August 19, 2015

For Soros, Coal Stocks Are Suddenly a Hot Commodity

Hypocrisy from environmental blowhards isn’t new.

Every time environmental blowhards like Al Gore and Leonardo DiCaprio embark on climate apocalyptic speech tours, they are rightly called out by critics for amassing needless carbon footprints. They call religiously for the world to abolish its addiction to fossil fuels, yet they live in lavish homes and travel on luxurious jets powered by so-called “dirty energy.” Why? Because they’re in it for another kind of green in the form of dollar bills. The same hypocritical mindset applies to George Soros, the billionaire hedge fund manager who provides financial backing to slews of left-wing advocacy groups. But like fellow leftists Gore and DiCaprio, Soros’ disdain for fossil fuels is dwarfed by his love for money. Fox News reports, “Soros, whose Climate Policy Initiative think tank recently urged the world to stop using fossil fuels in general and coal in particular, snapped up 1 million shares of Peabody Energy and half a million shares of Arch Coal, giving him significant stakes in what’s left of the U.S. coal industry.” Peabody was trading at roughly $90 a share when Obama first entered the Oval Office. Today, trading is an abysmal $1 a share. As Heartland Institute’s Sterling Burnett points out, Soros may have an ulterior motive in mind. “If he buys enough stock to have controlling interests in these coal businesses, closes them down and leaves the coal in the ground,” says Burnett, “we might accept that he is a true believer, that his investment was all about stopping climate change and saving the environment. But my suspicion is that he helped to drive stocks down, bought as many shares as he can, and, when stocks rebound, he can sell his shares and make a huge profit.” Considering the numerous groups he bankrolls, we’d put our money on the latter scenario.

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