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Retired Hedge Fund Manager Raises Funds To Rival Koch Super-Pac

Tom-Steyer-DNC-2012New York (HedgeCo.Net) – Tom Steyer, Billionaire and founder of hedge fund Farallon Capital Management is raising funds for his super-pac NextGen Climate Action. The NYT reports that Tom Steyer seeks to rival the conservative political group funded by Charles and David Koch. Steyer recently retired from the hedge fund world to focus on philanthropy.

Where the Republicans have support from the Koch brothers and other oil industry moguls, others who have made their fortune in technology and alternative energy see a Democratic administration as a better alternative.

In a speech at the Democratic National Convention last year, Steyer said; “During the last several years we’ve seen tremendous progress on new technologies that can make us energy independent and create thousands of jobs. This is about investing for the long haul, not for a quick and dirty buck. This is about control of our destiny by doing what Americans do best – by out-innovating, out-hustling and out-thinking our competitors.”

Regarding the Keystone XL initiative he said: “I hope President Obama will take a hard look at the facts before he makes a decision on this enormously risky project. In his State of the Union address this week, the President pledged to “act with more urgency” to combat the threat of climate change. His first step should be to reject the Keystone XL pipeline.”

“The pipeline also poses enormous economic and environmental risks to America’s heartland, threatening our farms, towns and drinking water.” Steyer said in the statement. “And what do the American people get in return? Higher gas prices in the Midwest, only 35 permanent jobs, and none of the profits. If Keystone XL is approved, the real winners will be the oil industry and foreign investors like China who stand to profit from more production of this dirty oil.”

In August 2010, Steyer and his wife joined Warren Buffett, Bill Gates and 37 other American billionaires in pledging to give away at least half their fortunes to worthwhile causes. Business people “are pretty widely mistrusted and seen as overwhelmingly self-interested,” Steyer said. “The point is that business people are not just laboring for themselves. They have bigger responsibilities and belong to a wider community.”

Stayer also funded an anti Keystone advertisement  “Sucker Punch” (below the fold)

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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