Boonedoggle Bill Will Also Enrich George Soros — IBD

by Marlo Lewis on June 15, 2011

in Features

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Some GOP House Members may see no problem in pushing H.R. 1380, the Boonedoggle, Pickens-Your-Pocket Bill, which would hand out tax credits up to $64,000 apiece for the purchase of natural gas vehicles, because, after all, chief beneficiary T. Boone Pickens is a major donor to Republican candidates.

According to Investor’s Business Daily, however, H.R. 1380 would also confer windfall profits on the Left’s patron-in-chief, billionaire George Soros. IBD explains:

It so happens that a company called Westport Innovations is a leading provider of technology that allows engines to operate on clean-burning fuels such as compressed natural gas and would be expected to benefit from HR 1380’s huge allocation of taxpayer dollars.

According to the folks at gurufocus.com, which monitors the wheeling and dealing of major investors, George Soros, the Hungarian billionaire who has made a fortune manipulating currencies among other financial shenanigans, owned 5,547,604 shares of WPRT, valued at $122 million as of March 31. That represented 1.45% of his equity portfolio and his third-largest holding.

So Soros could once again profit handsomely from U.S. energy policy determined largely by a Democratic party whose causes he has supported over the years, just as he profited from his investment in Petrobras, the state-run Brazilian oil giant.

On the company’s Web site, Westport Innovations describes itself as “The global leader in natural gas engines.” It says: “The Westport group of companies has sold over 32,000 natural gas and propane engines to customers in over 20 countries.” So yeah, H.R. 1830 would enrich Westport and the Left’s Daddy Warbucks.

GOP House Members who are unwilling to oppose H.R. 1380 out of free market principle should consider doing so out of a sense of political survival.

BobRGeologist June 16, 2011 at 3:09 pm

I am automatically against anything that doesn’t kick George Soros in the ass. He is an enemy of our country as it was and is funding Obama to complete the job.

steve June 16, 2011 at 4:02 pm

Call it like it is……… opponents to HR 1380 appear to lose sight of reality in their vehement hatred of billionaires. Almost all opposition to HR 1380 goes to great length complaining about how Soros, or Pickens will profit if the bill reaches the Presidents desk.

HR 1380 is designed to get America out from under the thumb of OPEC. The choice is a fairly easy one: continue shipping more than $! Billion daily to OPEC nations bent on America’s destruction, or “kick start” a new domestic transportation fuel industry.

The cost of “kick starting” a domestic natural gas transportation fuel industry will be $5 Billion in tax credits to trucking businesses over a 5 year period. Do the math, that’s 1/400 the the amount we’re sending to OPEC.

America hasn’t had an energy policy for decades. It’s long overdue that have one. Shale gas deposits are a godsend, let’s not squander them on petty disputes about Pickens or Soros profiting. America will be the number one beneficiary.

AL ZEITLER June 16, 2011 at 10:00 pm

H.R. bill 1380 seems to do more for the common good than anything proposed thus far. It might not be completely carbon free and yes some will benefit handsomely. Some always do and that in and of itself is not a bad thing. The masses will overall benefit the most. Yet it too will save billions from buying foreign oil and will create thousands of jobs. New refueling stations and conversions alone will help our unemployment problem. This bill is just plain good common sense.

USMCOLDSALT61 June 17, 2011 at 10:09 am

If I wanted to convert my vehicle for use of natural gas, who else besides Westport would provide we with a conversion installation?

Gene Osborne June 19, 2011 at 8:16 am

This article assumes that Americans are stupid and make decisions based on prejudices (IE their hate for billionaires). I for one, deeply resent the inference. I think that our political leaders are also self thinkers and will focus on what is good for our great country. The boondoggle would occur if anyone is actually influenced by this article.

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