The Media’s Democratic Donor Delusions
His 2012 Wall Street Journal op-ed making the case for natural gas was co-authored with Tom Steyer, the hedge-fund billionaire who is quickly becoming one of the most powerful men in the Democratic party. Steyer is known mainly for his opposition to the Keystone pipeline, and for his recent pledge to raise and spend $100 million on behalf of Democrats in this year’s elections. According to Reid Wilson, liberal donors such as Steyer “aren’t going to realize a profit if their chosen candidates win.” This is not true.
Steyer pledged to remove himself from the operations of his hedge fund, Farallon Capital Management, in the waning days of 2012, when he was being considered as a possible secretary of energy in the second Obama administration. But he remains an “outside limited partner” with the firm, and the “bulk” of his billion-dollar fortune is parked there. As of 2012, when Steyer was supporting Democrats, donating millions to Podesta’s Center for American Progress, and otherwise championing natural gas over other forms of energy, Farallon held more than $7 million in shares of gas-technology company Fuel Systems Solutions. He was making plenty of money from the Obama administration’s championing of natural gas.
As of the end of 2013, Farallon also held close to $40 million in Kinder Morgan, which is building a competitor to the Keystone pipeline.