California Prop 23: Green Hedge Fund Banker is Definitely a Vested Interest

We hear a lot about “vested interests” in America these days.

Here in California – it is the cry of Global Warming alarmists who are opposed to proposition 23 that is to be voted on in the November election.

Prop 23 will suspend a “Global Warming solutions” act that will push up energy prices and drive even more jobs out of the state during one the biggest recessions in living memory.

Understandably there is a lot of opposition to the Global Warming Act and Prop 23 is proving surprisingly popular in a state that practically invented the Green movement. Two Texan oil companies are supporting the campaign which has allowed the environmental movement to keep shouting about “vested interests” who are behind the campaign.

But as usual for environmentalists they are being selective in their concern. Just as they want the rest of us to stop flying but they seem have no problem with the Green aristocrats such as Al Gore and James Cameron flying around the world.

And so it is with Prop 23. The other side have vested interests. The environmentalists have angels on their side. At least that is the narrative being pushed and pretty much accepted by the media.

Of course it is nonsense but it is green nonsense so it goes pretty much unchallenged.

Thomas Steyer owns Farallon Capital Management, a $33bln hedge fund. He’s also donated $2.5m to blocking Prop 23 and has pledged a further $2.5m if needed.

There has been almost no investigation of why this citizen would give so much money and of course no suggestion that these donations would make Thomas Steyer a “vested interest”.

But bury deep into Farallon’s website and you will see Steyer admits his hedge fund invests in areas which will become profitable “due to a catalyzing event or a change in circumstances, including regulatory or legislative change.”

And Steyer has a lot of experience in using government regulation and legislative change to make money. Before setting up Farallon – he worked for Goldman Sachs.

So according to his own website Thomas Steyer stands to make hundreds of millions or billions of dollars if Prop 23 fails and the “regulatory or legislative change” is allowed to pass unopposed.

That’s quite a vested interest.