If you are unfamiliar with the LightSquared scandal, see my earlier post. The Obama administration pressured an Air Force general to alter his testimony in order to downplay the havoc the company’s signals could wreak on military GPS systems. We knew that some of President Obama’s donors are invested in LightSquared. What we didn’t know (or at least I didn’t) is that Obama himself was a LightSquared investor. But don’t take my word for it, this was published at the Huffington Post, hardly a news outlet that should fear being referred to Attack Watch.
Obama himself was an early investor and came to the presidency a firm believer in expanding broadband. He remains close to other early investors, like Gips and investment manager George W. Haywood, inviting some to luxe social events at the White House and more intimate gatherings like a night of poker and beer.
Obama installed one of his biggest fundraisers, Julius Genachowski, a campaign “bundler” and broadband cheerleader, as chairman of the FCC, whose staff granted LightSquared a special waiver to operate.
Well, isn’t that interesting? Bending the rules to enrich his friends and donors, and himself personally, at the expense of unsuspecting travelers and the United States military! But not to worry, LightSquared officials tell us no government officials stand to benefit financially. But since their books are closed I guess we just have to take them at their word.
Update: The plot thickens. Ed Morrissey linked, and added another little tidbit of information you probably were unaware of. Most presidents put their investments into blind trusts when taking office to avoid the appearance of conflicts of interest. President Obama didn’t do that, in the name of transparency of course. He’s so transparent you have to request his financial disclosure forms, which Ed has done. We’ll see if he gets a response.