House Speaker Nancy Pelosi, a Democrat from California, defended her investment in T. Boone Pickens’ Clean Energy Fuels Corp. during an appearance Sunday on Meet the Press by saying she is investing in something she believes in.
Pickens helped finance the Swift Boat attacks against John Kerry in the last presidential election. The Texas billionaire is now spearheading a massive public policy campaign to promote wind and natural gas as alternatives to foreign oil.
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His Clean Energy Fuels Corp. focuses on using natural gas as a fuel for vehicles. He also has major interests in wind power and would benefit by government efforts to promote alternative energy, which Pelosi could influence.
A Website, Michigantaxes.com, reported on the Pelosi investment early this month. The Wall Street Journal ran a more detailed account over the weekend.
Pelosi and her husband, Paul, invested between $50,000 and $100,000 in Clean Energy Fuels when the company went public in 2007, according to the Journal.
The investment represents a small fraction of the family’s net worth. On her disclosure forms, the Journal said, Pelosi and her husband reported a total net asset value of between $35 million and $156 million.
“I’m investing in something I believe in,” Pelosi told Meet the Press host Tom Brokaw. “I believe in natural gas as a clean, cheap alternative to fossil fuel.”
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