According to the always interesting Timothy Carney (he wrote “The Big Ripoff“), the ballyhooed windfarm plan of T. Boone Pickens has a couple of stealthy side projects.
Based on the investigative work of several journalist, it turns out that Pickens got the state legislature to turn his tracts of land into a bonafide town (it helped that he donated $1.2 million to various assemblymen). And now, not only does he have the power to issue tax-free bonds, but he is using eminent domain to kick people off their property so he can build a water pipeline to Dallas.
It should also be noted, this is the same Pickens that lobbies for taxpayer subsidies all in the name of a clean environment.
Perhaps next year Pickens will promote the candlemakers’ petition on capitol hill.
Via DealBreaker
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What a scumbag…I have no respect for businessman who seek special favors from the government rather than compete and let the best man win. If his windfarm/enviro stuff were better, then let it win by the virtue of it being more efficient and effective than whatever else is on the market. The world needs fewer Jim Taggarts.
“A bonified town”? Is that supposed to be “bona fide”, perhaps?
“A bonified town”? Is that supposed to be “bona fide”, perhaps?
Yes, Pickens is not the innocent he pretends to be:
http://www.washingtonmonthly.com/archives/individual/2008_08/014238.php
http://www.latimes.com/news/opinion/la-oe-rubenstein29-2008jul29,0,2980323.story
To become “green” and preach the use of inefficient energy-sources (or no energy at all) is the Gore-method of gaining (positive) public attention. Pickens is simply applying the Gore-method on his reputation as an evil oil-king. Nothing new or original to that.
I can remember Pickens from “way back–and they don’t come any smarter. I believe it’s next to impossible that he actually believes his project is good for the nation (as opposed to merely good for ‘ol Pickens).
My guess from early on is that he intends to parlay a position as GE’s biggest customer into control of that mega-enterprise–and it wouldn’t surprise me if he pulls it off.
It seems we have not learned from the ethanol subsidy fiasco. In emerging technology, government subsidy is a disaster – it prevents the free market from coming up with an economic solution. Without the subsidy the market would have to come up with something better to be economically viable.The government subsidy removes the incentive to look for a better technology. Both candidates in this election have this wrong. However, to paraphrase George Orwell, Obama is more wrong than McCain.
Tim, good of you to catch this – but it’s worse and more clever than you note (though Tim Carney covers all of the bases).
Pickens wind and water projects are linked, with the wind project piggy-backing off of the eminent-domain rights that Pickens purchased for his personal “water district” via campaign contributions to Texas Republicans.
He’s also managed deftly to catch the political winds and move from being Swift-Boat funder to darling of enviros, who have apparently been paid to ignore his water sins (enviros can make deals after all, it seems).
I started blogging on this two + months ago, so there’s more (with links) here: http://mises.org/Community/blogs/tokyotom/search.aspx?q=pickens
TT
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