those four Soros-funded groups — Free Press, Media Access Project, the New America Foundation, and Public Knowledge — filed a joint comment backing LightSquared in a related regulatory matter

More coincidence. Why is everyone so cynical? Mr. Soros would never use front groups to lobby for something that he wanted. (Cf. his efforts to legalize marijuana.)

This article was posted by Steve on Thursday, September 22nd, 2011. Comments are currently closed.

6 Responses to “Obama And Soros Invested In LightSquared”

  1. mr_bill says:

    Martha Stewart went to prison for a lot less than this.

    • Enthalpy says:

      Yes, mr_bill, but Martha is a rank amateur compared to George Soros. Soros’ fingerprints are all over much of our economic cataclysm.

  2. P. Aaron says:

    Fools & other people’s money always seems to end badly…for the taxpayer.

  3. River0 says:

    Obummer and his administration will do the seemingly impossible, making Watergate look like small potatoes. Richard Nixon at his worst was amateurish compared to these corruptocrats.

    We’ll be working for the rest of our lives to repair the damage – economic and spiritual – that these so-called ‘progressives’ have wrought.

    • Petronius says:

      River0 : “We’ll be working for the rest of our lives to repair the damage — economic and spiritual….”

      I’m afraid you are probably right.

      In the 2012 election there is a “last chance” opportunity to change direction and put America on the right course.

      But the question is, What shape will America be in one year from now? We are heading down hill fast … but how much further down can we drop?

      The destruction that is taking place is historic. The destruction of economic resources, of wealth, of human capital, of investment capital, of markets, of the currency, of business confidence, of consumer confidence.

      There is also a tremendous loss of confidence in the US government.

      For decades the Progressives have led us to believe that governments can solve all problems. But now people are losing faith in the ability of government to solve anything. Instead we see government making problems worse, and creating new problems where none previously existed.

      The White House still sees the government as a weapon to smack down the private sector.

      But outside of the Washington Beltway there are millions of Americans who are permanently scarred by long-term unemployment.

      There are millions of people who have been unemployed so long that they have lost their skills.

      There are millions of middle age workers forced into early retirement without adequate savings and resources.

      There are millions of college graduates and other young people who are unable to kick-start their careers for want of opportunity, and who end up competing with immigrants and illegal aliens for low skill jobs.

      And there are millions of seniors who find themselves facing poverty and Medicare cuts in their old age.

      Saul Alinsky –– watching from his front seat in Hell –– must be truly proud of his disciple. For he is killing the Engine of the World.

  4. sticks says:

    Our founding fathers put little confidence in government, they had seen what goverments could do, yet the French revolution had warned them of what an ungoverned people could do.
    It would seem that they viewed goverment as a necessary evil to keep the peace and protect the rights of the individual, yet there is nothing that corrupt people cannot corrupt, government, religion or any other device of human civilization. Government cannot change people and therefore cannot save us from ourselves our founding fathers knew this so they formed a country where a man would be free to worship God the best he was able. These days we have thrown God out of goverment, schools, home and our time, and our country is going to hell in a handbasket. God does not go where He is not wanted.
    The complete absense of God is the definition of Hell

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