Frank Holmes’s purple haze

In the long New York Times story by Jo Becker and Mike McIntire, following up on Peter Schweizer’s Clinton Cash, it is reported that U.S. Global Investors owned $4.7 million in shares of Uranium One during the first quarter of 2011. A Russian company took a controlling stake in Uranium One in 2010. The Russian acquisition stood to benefit the owners of the company’s stock if it secured the approval of the United States government, which was forthcoming. The Russian company’s subsidiary has since taken ownership of 100 percent of Uranium One’s stock.

U.S. Global Investors CEO Frank Holmes appeared on CNBC’s Squawk Box today to answer questions about the Times story this morning. Asked when his company bought and sold Uranium One, Holmes states that the sale took place before the Russian involvement, but he’s vague on it. His company took many positions in the large “uranium space” that appreciated in tandem with the price of oil. Holmes shrouds his responses in a Hendrixian purple haze. As of this date, no relevant correction appears on the Times story. This verges on SNL material.

Quotable quote: “I think that’s [a] really harsh story, especially against Frank Giustra [and] Ian Telfer.”

Via Alyssa Canobbio/Washington Free Beacon.


Books to read from Power Line