Failed Democratic presidential nominee Sen. John Kerry’s (D., Mass.) long history of ethically dubious investments could invite controversy as he takes on a new role as a “top surrogate” for President Obama’s reelection campaign.This is what you get when Washington gets to pick the winners and losers instead of the free markets,corruption.
Kerry’s net worth as listed on his 2011 financial disclosure form is at least $193 million and likely much higher, making him the wealthiest member of the Senate. He is also a prolific investor, maintaining an array of stocks and other holdings through a mix of family trusts, marital trusts, and commingled fund accounts with his wife, Big Ketchup baroness Teresa Heinz.
The five-term Senator has a well-documented history of investing in companies that would benefit from policies he supports, as well as making conveniently timed and highly profitable trades coinciding with the passage of major legislation and, in some cases, the dissemination of privileged information.
For years, Kerry has invested millions in a number of green energy companies that have benefitted from the president’s efforts to aggressively subsidize the industry with taxpayer dollars.
These companies include Exelon, which received a $646 million taxpayer-guaranteed loan in 2011 to build a solar facility in California and created only 20 permanent jobs, as well as Fisker Automotive, the fledgling electric car company that offshored its manufacturing operation to Finland after receiving a $529 million federal loan guarantee in 2010.
The loan guarantees, approved by the Department of Energy, were made possible by funding allocated in the 2009 stimulus bill, which Kerry supported. According to Kerry’s own office, the Senator “played a key role” in crafting the portions of the legislation designed to offer federal support for green energy projects.
Friday, May 4, 2012
Crony Capitalist John Kerry
From The Washington Free Beacon: