By Editor-in-Chief on November 21, 2012
This is a lesson on how the major media can slant facts and give them new meaning. In 2001, Al Gore was worth less than $2 million. Now, in 2012, it’s estimated he’s locked up a nice neat $100 million. How did he do it? He can thank the liberal media.
Gore invested in 14 green companies, who were the recipients — via loans, grants and tax relief — somewhere in the neighborhood of $2.5 billion from the Federal government to go greener. Therefore, Gore’s investments paid off, because the Federal government was providing massive cash backup to those companies. It’s nice to have Federal friends in high places.
For example, Gore’s investment firm at one point held 4.2 million shares of an outfit called Iberdrola Renovables, which was building 20 wind farms across the United States.
Iberdrola was blessed with $1.5 billion from the Federal government for the work which, by its own admission, saved its corporate financial bacon. Every little bit helps.
Then there was a company called Johnson Controls. It makes batteries, including those for electric cars. Gore’s investment company, Generation Investment Management, doubled its holdings in Johnson Controls in 2008, when shares cost as little $9 a share. GIM sold when shares cost $21 to $26 — before the market for electric-car batteries fell on its head.
For a while, the going was good. To make it go good, Johnson Controls had been bolstered by $299 million dropped at its doorstep by the Administration of President Barack Obama.