George Soros, Crony Capitalist Coal Magnate

Steve Milloy believes there is more to Obama’s devastating War on Coal than malice and moonbattery. In addition to punishing his enemies, Obama could be helping his friends:

I predicted in this column last week that the left wasn’t going to kill off the coal industry so much as it was going to steal it. That prediction is already becoming true courtesy of billionaire George Soros.

U.S. Securities and Exchange Act filings indicate that Soros has purchased an initial 1 million shares of Peabody Energy and 553,200 shares of Arch Coal, the two largest publicly traded U.S. coal companies. As pointed out last week, both companies have been driven perilously close to bankruptcy by the combination of President Obama’s “war on coal” and inexpensive natural gas brought on by the hydrofracturing revolution.

Under the hypothesis that not even socialists would leave trillions of dollars worth of a perfectly safe and clean energy source in the ground for the sake of the imaginary “climate crisis,” I posited that once the existing coal industry ownership was wiped out by President Obama’s regulatory onslaught, a new politically correct ownership would rehabilitate the fuel by contributing to Democrats.

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Enter George Soros, a hardball investor and philanthropist to myriad left-wing causes, including the activist and “clean energy” rent-seeking movements that have helped take down the coal industry. In 2009, for example, Soros announced he would spend $1 billion in “clean energy” technology and create a San Francisco-based advocacy organization called the Climate Policy Initiative.

Less than a year ago the Soros’ Climate Policy Initiative issued a major report concluding that the world could save $1.8 trillion over the next two decades by transitioning away from coal. The report referred to coal reserves as “stranded assets” that were losing value as they were no longer needed.

What a difference a few months makes, especially when those months have seen coal company stocks fall to fire sale prices.

Despite the rhetoric coming from Obama and his EPA, coal isn’t going anywhere. Worldwide it is the fastest growing fuel. But don’t jump just yet into the coal stocks Obama has been sinking…

Although Obama’s great coal train robbery will likely be completed in the next couple years or so, none of this should be taken as a recommendation to buy coal stocks. Existing shareholders are likely to be wiped out by bankruptcy or paid off with a pittance. But watching the crime play out will be an unforgettable exercise in the corruption of power and power of corruption.

Scrape off the insincere rhetoric and liberals believe in one thing: expanding the coercive power of centralized government. The more of that you have, the more corruption you have. It is a universal principle of political science, as inviolable as the laws of physics.

george soros
Stands to make another killing.

On a tip from R F. Cross-posted at Moonbattery.

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