Key Morano Excerpt: “Al Gore wants to become the first carbon billionaire. And he is poised to do it. […] As much as Gore’s made now, it is going to be piker league compared to what he is going to make in five years if all these new carbon trading mandates go through. […] He who controls carbon controls life. It is a bureaucrat’s dream to control carbon dioxide and Washington is a field of dreams right now.”
Full Transcript Below:
[Editor’s Note: Media Matters for America is claiming that Fox News edited the video clip of Gore’s Congressional testimony “to remove his statements that he donates the money he makes from his climate-related work to a non-profit organization.” But Fox News did air the clip of Gore claiming that “every penny” he earns goes to his non-profit. See this video clip of ‘The O’Reily Factor’s’ show intro featuring Gore making the “every penny” statement. (Gore clip begins at 30 sec. mark – See: Fox News Did Air Gore’s ‘Every Penny’ Non-Profit Claim – Video Challenges Media Matters Claim) But as one report on Gore’s finances noted: “So what if [Gore’s] giving all his money to the [non-profit] Alliance for Climate Protection. He’s the chair! He gets a tax write-off for donating that money, and then directs where the money goes.” See Background/Related Links section below for more details.]
Transcript: “The O’Reilly Factor” – Fox News Channel – May 1, 2009
LAURA INGRAHAM, GUEST HOST: “The O’Reilly Factor” is on. Tonight.
(BEGIN VIDEO CLIP)
INGRAHAM: In the “Personal Story” segment tonight, it seems that being green does pay big time. Just ask Al Gore. Mr. Global Warming was worth about $2 million or so when he left office in 2001. But after eight years of tirelessly working to save the world, the planet, he is reportedly worth, get this, a whopping $100 million. His financial windfall came up at last week’s Capitol Hill hearing.
(BEGIN VIDEO CLIP)
REP. MARSHA BLACKBURN, (R-Tenn.): Is the legislation that we are discussing here today — is that something that you are going to personally benefit from?
AL GORE, FORMER VICE PRESIDENT: If you believe that the reason I have been working on this issue for 30 years is because of greed, you do not know me. I have been willing to put my money where my mouth is. Do you think there is something wrong with being active in business in this country?
BLACKBURN: I am simply asking for clarification of the relationship.
GORE: I am proud of it. I am proud of it.
(END VIDEO CLIP)
INGRAHAM: Did she get the question actually answered? With us now, Marc Morano, he is the executive editor of climatedepot.com. Marc, that was kind of a hot hearing with Al Gore and the congresswoman. Tell us what we need to know about Al Gore’s relationship to a business that will seek to profit off of any kind of cap-and-trade legislation.
INGRAHAM: He did a lot of things, though. Speaking .
MORANO: Speaking — other investments. Absolutely. Yes. I also think he is motivated beyond money. He is an ideologue. He is a committed believer. So it is not fair — it is not fair to say he’s doing it for the money. But this is big business in Washington. There are four climate lobbyists for every member of Congress. That’s how bad it’s gotten.
But Al Gore, she mentioned the law firm Kleiner Perkins. Al Gore is a partner in the firm which invested $1 billion in 40 different firms. When government [carbon] mandates come down the road, this is going to increase the company’s business and portfolio and the amount of profit.
Al Gore, according to Dick Lindzen — one of the scientists at MIT who Al Gore has criticized [says] Al Gore wants to become the first carbon billionaire. And he is poised to do it. He has the Alliance for Climate Protection. He has his other groups — in the U.K., Generation Investment Management. Both of these groups — one has pledged to spend $300 million to promote climate fears, promote government policy that will force carbon markets and carbon trading. Al Gore is essentially either a founder or a partner in a whole wide range of groups — including in Chicago and in the U.K. — carbon trading markets, where he is poised to benefit incredibly. As much as he’s made now, it is going to be piker league compared to what he is going to make in five years if all these new carbon trading mandates go through.
INGRAHAM: It reminds me of the GE joint venture that GE is going to be involved with or is involved with that also – GE will make billions perhaps if cap and trade goes through. THE FACTOR has been over this but there should be an advisory on the screen anytime the report on cap and trade because of their interest in the ultimate outcome of the legislation.
Look, I agree with you. Al Gore is — he was wealthy before. I am not sure that is the motivation. That is not the point here. The point is there is personal interest that he did not want to talk about it for good reason, I think.
MORANO: The promotion of man-made climate fear — Some estimates have been up to 50 billion since 1990 spent for the United Nations, through foundations. NBC gave Al Gore something like 75 hours of free TV time, 75 hours for his  Live Earth concert, I believe it was. There are all kinds of ways he is benefiting.
INGRAHAM: That’s still going on?
MORANO: The bottom line is, the money is all on the side of [man-made climate fear] promotion. ExxonMobil gets excoriated for $19 million allegedly given to skeptical [climate] groups. Well, one USDA (U.S. Department of Agriculture) farm grant of $20 million to study how farm odors contributed to global warming exceeded all the money the largest oil company (ExxonMobil) has ever been accused of giving. This is big business in Washington. The environmental groups are just chomping at the bit for what is about to happen in DC. He who controls carbon controls life. It is a bureaucrat’s dream to control carbon dioxide and Washington is a field of dreams right now. [Editor’s Note: MIT’s Richard Lindzen gets the credit for coining the above CO2 phrase.]
INGRAHAM: And don’t call it cap and trade. Call it global warming tax.
MORANO: Global warming tax. Absolutely.
INGRAHAM: Marc, great to see you.
MORANO: Thank you.
End Transcript. #
Background Material/Related Links:
Financial Questions for Al Gore – April 24, 2009
Excerpt: Your co-founder with Generation Investment Management is former Goldman Sachs partner David Blood. Goldman Sachs is lobbying for global warming legislation and is a part owner of the Chicago Climate Exchange, where carbon credits from cap-and-trade legislation would be traded. Do you or Generation Investment Management stand to benefit in anyway from these relationships?
Report: ‘If emissions trading comes to U.S., Gore will be uniquely positioned to cash in’ – April 30, 2009
Excerpt: The Capital Research Center (CRC), report noted Generation Investment Management’s (GIM’s) role in the climate change business. It said, “GIM appears to have considerable influence over the major carbon credit trading firms that currently exist: the Chicago Climate Exchange (CCX) in the U.S. and the Carbon Neutral Company CNC) in Great Britain. CCX is the only firm in the U.S. that claims to trade carbon credits.” It also revealed that Mr. Gore’s nonprofit arm “Alliance for Climate Protection (ACP), budgeted $300 million to promote climate change. The CRC report concludes, “If carbon emissions trading ever comes to the United States, Al Gore will be uniquely positioned to cash in.”
Cap-And-Trade: Al Gore’s Cash Cow – Investor’s Business Daily – April 29, 2009
Excerpt: Gore’s altruism is phony. According to a March 6 Bloomberg report, Gore invested $35 million of his own money not in green nonprofits, but with the very profitable Capricorn Investment Group LLC, a Palo Alto, Calif., firm that directs clients to green investments and invests in makers of environmentally friendly products. As reported on Green Hell Blog, Capricorn was founded by the billionaire former president of eBay Inc., Jeffrey Skoll, who also happens to be an executive producer of Gore’s Oscar-winning documentary, “An Inconvenient Truth.” […] Last May, we also noted that on March 1, Gore, while speaking at a conference in Monterey, Calif., admitted to having “a stake” in a number of green investments that he recommended attendees put money in rather than “subprime carbon assets” such as tar sands and shale oil. He also is co-founder of Generation Investment Management, which sells carbon offsets that allow rich polluters to continue with a clear conscience. It’s a scheme that will make traders of this new commodity rich and Bernie Madoff look like a pickpocket. The other founder is former Goldman Sachs partner David Blood.
Gore’s challenged on ‘every penny’ non-profit financial claim – April 28, 2009
Excerpt: Former U.S. Vice President Al Gore left the White House seven years ago with less than $2 million in assets, including a Virginia home and the family farm in Tennessee. Now he’s making enough to put $35 million in hedge funds and other private partnerships. Gore invested the money with Capricorn Investment Group LLC, a Palo Alto, California, firm that selects the private funds for clients and invests in makers of environmentally friendly products, according to a Feb. 1 securities filing. […] So what if he’s giving all his money to the Alliance for Climate Protection. He’s the chair! He gets a tax write-off for donating that money, and then directs where the money goes. Currently, they are spending $300 million on climate change propaganda to convince the naysayers that they are really at fault for global warming. […] But a “non profit” is not under obligations to spend all its income (donations) nor all of its assets in every fiscal year. It can accumulate and accumulate donations. Non-profits don’t have customers, so you cannot boycott them. They only have self-appointed boards and donors. In the case of Gore, it appears that the major donor is also on the Board, so it is a self-perpetuating way of funding propaganda, a tax-exempt pool of money from which he can get his expenses reimbursed and have staff members to help him. So, there is indeed a benefit that Gore gets from these investments. Indeed, because of the status of the nonprofit, when he gets a distribution from his Kleiner Perkins partnership, because it is a “donation”, he gets the full economic benefit and use of all the money, rather than what would be left over after paying all the taxes on it!
Gore launches $300 million campaign – Politico – March 30, 2008
Excerpt: Former Vice President Al Gore is launching a $300 million, bipartisan campaign to try to push climate change higher on the nation’s political agenda. The three-year campaign by the Alliance for Climate Protection will begin Wednesday with network television advertising that will include “American Idol” and other non-traditional shows that reach a non-news audience.
Excerpt: …for the past several years, any time oil executives were dragged in front of Congress to explain why gas prices were so high, the profits of their companies as well as their own personal compensation were always front and center. Ditto when Wall Street bank and brokerage firm executives testified to Congress since the financial crisis began AND when those in the automobile industry were so summoned. […] Yet, when a former Vice President is asked on Capitol Hill about his personal financial connection to pending legislation, that’s not newsworthy.
Excerpt: Now Gore charges a $175,000 speaking fee and has a net worth “well in excess” of $100 million, including pre-public offering Google stock options, according to an article in Fastcompany.com last year. Kreider said the speaking fees vary and Gore doesn’t disclose them.
Flashback: Earth Day co-founder slams offsets – San Francisco Chronicle – April 15, 2007: Excerpt: Denis Hayes, who coordinated the first Earth Day in 1970, doesn’t see harm in individuals buying carbon credits. But it could be like trying to absolve sins by buying indulgences, he said. “I find it slightly offensive that somebody who literally goes on two safaris a year, drives a Rolls-Royce, has at least three houses, and offsets his carbon emissions for $85 can brag about it,” he said. “It’s doing some good, but it doesn’t in any way compensate for his impact on global warming.”
Climate Depot in the News: