Wow! Obama drives down coal company stocks, and Soros buys them on the cheap
I have always believed that global warming is a gigantic scam, driven by greed and lust for power. Now comes the shocking news, via Steve Milloy writing on Breitbart, that following President Obama’s use of CO2 emissions as a weapon to drive major coal companies near bankruptcy, the ultimate politically connected speculator George Soros is buying up stock in major coal producers on the cheap.
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.
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.
For now, Soros’s investments are small scale (by his standards), but the reports end with June, so there is no knowing what subsequent investments have been made. These companies own huge reserves of coal that would be worth far more if the jihad against coal ended. If, for instance, the EPA backs away from its latest rules on CO2 emissions.
Hat tip: Bryan Demko