Skip to comments.Barack Obama's other billionaire: George Kaiser made Oklahoma his personal tax haven
Posted on 08/03/2012 6:23:05 AM PDT by topher
It's unlikely that President Barack Obama will be naming any tax proposals after George B. Kaiser. An investment by the Tulsa billionaire's family foundation in Solyndra, whose bankruptcy may leave taxpayers on the hook for $535 million in federal loans, has raised speculation that the administration acted in part to aid a financial supporter. But the impact on taxpayers of Kaiser's career goes far beyond the $535 million loss. Kaiser has built his fortune in part through shrewdly playing the Internal Revenue Code. In one six year period, during which he increased his net worth enough to land him on the Forbes list of the 400 wealthiest Americans, Kaiser reported taxable income to the Internal Revenue Service just once, totaling $11,699--equivalent to a full-time hourly wage of $5.62.
Solyndra's bankruptcy has led to multiple investigations by the Federal Bureau of Investigation, Treasury's Inspector General and a House subcommittee. Kaiser's role as a fundraiser for Obama's 2008 campaign--the Tulsa World reported that, in March 2007, the oilman hosted an event at his home for the candidate, where Obama raised about $250,000--has led to speculation that the administration intervened on behalf of the ill-fated Solyndra's loan application to benefit a campaign supporter.
In addition to Solyndra, the George Kaiser Family Foundation has investments worth hundreds of millions in energy firms, most of them in the oil and gas industry. The Washington Post reported that, in 2005, Senate investigators focused on the tax implications of the foundation, whose assets at the end of 2009 had grown to nearly $4 billion. GKFF has averaged more than $194 million a year in income from those assets over the last five years and issued grants that averaged about $53 million a year--or just 1.7 percent of its net assets.
(Excerpt) Read more at reporting.sunlightfoundation.com ...
He owns a bank as well as a number of investments in oil companies.
He controls the largest investment in Solyndra.
He bundled campaign contributions for Barack Obama and probably will do that again in the future...
Oct 13 2011 7:11 a.m.
Let’s see Mr. Kaiser’s tax returns for the past ten years, Dingy Harry. I’m certain it would be much more interesting than Romney’s. And while we’re at it, let’s publish Jeffrey Immelt’s (head of GE who head’s BO’s business advisory board) and see what percent of tax on income he paid.
I don't care if it is Senator James Inhofe or Senator Tom Coburn.
George Kaiser also hosted a fundraiser for Obama at his home.
I am sure George Kaiser can use the White House like a hotel if he is in Washington, DC.
This guy sounds like a younger Goerge Soros:
Can the Kaiser fortune be traced back to Standard Oil in the 1930-40-50s when Obama’s great grandfather Rolla Charles Payne was negotiating mineral right leases in Kansas and Oklahoma for the company? Is you find any connections to the company during that time, please freepmail me.
It is possible that money being scarce, Payne took a very small (one tenth of one percent) of future production of the wells he negotiated in lieu of payment for his work. That income would be hidden in a sealed family trust.
Rolla’s daughter (BO’s grandmother) was head of the Escrow/trust department in the bank she was VP. She was also his guardian shortly after Rolla died and his will was probated.
IOW The billionare is more than a bundler, but is also a business partner.
Born in 1943, by 1969 he was head of an oil company!
Unlike George Soros, he never really created wealth, he inherited it. As such, he does not appreciate the blood, sweat and tears, that is part of creating something of value.
In the case of Soros, I’m beginning to think he is demon possessed, and has been since the early 1940s.
Another child of privilege with a Jewish background, I wonder if socialism/communism was a part of his family’s belief system brought over from Germany.
Ooh! Good find.
SO.....Did their paths first cross before either were born. Is it another generational thing?
Elizabeth Peke Davis, or sometimes known as Betty Davis (18031848), was a Hawaiian high chiefess, being the hapa haole daughter of Isaac Davis Aikake, the Welsh adviser of Kamehameha I, who helped him unify the island in 1810. Some might consider her a Princess of Kauai by marriage since her husband was Prince George KaumualiÊ»i.
See the following for an interesting genealogy:
The real secret may be that F.M.Davis wasn't actually a black man, but Hawaiian. It wouldn't be the first time such a thing has happened in the U.S.
I've known for a few years that Hawaiian royalty have a connection to Kansas and Berkley, CA. Stanley Armour Dunham moved his family to Berkley, CA, for three years after he was honorably discharged from the U.S.Army. A Dunham associated with the Hawaiian Royal family owns rental property there. The Dunham name appears in the latter half of the 19th century among Hawaiian royal papers.
Internet confirms the ownership of Solindra although it was initially denied by Kaiser.
Here is what is found about Kaiser on oil time line. Nothing about Standard oil in the area although they're mentioned numerous times in many other parts of the country and the world. It appears they had just been divided into many smaller countries by the federal government and so went off shore where government regulations didn't apply.
From WSJ 7/23/04 p.A1
1969 George B. Kaiser took over Kaiser-Francis Oil Co., a small family oil firm founded in the 1940s by his uncle and parents, Jewish refugees from Nazi Germany, who had settled in Oklahoma. Operations at the time were limited to Kansas. By 2004 the firm had over $600 million in revenues from oil and gas production.
sorry typed lucy’s name twice.
One tenth of one percent of $600 million would be a nice yearly income....Just saying.
note no name of company given:
The 1930 Federal Census lists seven-year-old Madelyn living with her parents in Augusta, and her fathers occupation is listed as a bookkeeper for an oil company.