Soros linked to LightSquared Controversy

With one billionaire supporter of Obama linked to the Solyndra scandal, now there is another Obama supporter linked to the LightSquared problems. It seems clear why so many billionaires support big government because it provides all sorts of wealth transfers to them. From Fox News:

Billionaire financier and liberal activist George Soros has been financially linked to LightSquared, which is at the center of allegations that the White House pressured a Pentagon commander to change his prepared congressional testimony to benefit the Virginia-based telecom company that once received a $90,000 investment from President Obama.
LightSquared is seeking to establish a new wireless broadband network that many, including Air Force Gen. William Shelton, believe could interfere with critical GPS systems used by the U.S. military. But Shelton, head of Space Command, confided to lawmakers that he thought his testimony had been leaked to LightSquared, and that he had rejected requests from the White House to downplay his concerns.
The company is being funded by private equity titan Philip Falcone, the founder of Harbinger Capital Partners, a hedge fund that has counted Soros as a "significant" investor since 2009, according to The Wall Street Journal.
Soros also funds four groups that have lobbied on behalf of LightSquared in regulatory and policy fights. . . . .
A spokeswoman for Open Society Foundations did not respond to a request for comment. . . .

Also note how all this fits in with Obama's DOJ shutting down the AT&T - T-Mobile merger. Economist will tell you if competitors are upset about a merger, it is likely to be pro-competitive. If they are supportive, it is more likely that the reverse is true. In this case, Sprint is very upset about the merger. Yet, Obama's DOJ is stopping the merger. From Fox News:

Soros also funds four groups that have lobbied on behalf of LightSquared in regulatory and policy fights.
The Washington Examiner first reported this week that the Public Interest Spectrum Coalition, which includes the Soros-funded groups Free Press, Media Access Project, the New America Foundation and Public Knowledge, filed a petition with the Federal Communications Commission in April 2010 supporting Harbinger's attempt to become a national player in the wireless industry over the objections of AT&T and Verizon. . . . .

Note the claims over increased jobs by AT&T.

AT&T threw a wild card into the mix earlier this week. On the eve of the Justice Department suit, the company promised to return 5,000 call center jobs to the U.S., which had previously been outsourced abroad. The company also committed to maintaining the two companies’ existing call-center workforce of 25,000. . . .

Some more on Solyndra at Fox News:

Top executives from a bankrupt California solar energy company pleaded the Fifth Amendment more than a dozen times Friday in a congressional hearing that went nowhere but gave members the opportunity to pose dozens of questions about the loss of a half billion dollars in government loans.

Solyndra Inc. CEO Brian Harrison and the company's chief financial officer, Bill Stover, had notified the House Energy and Commerce Committee they were going to invoke their Fifth Amendment right to decline to testify to avoid self-incrimination.

That didn't mean lawmakers didn't have questions for the executives, leading to complaints from committee Democrats that House Republicans were badgering the witnesses.

The Supreme Court has ruled it's considered prosecutorial misconduct when the government calls witnesses with the flagrant intent of questioning them to invoke their Fifth Amendment, said Rep. Henry Waxman, D-Calif.

Oversight Subcommittee Chairman Cliff Stearns, who led the hearing, said that Democrats had agreed to the format ahead of time.

I agreed to the format. That doesn't mean I agreed to badgering the witnesses, said ranking committee member Diana DeGette, D-Colo.

Rep. Phil Gingrey, R-Ga., told Fox News that the members asked questions that they would have liked to have answers. But he said the executives used their Fifth Amendment rights becaise they feared their testimony would incriminate themselves. . . .

Labels: , , , ,


Post a Comment

<< Home