The Latest Beneficiary of Obama’s Crony Capitalism: George Soros

In a post last week, I noted that one of Obama’s favorite billionaires, Warren Buffett, stood to make a boat load of money from Obama’s inexplicable decision to reject the Keystone XL Pipeline.  As it turns out, Buffett isn’t the only one of Obama’s billionaire cronies who stands to make a fortune from Obama’s so-called “energy policies”.  Via the Heritage Foundation:

George Soros, a billionaire investor and major backer of President Obama, stands to reap a windfall from legislation promoting natural gas-powered vehicles. The White House unveiled a proposal on Thursday that would do just that.

The proposal would offer incentives for companies to buy and use trucks powered by natural gas. Obama announced the effort at a UPS facility in Las Vegas that received stimulus funding to buy natural gas vehicles and build a fueling station for them.

The proposal is remarkably similar to the New Alternative Transportation to Give Americans Solutions (NAT GAS) Act.

One company that stands to benefit handsomely from the president’s proposal is Westport Innovations. The company converts diesel engines to be fueled by natural gas. Wall Street analysts predicted a boom for the company if the NAT GAS Act were passed. CNBC analyst Jim Cramer said he “expects shares to absolutely explode” in the event the legislation were to pass.

If Westport reaps the predicted windfall, one of the chief beneficiaries will be George Soros, a major Obama donor and supporter. Soros’s hedge fund holds 3,160,063 company shares (as of its last SEC filing).

As with Buffett’s windfall, I’m sure this is all perfectly innocent. Far be it from me to accuse the President, who suddenly claims to be concerned with crony capitalism on Capitol Hill, of practicing it himself in the White House.  Soros, you may recall, also benefitted handsomely from Obama’s decision to lend Brazil’s state-owned oil company, Petrobas, a couple billion dollars to develop Brazilian energy resources.  Another coincidence, I’m sure. Move along…nothing to see here.

 



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