Former Vice President and global warming crusader Al Gore stands to make close to $50 million when the TV channel he co-founded goes public with an Initial Public Offering.

Money pile

Current Media, Current TV’s parent company, hopes to raise $100 million in a public offering it filed on Jan. 28. Some of the money raised will go to lenders, who include a few major Democratic Party fundraisers.

“Something about this deal just doesn’t sit right with me,” Grover observes.

He notes that Gore and co-founder Joel Hyatt not only will take “piles of cash,” but they also collect “hefty salaries for a company that hasn’t shown a profit in three years — taking down $491,677 apiece last year in cash.”

Gore and Hyatt also collected $550,000 bonuses for, in Gore’s case, helping get the company new affiliate agreements and putting together a management team. The two currently receive $600,000 a year in salary and can collect additional bonuses.

Excerpt from: Newsmax.com – Gore to Rake in IPO Millions

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