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 A quick recap however, also comes from Powerline who explains the reason behind a bunch of old, outdated politicians doing an all-nighter: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.