Thursday, March 6, 2008

Al Gore has also been making moves, not movies


March 6 (Bloomberg) -- Former U.S. Vice President Al Gore left the White House seven years ago with less than $2 million in assets, including a Virginia home and the family farm in Tennessee. Now he's making enough to put $35 million in hedge funds and other private partnerships.

Gore invested the money with Capricorn Investment Group LLC, a Palo Alto, California, firm that selects the private funds for clients and invests in makers of environmentally friendly products, according to a Feb. 1 securities filing. Capricorn was founded by billionaire Jeffrey Skoll, former president of EBay Inc. and an executive producer of Gore's Oscar-winning documentary film on global warming.

Since losing the 2000 presidential election to George W. Bush, Gore, 59, is best known for focusing attention on climate change through his book and movie, ``An Inconvenient Truth,'' which helped him win a Nobel Peace Prize. Gore's newfound wealth resulted, in part, from speaking engagements and ties to Silicon Valley firms with soaring stock market values, such as Google Inc. and Apple Inc.

``Gore got a lot of support from Silicon Valley when he ran for president because they knew the Internet was one of his primary concerns,'' said Tony Coelho, a former congressman and investment banker who served as chairman of Gore's 2000 campaign.

``It's very legit that these people would pursue him'' after he left office, Coelho said, adding that Gore received Google and Apple stock options before their shares ``went into the stratosphere.''

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