Posted on 03/13/2012 10:19:07 AM PDT by mgist
George Soros, T. Boone Pickens, Kevin G. Douglas and companies under their control stand to reap the rewards of billions of taxpayer dollars in subsidies contained in a Democratic-sponsored measure set for a vote this week.
The legislation, authored by Sen. Robert Menendez (D-N.J.), would amend the much-ballyhooed highway bill to include the New Alternative Transportation to Give Americans Solutions act, or NATGAS act. The act would provide subsidies for individuals, corporations and public entities that purchase natural gas vehicles or build natural gas distribution facilities.
The act would subsidize three different enterprises controlled by Soros, Pickens and Douglas, who consistently rank among the most generous political donors, according to Federal Election Commission Records.
Moreover, HUMAN EVENTS has learned that one of these companies, Fuel Systems Solutions based in Santa Ana, Calif., has and continues to conduct business, through its foreign subsidiaries, with customers in Iran, according to the company’s U.S. Securities and Exchange Commission filings. The company acknowledges in those filings that tougher international economic sanctions levied in light of that nation’s civilian nuclear program may adversely affect its Iranian-based revenues in 2012, as such measures have in the past.
Douglas is a key shareholder in Fuel Systems, and he is the largest individual investor in Westport Innovations, a Vancouver, British Columbia, Canada-based supplier of natural gas engine systems and retrofit kits. Westport’s investors also include Soros Fund Management, an investment vehicle of the Soros family. Westport’s board previously included T. Boone Pickens, who currently owns Clean Energy Fuels Corporation, a Houston-based supplier of natural gas.
Fuel Systems, Westport and Clean Energy Fuels constitute what Robert Brown, a stock analyst with Craig-Hallum Capital in Minneapolis who specializes in the energy sector, referred to as “the big three” of the natural gas-powered automation arena in North America. The companies are all relatively small in terms of revenues and considered speculative as stock investments, but the NATGAS act would allow them to profit from their research, design and development.
Clean Energy Fuels supplies liquefied natural gas (LNG) and compressed natural gas (CNG), and specializes in the development of natural gas distribution platforms. Westport and Fuel Systems offer engine and fueling systems for vehicles that run on CNG, an alternative to gasoline, and LNG, an alternative to diesel.
Brown said that all three companies will profit handsomely on passage of the NATGAS act and that all three will be harmed should Congress scuttle the Menendez Amendment.
Pickens, Soros, Douglas fund NATGAS act proponents
The three investors and their affiliates are on record as financially supporting proponents of the NATGAS act, according to FEC reports. Douglas and his wife Michelle have contributed more than $130,000 to President Barack Obama, Democrats and Democratic super PACs since 2009, according to FEC records, including to Nat Gas act supporter Rep. Michael Capuano (D-Mass.).
Soros’ history of Democratic financial support is well known, such as $1.5 million to MoveOn.org from 2003 and 2004. In 2011, Soros gave $175,000 to the House Majority PAC and the Majority PAC, two super PACs whose donations have come mostly from American labor unions, according to FEC records. He has also given broadly to Democratic committees since 2009.
Pickens, his wife Madeleine and senior employees of Clean Energy Fuels have contributed more than $150,000 to politicians and committees that support the NATGAS act, according to FEC reports. Pickens and his wife gave $60,800 to House Representatives, including the act’s sponsor, Rep. John Sullivan (R-Okla.)
To Senate Majority Leader Harry Reid (D-Nev.) or related committees, the couple has given $20,800. To the Democratic Parties of New Mexico, Colorado and Nevada, all key states for the natural gas industry, the couple has given $30,000.
Clean Energy Fuels employees have given a combined $19,750 to congressional representatives who support the NATGAS act, and $10,500 to the Democratic Congressional Campaign Committee, according to a HUMAN EVENTS review of FEC reports. Clean Energy Fuels employees have also given $7,800 to Sen. Reid and $4,400 to Sen. Menendez.
Fuel Systems in Iran
Details regarding Fuel Systems’ business in Iran are available in the company’s Form 10-K filed March 8, 2012 for the year ended Dec. 31, 2011. The company’s investor relations spokesperson declined to comment on the companies operations in Iran and phone calls to the company’s corporate office were not returned as of Tuesday morning.
The SEC document, filed March 8, 2012 for the year ending Dec. 31, 2011, contains the following:
Some of our foreign subsidiaries have done, and may continue to do, business in countries subject to U.S. sanctions and embargoes, including Iran.
Some of our foreign subsidiaries sell fuel delivery systems, related parts and accessories to customers in Iran, a country currently subject to sanctions and embargoes imposed by the U.S. government, the European Union (“EU”), the United Nations, and other countries. In addition to Iran, there are other countries that are also subject to sanctions. These sanctions are complex. We believe we have procedures in place to conduct U.S. and foreign operations without violating U.S., EU, or other sanctions. However, if we fail to comply with U.S. sanctions, EU sanctions or other sanctions in our foreign operations, we could be subject to material fines and penalties and incur damage to our reputation, which may lead to a reduction in the market price of our common stock.
In addition, our foreign subsidiaries’ sales to Iran could reduce demand for our common stock among certain of our investors for political reasons.
Recent Iranian sanction laws and regulations have adversely affected our revenues and may cause us other adverse consequences.
In June 2010, the United Nations Security Council by Resolution voted to impose a new and expanded round of sanctions against Iran. In July 2010, the European Union implemented the UN Resolution. On July 1, 2010, President Obama signed into law the new Comprehensive Iran Sanctions and Accountability and Divestment Act of 2010 (the “CISADA”). In November 2011, President Obama signed Executive Order 13590 imposing broad sanctions similar to those included within the CISADA and which expressly apply to any individual or entity (whether or not a U.S. person). In January 2012, the EU expanded its sanctions against Iran. The expanded round of laws and regulations imposing sanctions on Iran has not significantly impacted our revenues derived from this country. We can offer no assurance that any further expansion of Iranian sanctions will not further adversely affect our revenues and cause us other adverse consequences.
OMG, another bill to subsidize a “I like to screw myself into nonworkable and unprofessional solutions company”.
If the highway bill doesn’t pass, get extended or whatever, the gas tax goes away on March 31st.
Just let it go, congressmen and senators. You’ll be heroes! But they love the revenue.
EFFEMALL
They are the sluts and whores of the rich.
Looks kinda light in those loafers.
Gotta give them credit for getting their money’s worth. Soros must drive Obama nuts!!!! Some insider said “Obama acts as though he doesn’t like people”, I guarantee his indebtedness to Soros, was like selling his soul to the devil. He’s got soldiers in Uganda for Soros! How many times has Obama been called out for Tarp money going to Soros’ beneficiaries? Still, Obama continues to push the envelope of corruption to another level despite being outed. Obama is being informally extorted by these creeps, and he’s pimping out our country’s rear end in the process.
Or, if you prefer, buy stock in Petrobras
This can ONLY happen IF the (republican controlled) House of Representatives pass this legislation..
Follow the $$$$.
Soros really should invest in “Soros Again In 2012” bumper stickers. There’s plenty out there who’d buy them hook, line and sinker.
And how many Dems? At one time severals years ago Pelosi owned stock in Clean Energy Fuels
Maybe we should merge with Brazil or something..
The rich getting richer.. or more mass manipulation of public funds for private enterprises?
I like Pickens, he’s more a ‘natural’ kind of guy than Soros who out and out just reeks .. O’s puppermaster.
much corruption in D.C.
As long as they list it in the disclosure forms, there is nothing illegal or corrupt about owning stock.
Someone please post it - I do not have time to do so right now: meeting - but it is important to contact people about it I believe.
You can read the amendment by going to http://thomas.loc.gov/cgi-bin/bdquery/z?d112:sp1589: then striking the link after: TEXT OF AMENDMENT AS SUBMITTED: CR S645-646 - and doing a quick text search within that page for the amendment number 1589 - it is about one third of the way down the page. I phoned DeMint’s office to confirm it does eliminate ethanol subsidies. It does NOT appear to eliminate ethanol requirements, and I consider that to be a mistake since those requirements are driving up the cost of corn and other grains.
Thanks to whoever posts the DC article, and feel free to repost the followup paragraph (caution -the link must include the final colon and FR's parser may not handle it right without some care).
Insider trading (owning stock) can be illegal or legal..
But its still corrupt.. sneaky... and parasitical.
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