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Al Gore: Romney-rich

From Bloomberg[1]: 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[2]. 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.[3]


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…

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[1] Hat tip Zero Hedge.
[2] 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.
[3] 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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16 Comments

  1. Doesn’t this put Al Bore firmly into the ranks of the evil “1%?”

    Comment by Bastiat Fan — May 6, 2013 @ 12:26 pm - May 6, 2013

  2. Honestly? You’re looking for intellectual honesty and consistency from a den of vipers.

    I’ve read this phrase (paraphrased) a lot, and it seems sadly accurate;

    “Whatever the Democrats attack others for, they are doing themselves.”

    Obama calls Romney a liar, lets his campaign very strongly imply the man gave a woman cancer, and then talks about how the Republicans are running a negative campaign.

    See, when they talk about Action X being bad, or Situation Y, it never applies to them. The unspoken segment is that OTHERS cannot be trusted. Democrats know better than the rest of us. The facts do not apply to them.

    It’s why, to be both a bit snarky and to invoke gallows humor, the Democrats can accuse the Republicans of waging a war on women in which the Dems have the only confirmed kill (Ted Kennedy).

    Obama pays the female members of his staff less. The Democrats fight tooth and nail to keep abortion clinics from having to meet the same standards of hygiene as other businesses that deal in public health, even in a limited fashion. And yet it is somehow the REPUBLICANS waging this war on women.

    The Dems scream about Clinton being piled on during earlier Benghazi hearings, and about how poor Susan Rice was attacked for her false talking points, and yet they insist on equality.

    Apparently equality doesn’t mean being equal, as I foolishly assumed. It seems to mean a Sex (as in gender) Card equal in power to the Race Card.

    Well, except for CONSERVATIVE women, of course. Palin, Mrs. Romney, Condi Rice, Mia Love — all horribly treated, and yet total silence from the Left — that same Left who insists the Republicans are the ones waging that War on Women …

    No, Gore being rich isn’t an issue to them. Romney being rich? Totally different. Kind of like the Debt Ceiling thing Senator Obama was against raising, but President Obama? He loves him some Debt Ceiling increases!

    No, whenever Obama or his ilk are decrying something, they are likely already doing it themselves.

    Thanks for posting!

    Comment by acethepug — May 6, 2013 @ 12:34 pm - May 6, 2013

  3. In a similar way, I don’t understand why it’s BAD for US companies to outsource American jobs by opening operations in foreign countries, but it’s GOOD to import cheap foreign laborers via illegal immigration to take American jobs.

    Comment by V the K — May 6, 2013 @ 12:37 pm - May 6, 2013

  4. Hardly a new phenomena;
    – How did Rahm Emmanuel make millions in the few years he was with “private equity” after he left the Clinton White House? Not bad for a guy who’s earlier claim to fame was taking ballet-classes with Chelsea Clinton back in Little Rock. Access?
    – And speaking of Chelsea Clinton. How did she and her husband buy a $10-Million-dollar home-in-the-sky in Manhattan a few month’s ago. I didn’t know that being and intern at NBC paid that well. And how did she get jobs with McKinsey & Company, Avenue Capital Group, New York University? And her sinecure board memberships with the School of American Ballet, Clinton Health Access Initiative, Clinton Foundation, Clinton Global Initiative, Common Sense Media, Shakespeare Theatre Company, Weill Cornell Medical College and IAC/InterActiveCorp? That’s a lot of Director’s fees…

    Comment by Ted B. (Charging Rhino) — May 6, 2013 @ 12:45 pm - May 6, 2013

  5. Yikes, comments were closed for a few minutes. Don’t know how that happened. They should be back open, now.

    Comment by ILoveCapitalism — May 6, 2013 @ 1:29 pm - May 6, 2013

  6. Al Gore, George Soros, Warren Buffet, Bill Gates, Oprah, Jay-zee, Beyonce, Babs Streisand, Harvey Weinstein, Bill and Hill Clinton, any Kennedy, etc., etc. are the “good” one percenters. They are rich, but it’s not their fault! Plus they do good things with their money with all their non-profit organizations for the childrens. Romney, The Koch Brothers, the Bush Family, Dick Cheney, anyone with an “R” after their name, are the evil 1 percenters who stole their ill gotten wealth off the backs of the poor and by enslaving minorities, gays and womyns while starving children and pregnant womyns. Because Halliburton and oil for blood! Can’t you wing nuts see the difference?

    Comment by runningrn — May 6, 2013 @ 6:17 pm - May 6, 2013

  7. Romney rich? If the government had ever been able to go far enough left to enforce the green agenda the way they want he’d be rich enough to call Bill Gates a piker.
    With money taken from the public at the point of a government gun.
    That’s what all his hysteria is about. He sees the chance for that money slipping away with more and more people seeing the AGW scare for the scam it is.

    Comment by Bill G — May 6, 2013 @ 6:21 pm - May 6, 2013

  8. “Romney-rich” looks like this.

    I don’t have a link to equivalent “Gore-rich” as I doubt a stuffed shirt qualifies.

    Comment by heliotrope — May 6, 2013 @ 10:15 pm - May 6, 2013

  9. heliotrope, so true!

    Comment by ILoveCapitalism — May 7, 2013 @ 12:41 am - May 7, 2013

  10. When I brought this up with a liberal colleague a few years ago, pointing out that despite Gore’s green rhetoric, he has a huge mansion, limousine, and flies around in private jets, he said, “Well, he should be able to get some money for what he does.”

    Comment by Paul — May 7, 2013 @ 1:18 am - May 7, 2013

  11. Oh good! His taxes just might make a dent in the deficit. I just hope that Obama is planning to spend the taxes that Gore will have to pay, unless the money has been squirreled away in an offshore account.

    Comment by Roberto — May 7, 2013 @ 2:04 pm - May 7, 2013

  12. …When I brought this up with a liberal colleague a few years ago, pointing out that despite Gore’s green rhetoric, he has a huge mansion, limousine, and flies around in private jets, he said, “Well, he should be able to get some money for what he does.”

    “I am Elmer J. Fudd, millionaire. I own a mansion and a yacht,”

    Comment by Ted B. (Charging Rhino) — May 7, 2013 @ 2:12 pm - May 7, 2013

  13. “I am Elmer J. Fudd, millionaire. I own a mansion and a yacht,”

    Comment by Ted B. (Charging Rhino) — May 7, 2013 @ 2:12 pm
    ROFLMAO!

    ***Thread Winner***

    Comment by Jman1961 — May 7, 2013 @ 4:16 pm - May 7, 2013

  14. Algore needs to remember the words of his president: “At some point, you’ve made enough money.”

    Checkmate.

    Regards,
    Peter H.

    Comment by Peter Hughes — May 7, 2013 @ 10:34 pm - May 7, 2013

  15. I’m starting to prefer al-Gore. (Rhymes with al-Jazeera, etc. Well, not really.)

    Comment by ILoveCapitalism — May 7, 2013 @ 10:39 pm - May 7, 2013

  16. Well, if you recall, Romney made his money creating jobs. Al-Gore made his money creating hysteria.

    Gore reportedly said: “There is no such thing as ethical oil.”

    Maybe, except for the $300 million worth of oil sold in order for al-Jazeera to buy his Current TV network.

    Hypocrisy, thy name is liberalism.

    Regards,
    Peter H.

    Comment by Peter Hughes — May 9, 2013 @ 11:36 am - May 9, 2013

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