From Bloomberg: Gore Is Romney-Rich With $200 Million After Bush Defeat
In 1999, Al Gore…had a net worth of about $1.7 million…In January, the Current TV network, which he helped to start in 2004, was sold to Qatari-owned Al Jazeera Satellite Network for about $500 million [of which Gore] grossed an estimated $70 million…
Two weeks later, Gore exercised options, at $7.48 a share, on 59,000 shares of Apple Inc. stock…about a $30 million payday…
How Gore achieved this is as much about timing and luck as it is about business skills. His Apple board tenure has coincided with a 5,900 percent increase in its stock price. Current TV was a moribund “fixer-upper” when Al Jazeera stepped in to buy it at “a huge valuation,”…
Gore also had his share of flubs, most of them in his efforts at green-tech investing…
The article goes on to report praise of Gore – from people who likely got money or power by being connected with him. And to give numerous examples of Gore making money from, in essence, being well-connected. Here is one pair:
After losing to Bush [in 2000], he had enough wealth by March 2008 to put $35 million into hedge funds and private partnerships through Capricorn Investment Group…founded by his buddy, Canadian billionaire Jeffrey Skoll…
By the time of the Capricorn investment, he was already starting to rake in cash from Generation Investment Management – – a fund that incorporates “sustainability” into its investment approach. [ed: I read that as government “green” subsidies] Gore co-founded GIM in 2004 with former Goldman Sachs Group Inc. Managing Director David W. Blood. [ed: Goldman-Sachs are top Obama donors]
Public filings show that in 2008 through 2011 London-based GIM racked up almost 140 million pounds ($218 million) in profits to be split among its 26 partners.
There are more examples; you can read the whole thing. What I find interesting is:
- The latest confirmation that, actually, Democrats are the party of the super-rich.
- The Gore-Romney contrast; how each man got rich. Romney did it by adding to the economy’s productive power. Gore did it by exploiting his connections to the American government’s power and largesse, and also by pandering to the prejudices of various anti-Americans.
The article ends on one of those “Did they intend the irony, or not?” notes:
Gore said in a May 1 interview with Bloomberg Television that American democracy has been “hacked” by the influence of money in politics…
 Hat tip Zero Hedge.
 Romney seems to have both killed bad companies / bad jobs, and built good companies / good new jobs. Both are economically helpful and, as such, morally positive.
 In the Current TV / al Jazeera example, Gore pandered to some anti-Americans who happen to hate oil, then sold out to some others who love it and are oil-rich. al Jazeera was founded from Qatari and Saudi oil money.
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