Crony Capitalism & Obamanomics
About: lightsquared: did white house pressure general shelton to help donor? - the daily beast



Tags
- crony capitalism
- obamanomics
- venture socialism
Comments


Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency.




Warren Buffett’s stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
Buffett invested $5 billion in Bank of America (BofA) on Aug. 25, 2011. As part of his investment deal, Buffett gained warrants that allow him to buy 700 million shares of Bank of America stock at a strike price of $7.14 a share. However, on Dec. 19, 2011, it was reported that Buffett was $1.5 billion underwater on his stock warrants, with shares of BofA stock trading at $4.94. But on Thursday, after President Obama personally announced the details of the settlement, BofA stock closed at $8.13 a share. The stock opened Friday morning at $8.31 and reached as high as $8.35 a share.






source: bloomberg.com
Well Buffitt made a wise investment that paid off. At the time nobody else would step forward. Apparently it was a good outcome for the bank ... and a excellent outcome for the taxpayers who didn't need to bail it out. American capital working as it should.
The stock had been on it's way up since November of last year, had already exceeded Buffits strike level in late October, and when the court ruled against the bank in the lawsuit filed by several states (not the Obama administration), the stock rose again, as stocks usually do when law suits are settled. At that time Buffitt could have exercised his warrents already several times. Obama's "personal announcement" had absolutely nothing to do with the stock rise. To suggest any collusion between him and Buffett in this case is disingenuous and ludicrous.

... not really ... that is what a stock trader does, buy low, and sell high. In this case he was in a position to save the company.

................................

... so very strange now how hack sites like the so called beacon cast dispersions at him, begrudging his profit, in some misdirected attempt to defame a president.
Hey, i got an idea that explains it. What if the beacon was another onion.





A123 Systems, an electric car battery company once touted as a stimulus "success story" by former Gov. Jennifer Granhom, D-Mich., has laid off 125 employees since receiving $390 million in government subsidies -- but is still handing out big pay raises to company executives.

The amendment to the highway bill required 60 votes to pass but was defeated 51 yeas to 47 nays.



The guys who are responsible for the company on their website:





The guys who are responsible for the company on their website:


The Hollywood studio run by one of President Obama’s biggest donors is under investigation by the Securities Exchange Commission for bribing Chinese officials to secure exclusive film rights in the communist country—rights secured in secretive negotiations that included Vice President Joe Biden.
The SEC is investigating at least five Hollywood studios—including 20th Century Fox, Disney, and DreamWorks Animation—for allegedly making illegal payments to Chinese officials, Reuters reported Tuesday.
DreamWorks Animation CEO Jeffrey Katzenberg is the largest donor to the Obama reelection super PAC Priorities USA.
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