Billionaire Coal Magnate Tom Steyer Gives Hypocrisy a New Name

“I think that I’m very different from the Koch brothers in the sense that I have absolutely no personal interest in what happens except as a citizen of the United States. So whereas they’re representing points of view that are in their personal monetary interests, I’m actually representing the citizens of the whole country in terms of their diffuse interests against concentrated economic interests that the Koch brothers represent.” ~ POWERLINE

(A response to this quote is at bottom)

Some great information about Democratic billionaire activist, Tom Steyer has been added to the collective mind called the blogosphere, via Powerline! If one is not familiar with the issue at hand, you should read a previous post on this issue. A quick recap however, also comes from Powerline who explains the reason behind a bunch of old, outdated politicians doing an all-nighter:

(Pic Linked)

…Tom Steyer, a billionaire who has made a great deal of money on government-subsidized “green” energy projects, has become one of the Democratic Party’s most important donors. On February 18, he hosted a fundraiser at his home that netted $400,000. Harry Reid and six other Senators attended, along with Al Gore and a number of rich environmentalists. At that meeting, plans for last night’s talk-a-thon were already being laid.

The connection is simple: Steyer has pledged to contribute $50 million and raise another $50 million to help Democrats in the 2014 elections. The catch is that they have to emphasize global warming as an issue:

✦ Steyer’s advocacy group, NextGen Political Action, plans to spend at least $50 million of the former hedge-fund manager’s money, plus another $50 million raised from other donors. The group will refuse to spend money on behalf of Democrats who oppose climate regulation, but will not spend money against them either, according to Chris Lehane, a Steyer consultant.

So the Democrats are trying to walk a narrow line. They need to make noise about global warming to keep the cash flowing from Tom Steyer and other deep-pocketed environmental activists (some of whom, of course, are also “green” energy cronies)….

The newest installment in regards to the biggest story lately in Democratic [billionaire] hypocrisy is the recent piece by John Hinderaker on Tom Steyer. Below is part of that article by John as well as an interview of John by Hugh Hewitt:

But Steyer’s hypocrisy goes still deeper. Today, he is a bitter opponent of fossil fuels, especially coal. That fits with his current economic interests: banning coal-fired power plants will boost the value of his solar projects. But it was not always thus. In fact, Steyer owes his fortune in large part to the fact that he has been one of the world’s largest financers of coal projects. Tom Steyer was for coal before he was against it.

A reader with first-hand knowledge of the relevant Asian and Australian markets sent us this detailed report on how Steyer got rich on coal. He titled his report “Hypocrisy & Hedge Funds: Climate Change Warrior Tom Steyer’s Secret Life as Coal Investment Kingpin.” Here it is, in full:

Tom Steyer founded Farallon Capital Management L.L.C. (“Farallon”) in 1986. Farallon has grown to become one of the largest and most successful hedge funds in the United States with over $20bn in funds under management.1 Mr. Steyer’s net worth is reported to be $1.6bn.2

Mr. Steyer left Farallon in 2012 to focus on political and environmental causes and potentially to position himself for public office. He has been described in the press as the “liberals’ answer to the Koch Brothers”3 due to his wealth and his opposition to the Keystone XL pipeline and carbon-based energy in general. He has dedicated some $50 million of his personal fortune to back political candidates who support his position on climate change – and punish those who don’t. Mr. Steyer has led recent campaigns with Bill McKibben to encourage university endowments to divest coal equities.

[….]

The facts, summarized below, might lead one to conclude that:

  • Mr. Steyer has had a direct, personal involvement in assembling, through Farallon, a portfolio of strategic investments in overseas coal miners and coal fired power plants which is unprecedented in scale. The total quantum of Farallon’s investments in these transactions is not publicly disclosed, but reasonable estimates suggest that it could be between US$1 and $2 billion in total.6 Taken collectively, the coal producers in which his fund has amassed these investment interests represent one of the largest sources of thermal coal in the world;
  • The financing provided by Mr. Steyer’s fund enabled these coal producers to restructure and recapitalize thereby freeing them to grow rapidly during a period of rapidly rising coal prices, leading to one of the largest expansions of thermal coal production in modern times7;
  • Made during a period of ever rising coal prices, these investments were almost certainly extremely profitable for Mr. Steyer’s fund overall, and my extension Mr. Steyer personally. It stands to reason that few people in American history have made more money from investment in thermal coal than Mr. Steyer.

[….]

Hypocrisy is not in short supply in the political world, but Tom Steyer is in a class by himself. Now that he is enriching himself through “green” cronyism, coal is evil. Sure: like all hydrocarbons, it competes with the solar energy boondoggles on which he is making millions, with the aid of the Obama administration. But where was Steyer’s alleged social conscience when he was one of the world’s biggest investors in coal? And how substantial are his current holdings in coal projects? Is Steyer financing his anti-fossil fuel campaign on profits from past or, perhaps, ongoing investments in Asian and Australian coal? Inquiring minds want to know! Tom Steyer appears to have elevated political hypocrisy to an entirely new level.

…read it all!…

Jake Tapper of CNN, one of the few truly fair guys in the legacy media, was also asked by Hugh Hewitt about Tom Steyer and the hypocrisy uncovered by John at Powerline. Hugh also played an American Commitment ad for Jake to get his comment on the topic at hand. Here is THAT interview with the description from my YouTube channel:

Hugh Hewitt interviews Jake Tapper of CNN, the topic? John Hinderaker’s recent piece, “The Epic Hypocrisy of Tom Steyer” (http://tinyurl.com/lro2wow). Tapper is hopeful for a braoder media attention to stories like John broke in regards to rich — hypocritical — millionaires and billionaires that give to the Democratic party. LIKE, the legacy media does, in regards to the Koch brothers and others.

My posts on the Koch brothers and Tom Steyer are as follows:

http://religiopoliticaltalk.com/tag/koch-brothers/
http://religiopoliticaltalk.com/tag/tom-steyer/

Tapper is fair as usual, one of the names in the media I have come to respect.

For more clear thinking like this from Hugh Hewitt… I invite you to visit: http://www.hughniverse.com/

To see more projects and information as well from American Commitment, check out their site: http://www.americancommitment.org/

WOW! I look forward to more on this.

PolitiBrew offers a response to the quote I chose to start this post with, “I think that I’m very different from the Koch brothers…” (top). I will include an upload of Michael Medved speaking about the generosity of the Koch Brothers as well, enjoy:

Tom Steyer is most certainly not the Koch Brothers. Steyer’s hedge fund is tied to a $67 million ponzi scheme that siphoned millions of dollars from foreign investors.

Steyer has also promised to spend $100 million to get democrats elected in 2014.

Meanwhile, the “evil” Koch Brothers donate billions of dollars to many deserving causes but generally give to conservative ones, you know, like all the money they give to M.D. Anderson for cancer research. How conservative is that? I guess they’d like to help conserve lives. How about that they “underwrite research and teaching at Brown, Mount Holyoke, Sarah Lawrence, University of Wisconsin at Madison, Vassar, and some 245 other colleges”? Is that conservative?

Think nothing of the Millions to MIT for cancer research, that’s conservative too, right? Right.

Yes Tom. We can’t deny that you are not the Koch Brothers. You may be able to hold a candle, just not to these Men. May as well blow it out….

These leftists are making it too easy! It’s like shooting fish in a barrel.

Obama`s America ~ More Divided and More Violent (Eco-Fascists Attack Coal Miners)

A conservative think tank had to have their yearly meeting in an undisclosed place due to threats of violence, Michael Steele had Oreo cookies thrown at him, conservative speakers like Ann Coulter need body guards when going on to a campus when speaking (the reverse is not true of liberal speakers), eco-fascists (like the above) put nails in trees so when lumber jacks cut through them they are maimed, from rapes and deaths and blatantly anti-Semitic/anti-American statements and threats made at occupy movements, we are seeing Obama’s America… divided, more violent, forcing Christians to photograph, make cakes for, and put flower arrangements together for same-sex marriage ceremonies… to pro-choice opponents with jars of feces and urine taken from them after chanting “hail Satan” and “fuck the church,” a perfect storm is being created for a real culture war… all with thanks to people who laugh at terms like “eco-fascists” and “leftist thugs.” The irony is that these coal unions asked their members to vote for Obama. Well, the chickens have come home to roost.

Plug and Play Scam ~ When Government Chooses Winners, We ALL Lose!

(Reuters) – General Motors Co sold a record number of Chevrolet Volt sedans in August — but that probably isn’t a good thing for the automaker’s bottom line.

Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.

Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce….

…read more…

Breitbart has this update on Obama’s ambitious, tax payer funded, plan to put electric cars on the road:

In 2011, President Barack Obama set a goal of putting one million electric cars on American roads by 2015.  Currently, there are just 30,000 electric cars on U.S. roads.

The abysmal numbers are even more surprising considering the government’s efforts to prop up “green car” manufacturing.  Electric luxury car manufacturer Fisker, for example, was approved for a $529 million taxpayer-funded government loan; the federal government cut off the funds at $193 million after sales fell woefully short of required targets.  The struggling electric car maker recently recalled 2,400 of its Karma vehicles when one caught fire due to problems with its cooling fan.

In June, a CBS News report calculated projected electric car sales by Mr. Obama’s 2015 date at 310,663.  That figure, while still less than a third of Mr. Obama’s goal, may still be overly optimistic.  Reuters says industry experts predict that less than 200,000 electric vehicles will be on U.S. roads by 2015.

Further exacerbating the challenge of meeting Mr. Obama’s goal is the fact that taxpayer-funded electric car battery companies continue to flounder.  Last month, for example, struggling U.S. electric battery maker A123 Systems, which received a $249 million taxpayer-funded government loan, announced its plans to sell a controlling stake to Wanxiang, a Chinese company, for $450 million.

Similarly, lithium-ion battery manufacturer Ener1, Inc., which received a $118.5 million taxpayer-funded grant, filed for bankruptcy.  And Aptera Motors has already folded.

…read more…

Our Energy Policy ~ Bankrupt

“Here at this site, Solyndra expects to make enough solar panels each year to generate 500 megawatts of electricity. And over the lifetime of this expanded facility, that could be like replacing as many as eight coal-fired power plants.” ~ Barack Obama

From video description:

This is pretty lame. I wonder how many people think this power just comes out of the ground? Perhaps these greentards think this is magic solar power that is leached from the sun and stored in invisible floating Tesla flywheels. Bet that went right over most heads. Anyway this is a real problem for shoppers at WalGREENS. Weather they are asked or not they are subsidizing this climate hoax and paying for the fuel that is getting these FARCE-CARS from point “a” to point “b.”