John Stossel reports below on a company called Serious Materials whose executives made contributions to the Obama campaign.
The company was then touted by both President Obama and Vice President Biden ( ho visited its headquarters), and received a tax credit grant from the Department of Energy. This grant was awarded under a program run by none other than the wife of the company’s vice president. This Energy Department official and her husband together owned options on 120,000 shares of the company according to disclosure forms.
Stossel relates that when the DOE official, Cathy Zoi, left government, she was offered a job by George Soros, mega donor to the Obama campaign and the Democratic Party. Zoi was to start a fund to invest in—what else?—green energy companies, some of which would probably also be assisted by Zoi’s former colleagues at DOE.
Did Zoi actually get that job? We wondered because George Soros had supposedly retired from offering funds to outside investors. Why had he done that? Because after insistently calling for more regulation of hedge funds after the Crash of 08, he decided to take advantage of a loophole in the new Dodd Frank legislation exempting “family offices” from the new hedge fund regulation. Where had the language for that loophole come from? Could it possibly have come from Soros himself? We don’t know. But don’t worry about Ms. Zoi. Since Soros was now a family office, her new fund was set up as a joint venture with another fund company, which didn’t interfere with Soros’s use of the exemption.