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Does George Soros Have Financial Ties to LightSquared?


Soros to CNBC: We're already in a double-dip recession.

Reports claim that infamous, ultra-liberal billionaire George Soros has ties to LightSquared, a company that finds itself in the middle of intense scrutiny.

Soros, a champion of leftist values, has allegedly invested in LightSquared through a hedge fund numerous times. The Washington Examiner's Timothy P. Carney also reports that many of the non-profit organizations that the billionaire has funded have backed the telecom company in regulatory and policy disputes.

While Carney claims that Soros' impact is "constantly and grossly exaggerated by conservatives," he does admits that Soros has influence (an undeniable fact that the Blaze has covered extensively). Carney goes on to explain the relationship that exist between the famed billionaire and America's leftist movement and launches into the many ties that Soros purportedly has to LightSquared:

First, Soros is reportedly 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."

Carney goes on to claim that organizations Soros funds have defended LightSquared in various disputes over the past two years.

The Public Interest Spectrum Coalition, in one example, filed a petition with the FCC backing the business plan that the company's owners (Harbinger Capital Partners) put together. Then, the coalition purportedly met with an FCC commissioner to discuss this same subject.

Four of the groups that are a part of the coalition received six-figure gifts from Soros' Open Society Institute the year prior and all four -- Free Press, Media Access Project, the New America Foundation, and Public Knowledge -- backed LightSquared in an associated regulatory matter six months later.

While Soros may have no connection to the White House scandal surrounding the company, it is, as Carney notes, worth investigating.

This is especially true as the Obama administration faces increased scrutiny over charges that Gen. William Shelton, head of the Air Force Space Command, was pressured to change Congressional testimony to favor LightSquared's new, 4G phone network. (Philip Falcone, who has exclusively donated to Democrats and Independents since Obama's election, runs Harbinger).

Below, watch Falcone deny any wrongdoing and said he’s donated to Republicans as well as Democrats and is actually a registered Republican:

To review: LightSquared's plan to build the network has many in government, including Shelton, concerned. Apparently, the new technology is so powerful that it would severely impede the military’s high-precision GPS receiver systems (the satellite network that is relied upon by both the military and private industry). Newsy has more on the controversy surrounding the technology:

Considering the debate surrounding this system, any White House pressure to change testimony would be potentially explosive. This is especially true considering the extensive ties to the company that people close to the administration are said to have. As the Huffington Post reports, Obama, himself, has financial interest in LightSquared:

Obama...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.

On Tuesday, we reported that Republican Rep. Darrell Issa, chairman of the House Oversight and Government Reform Committee, said on CSPAN Tuesday that he plans to investigate government loan programs following revelations about Solyndra and the LightSquared controversy.

More details on Soros and LightSquared are sure to follow.

(h/t Washington Examiner)

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