This week we learned that Republicans in the House were starting an investigation into emerging telecom company, LightSquared, and have been sending angry letters to one of its founders, Harbinger Capital’s Phil Falcone.
Critics, like a Republican who receives donations from AT&T, allege that Lightsquared might be using unfair political influence to garner government approval, which the company needs before it can sell its product, broadband, to wireless providers.
Now, according to The Washington Examiner, it looks like George Soros could be involved in the company as well. Soros frequently receives criticism from conspiracy theorists who say that has significant influence on President Barack Obama, so this is likely to stir up a bunch of new drama with them.
Here’s where Soros shows up:
- He’s an investor in LightSquared: The Wall Street Journal reported in November 2010: “In 2009, while some investors were asking for withdrawals, others were lining up to put money into Harbinger. They included Soros Fund Management, which during the past year became a significant new investor, say people familiar with the matter.”
- He funds non-profits that have supported the project: In April of the Public Interest Spectrum Coalition (PICS) filed a petition with the FCC and met with one of its commissioners in support of the company. Four of the groups within the PICS (Free Press, Media Access Project, the New America Foundation, and Public Knowledge) received donations from Soros’ fund the year before.
- The same groups backed LightSquared in another regulatory matter six months later.
It’s worth noting that the e-mails that revealed Soros’ involvement in LightSquared in terms of lobbying, were uncovered by another non-profit he once funded, the centre for Public Integrity.
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