Most people who pay attention to politics assume that George Soros is the largest financier of leftist election candidates. While he may have the largest non-profit funding network, Soros is not the person who spent the most directly helping candidates through superPACs or other organizations in 2016. That person is Tom Steyer, a former hedge fund executive who made his fortune in the fossil fuel industry. The Washington Post reported Steyer spent $66.3 million helping Democrats in the 2016 cycle, and the Washington Times reports that the final spend was north of $85 million.
How much did legendary leftist George Soros spend in 2016? A meager $17.5 million.
So who is Tom Steyer?
Steyer is the founder of Farallon Capital, a hedge fund that Fortune reported in 2008 had $33 billion in assets. He has since left the daily management of Farallon to run a non-profit committed to saving the climate, called NextGen Climate. At first it is confusing that on the non-profit’s website it is noted that Steyer “founded a successful California business,” but it doesn’t state that business is Farallon.
It seems odd that Steyer wouldn’t list Farallon, until you remember that the hedge fund made its money in the fossil fuel industry, including investing in coal mines, pipelines, and other companies doing business in the sector. Steyer, it seems, either has a case of serious remorse or hypocritically sees activism as a way to boost his fortune.
Steyer has been involved in not only funding left-wing candidates, but also many of the protests you’ve seen over the last few years regarding the environment.
On the political campaign front Steyer has a terrible record of picking candidates. According to the Washington Times, he has yet to win more than half of the races he funds in a campaign year. Many on the Left question his tactics, and whether or not he is ultimately helpful to their cause.
On a recent episode of Michelle Malkin Investigates, Malkin explores the full story behind Steyer’s ascent to the top of the political funding game. She also delves into the hypocrisy surrounding his finances and his public statements on climate change.
There’s a new leftist billionaire sheriff in town, throwing a boatload of money against conservatives. Luckily for conservatives he’s missed the mark thus far.
Robert Eno is the director of research for Conservative Review. He is a conservative from deep blue Massachusetts but now lives in Greenville, SC.