LightSquared Update: Obama Was A LightSquared Investor!

Shady Obama-backer and LightSquared majority owner Philip Falcone.

Earlier this week, we learned that the Obama administration pressured Air Force general William Shelton to change his testimony to help a company owned by Obama donor William Falcone.

The company is a LightSquared - a broadband satellite company.

General Shelton contends LightSquared's new wireless project interferes with military GPS systems.

Turns out President Obama was doing alot more than attempting to help out a major donor - Obama himself was (or still is?) an early investor in LightSquared!

Obama himself was an early investor and came to the presidency a firm believer in expanding broadband. He remains close to other early investors, like Gips and investment manager George W. Haywood, inviting some to luxe social events at the White House and more intimate gatherings like a night of poker and beer.

Source: Huffington Post via The Lonely Conservative

And it gets worse... There were waivers involved:

Obama installed one of his biggest fundraisers, Julius Genachowski, a campaign "bundler" and broadband cheerleader, as chairman of the FCC, whose staff granted LightSquared a special waiver to operate.

Source: Huffington Post via The Lonely Conservative

And it gets EVEN WORSE...

Jeffrey J. Carlisle, the company's vice president for regulatory affairs, served with Genachowski and Gips on Obama's transition team.

Source: Huffington Post via The Lonely Conservative