Saturday, December 12, 2009

Green Investments Puts Billionaire In "Highly Illiquid Position."

Though no one in the regular media dares to say it, "going green" can be a very expensive and counter-productive course of action. David Freddoso gives just one example in his column over at the Washington Examiner.

High electrical bills this winter? You don't have to look far for someone to blame. The Sierra Club volunteers to take the blame with this gleeful announcement that it has killed 100 coal-fired power plants nationwide.

But if green energy is such a great investment, then why is a hundred-million-dollar donor to the Sierra Club Foundation informing his favorite charities that they might have cost him his shirt, and that therefore he will be curtailing his gifts for the time being?

"David Gelbaum, a major donor to the Sierra Club Foundation, the American Civil Liberties Union and an organization that provides services to military personnel, said he would cut donations next year because investments in alternative-energy firms have 'placed me in a highly illiquid position.'"

Gelbaum, who had been an anonymous donor, revealed himself so that his beneficiaries would know to seek new sources of funding this year.