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Adventures in Crony Capitalism

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Howey
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« on: December 11, 2011, 09:33:06 am »

Lightsquared.  Heard of it?

First, the White House pressured a 4 star General to change his testimony to favor a satellite internet  provider that the Pentagon is worried could interfere with GPS.

http://www.thedailybeast.com/articles/2011/09/15/lightsquared-did-white-house-pressure-general-shelton-to-help-donor.html

Why was this company so important to the White House?  The largest investor in the company is a fund ran by a Democratic contributor,  Philip Falcone.  Among other well connected Democrats, even Obama was an early investor in the company.

http://www.huffingtonpost.com/the-center-for-public-integrity/politically-connected-lig_b_902421.html

And the Pentagon was right.  A test showed the satellite system did result in a 75% disruption of GPS.

http://www.businessweek.com/news/2011-12-09/falcone-s-lightsquared-said-to-disrupt-75-of-gps-in-tests.html

Business as usual...



hmmmm....

Quote
“the size and scope of LightSquared’s network, including the number of towers it would be allowed to construct and the allowable power levels, were approved back on February 25, 2005 – under the Bush Administration.”

Double hmmmm....

Quote
The Federal Election Commission has no record of Phil Falcone, a registered Republican, nor LightSquared Chairman and CEO Sanjiv Ahuja of having ever contributed to President Obama’s political campaigns.

Triple hmmmm....
 
Quote
Among the issues being raised is if political contributors received favorable treatment by the Obama administration. Since 2007, a key investor in LightSquared, Philip Falcone, has donated $85,500 to Republicans and $50,500 to Democrats.


Quadruple hmmm....

Quote
Multiple media sources have reported that an Air Force General claimed that he had received political pressure to change his testimony regarding the negative effects of LightSquared technology. However, the General's spokesperson has denied there was any improper influence and has refuted those media reports by stating that the General's testimony was reviewed appropriately by the Office of the Secretary of Defense and other executive agencies via the established OMB (Office of Management and Budget) process.

Conclusion:

Hmmm...you guys are really pissed Solyndra didn't "stick", aren't ya?
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