An Inconvenient Billionaire

March 14, 2015 11:27 PM

How hedge-fund mogul Tom Steyer is using his checkbook to punish climate-change deniers, persuade Obama to halt the Keystone XL pipeline, and try to save the planet.

Tom Steyer founded NextGen Climate, "a non-partisan organization focused on bringing climate change to the forefront of American politics," most notably by opposing the Keystone XL Pipeline, supporting politicians (but not becoming one). He also founded Farallon Capital Management. Farallon is one of the largest landowners in the Bay Area (related, previously). Steyer is also involved with the recent scandal that led to the resignation of Oregon Gov. Kitzhaber.

Explore The Economic Risks Of Climate Change In Your Region

The Epic Hypocrisy Of Tom Steyer, who made a fortune in coal and has slowly converted to climate activism, one of the Billionaire Oligarchs ... Becoming Their Own Political Parties. Billionaire Donors and True Believers. At least someone is paying attention.



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posted by the man of twists and turns (22 comments total)

Well, that's good, I'm glad someone can afford a voice.
posted by TwelveTwo at 12:08 AM on March 15, 2015 [49 favorites]

I'd prefer the world to end if the alternative is being by saved by Forbes-centrefold business school jocks.
posted by colie at 3:11 AM on March 15, 2015 [2 favorites]

I'd prefer the world to end if the alternative is being by saved by Forbes-centrefold business school jocks.

I'm for end over means. If the worst Wall Street billionaire is giving his money to my charity, well, I might feel a bit dirty; but given that there's no stipulations (or implied stipulations) attached to the money I don't think I'd turn it down. What other cause is it going to go to? Another pool?
posted by solarion at 3:34 AM on March 15, 2015 [10 favorites]

I'd prefer the world to end if the alternative is being by saved by Forbes-centrefold business school jocks.

I'd rather it not. All my friends are there.
posted by happyroach at 3:52 AM on March 15, 2015 [25 favorites]

If you read the NYT piece, Steyer divested from Farallon before the fund invested in the Australian coal project. Way to fabricate a smear …
posted by scruss at 5:55 AM on March 15, 2015 [3 favorites]

I'd prefer the world to end if the alternative is being by saved by Forbes-centrefold business school jocks.

Ahh, the ideological purity test, taken to its absurdly logical end.

Because before Citizens United, elected officials totally listened to the voters.
posted by dry white toast at 6:13 AM on March 15, 2015 [10 favorites]

Well, that's good, I'm glad someone can afford a voice.

Exactly. I'm glad he seems to be doing good, but it is not a good thing that politics is increasingly turning into proxy contests between oligarchs.
posted by Dip Flash at 6:13 AM on March 15, 2015 [3 favorites]

Plus he provides a handy foil for people who want to paint environmental activism as political manipulation by wealth Liberals.
posted by sneebler at 6:58 AM on March 15, 2015 [1 favorite]

Well, Ralph Nader seems to have called it: "Only the Super-Rich Can Save Us!".
posted by shivohum at 7:01 AM on March 15, 2015 [1 favorite]

Was there ever really going to be an actual for real "Keystone XL pipeline". I always thought it was a red bogeyman to distract people from real stuff like "frakking".
posted by vicx at 7:24 AM on March 15, 2015

I still can't get over how many canals and levees we're going to need to build near most of the U.S. coastal cities by the end of the century. All the people who are going to be involved in that process, and all of the building materials they'll use.

"Was there ever really going to be an actual for real "Keystone XL pipeline""

Organizing opposition to this pipeline was one of the few triumphs of the U.S. environmental movement in the past four years or so. Protest, as well as the growing trend of financial withdrawal from fossil fuel investments. Bill McKibben is arguably the most visible person involved with this part of the environmental movement right now.

Normally I wouldn't bring it up, but I think it's important to celebrate victories when we can. If the pipeline never finishes being built, lots of environmentalists will be able to say they played a role in that.
posted by IShouldBeStudyingRightNow at 7:36 AM on March 15, 2015 [2 favorites]

Was there ever really going to be an actual for real "Keystone XL pipeline"

One of my relatives was at VP level with a Canadian oil firm. He told me a few years back that one of the justifications for Keystone XL is that North America had excess refining capacity. So yeah, it was for real.

I don't want to belittle the efforts of the combined environmental activism in blocking Keystone XL, but I do think that Trans-Canada themselves deserve alot of credit for shooting themselves in the feet. First, they initially routed through known sensitive areas, and then they made local enemies of many US landowners (by and large conservatives) by their ham-handed use of threats, lawsuits and eminent domain to secure the desired route. Also, in all this talk, I never heard any mention of a new/better pipeline technology that would reduce the likelihood of spills. Not a peep.

Anyway, now that money trumps votes, it's kind of nice to see some money on the side of the environment.
posted by Artful Codger at 7:56 AM on March 15, 2015 [2 favorites]

I'd prefer the world to end if the alternative is being by saved by Forbes-centrefold business school jocks.

Really? This is exactly why "heighten the contradictions" arguments don't work.
posted by jonp72 at 9:37 AM on March 15, 2015 [1 favorite]

Can't we just agree to kill and eat the useful billionaires last?
posted by You Can't Tip a Buick at 11:53 AM on March 15, 2015 [3 favorites]

I'd prefer the world to end...

Homer Simpson once explained to Marge that 'rich guys always want what's best for everyone.' This guy's mission is only one rung up from that. Vast, obscene (essentially criminal) individual wealth founded on generations of class privilege and corruption cannot be compatible with a programme of radical social and economic change.
posted by colie at 12:19 PM on March 15, 2015 [2 favorites]

It can be, and occasionally has been. It's just a lot less likely because you are so invested in the status quo when one is wealthy.
posted by Justinian at 2:56 PM on March 15, 2015

I'd say that one is equally invested in the status quo when the important thing is some theoretical "Radical social and economic change." A revolution on paper is very, very safe.
posted by happyroach at 3:11 PM on March 15, 2015 [4 favorites]

a programme of radical social and economic change.

Great, we'll get right on that!

In the meantime, I'm hoping that humanity can narrowly avert an environmental apocalypse. Frankly, I'm just glad there's at least one billionaire who agrees with me.
posted by seymourScagnetti at 4:38 PM on March 15, 2015 [1 favorite]

Anyone have his office (or home office) address? I need to send this man a letter.
posted by a halcyon day at 5:27 PM on March 15, 2015

Locally, in Seattle, almost-billionaire Nick Hanauer is becoming quite politically active. After his warning that the pitchforks are coming, he has taken up the cause of a higher minimum wage. He seems to have done this somewhat reluctantly:

From the office of his venture capital fund, on the 28th floor of what used to be called the WAMU building, Hanauer is plotting statewide initiatives for a $16 minimum wage, for strengthened gun-control laws and possibly for another go at some sort of high-earners’ tax for education.

With paid signature gatherers, a million dollars can qualify practically any idea for the ballot. So if you have many hundreds of millions, as Hanauer does, your ability to submit proposed laws to the people is essentially limitless.

But he knows that this is a horrible, no-good, very bad idea:

“People should hate that it’s come to this,” Hanauer said. “Who wants to have a clown like me in charge? But when you have lawmakers saying, ‘No, no, no, we’re not doing anything,’ they are just making themselves irrelevant.”

Sad that it's come to this, but we can sit around and argue the finer points of democracy, or we can play the game as it's been deployed.
posted by petrilli at 6:15 PM on March 15, 2015 [5 favorites]

At least kings drew their mandate to rule from God himself. What do these schmucks have?
posted by indubitable at 6:33 PM on March 15, 2015

They draw their mandate from "god" as well. Just instead of YHWH it's DLLR.
posted by notsnot at 8:42 PM on March 15, 2015