It’s been a bad week for big Democratic donors. First Jon Corzine, one of Barack Obama’s main bundlers and his liaison to Wall Street, told Congress on Thursday that he had no idea that the firm he ran had somehow lost $1.2 billion in customer money attempting to cover losses from Corzine’s bets on European sovereign debt. Last night, another Wall Street figure in Democratic donor circles got news that the SEC may open a civil-fraud probe based on his operation of a hedge fund and the favorable treatment given to yet another Democrat-linked Wall Street firm:
http://hotair.com/archives/2011/12/10/s ... aud-probe/
We also have:
The saga of LightSquared added a new chapter last night, as Bloomberg reported on the preliminary result of tests of the satellite Internet provider’s service in relation to GPS devices. The Obama administration has pushed LightSquared as a provider for its ambitious broadband expansion over the objections of the military, which warned that LightSquared’s operations would interfere with the satellite-based navigational system. The draft summary of the November testing shows that the military was right to be concerned:
http://hotair.com/archives/2011/12/10/l ... t-testing/
A nice sidenote:
One amusing note: LightSquared announced two days ago that the same tests showed no problems at all. After Bloomberg reported on the draft report, the company expressed outrage over the “leak” of “preliminary results.” Yeah, we’re with you on the leak outrage, pal.
http://hotair.com/archives/2011/12/10/l ... t-testing/
So we have Fast & Furious, Solyndra, the Chevy Volt that catches fire, and now Light-Squared.
10 Dec 2011, 5:03 pm
