big_montana

September 22, 2011 at 5:48am

But there is stil more to this story that mainstream media has not reported. From a newsletter on 4G I receive "

So, what's greasing LightSquared's skids? Hint: It used to be known as "Skyterra." In 2005, Obama put $50,000 into the speculative firm -- raising eyebrows even among his water-carriers at The New York Times. The paper noted that Skyterra's principal backers at the time of the investment included four Obama "friends and donors who had raised more than $150,000 for his political committees."

One of those pals who urged him to buy stock in Skyterra was George Haywood, a major Skyterra investor and campaign donor who chipped in nearly $50,000 to Obama's campaigns and to his political action committee along with his wife.

Coincidentally, Obama bought his Skyterra stock the very same day the FCC "ruled in favor of the company's effort to create a nationwide wireless network by combining satellites and land-based communications systems." The Times reported that immediately after that morning ruling, "Tejas Securities, a regional brokerage in Texas that handled investment banking for Skyterra, issued a research report speculating that Skyterra stock could triple in value."

Coincidentally, Tejas and its chairman, John J. Gorman, were also major backers of Obama -- flying him in a private plane for political rallies and pitching in more than $150,000 for his campaign coffers since 2004. Obama sold his stock at a loss in November 2005, but his political relationship with the company was cemented. In 2009, shady billionaire hedge-fund manager Philip Falcone -- whose firm Harbinger Capital Partners is reportedly under investigation by the Securities and Exchange Commission for market manipulation abuses -- acquired Skyterra.

Coincidentally, Falcone, his wife and LightSquared CEO Sanjiv Ahuja have contributed nearly $100,000 between them to the Democratic Party during critical White House meeting periods and negotiations over LightSquared's regulatory fate.

Oh, and coincidentally, there's $6 billion earmarked for a "public safety broadband corporation" buried in the Obama jobs proposal just as LightSquared pushes into that market, too.

It's all just one strange quirk of timing, Team Obama shrugs. Except, as we all should know by now: There are no coincidences in Chicago on the Potomac. Just an endless avalanche of quids, quos and taxpayer woes."

SleepyCatChris

September 21, 2011 at 6:25pm

I was a bit surprised that tech sites that I've noticed have written articles about LightSquared and GPS in the past didn't mention this at all this past week.