Thomas Fahr Steyer (born June 27, 1957) is an American billionaire hedge fund manager, philanthropist, environmental activist, liberal activist and fundraiser.
Steyer is the founder and former senior fellow manager of Farallon Capital and co-founder of OneCalifornia Bank, which became (through merger) Beneficial State Bank, an Oakland-based community development bank. Farallon Capital manages $ 20 billion in capital for highly valued institutions and individuals. Institutional investors of the firm include donations and college foundations. Since 1986, Steyer has been a partner and member of the Executive Committee at Hellman & amp; Friedman, a $ 8 billion private company based in San Francisco. In 2010, Steyer and his wife signed The Giving Pledge to donate half of their wealth to charity during their lifetime. In 2012, he sold his shares and retired from Farallon Capital. Turning his focus to politics and the environment, he launched NextGen America, a nonprofit organization that supports a progressive position on climate change, immigration, health care, and education.
Steyer served on the Supervisory Board at Stanford University from 2012 to 2017.
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Early life and education
Tom Steyer was born in 1957 in Manhattan. His mother, Marnie (nÃÆ' Â © e Fahr), was a remedial reading teacher at the Brooklyn Detention House, and his father, Roy Henry Steyer, was a partner at the Sullivan & Cromwell. His father was Jewish and his mother was Episcopal.
Steyer attended Buckley School, Phillips Exeter Academy and later graduated from Yale Summa cum laude in economics and political science, and was selected for Phi Beta Kappa. He is the captain of the Yale football team. Steyer received an MBA from Stanford Business School, where he was a Bachelor of Arjay Miller. He has served on the Board of Trustees.
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Careers
After graduating from Yale, Steyer started his professional career at Morgan Stanley in 1979. After two years at Morgan Stanley, he studied at Stanford Business School. Steyer worked at Goldman Sachs from 1983-85 as an associate in the risk arbitrage division, where he was involved in mergers and acquisitions. He later became a partner and member of the Executive Committee at Hellman & amp; Friedman, a private equity firm based in San Francisco.
In January 1986, Steyer founded Farallon Capital, an investment company headquartered in San Francisco, California. Steyer makes his fortune run Farallon, who manages $ 20 billion by the time he leaves the company. Steyer is known for taking a high risk on distressed assets in a turbulent market.
In October 2012, Steyer resigned from his position in Farallon to focus on advocating for alternative energy. Steyer decides to dispose of his carbon-polluting investment in 2012, although critics say he did not throw it fast enough, and notes that the lifespan of the facility he funded will be extended to 2030. A 2015 New York Times the coal that Farallon invests or lends money to Steyer has increased their coal production by 70 million tons annually since receiving money from Farallon, and that Steyer is still investing in the Maules Creek coal mine. Before Steyer left Farallon, student activist group UnFarallon criticized the company for investing in companies with anti-environmental policies. In 2016, some critics noted that Farallon also invested in private prisons while Steyer led a hedge fund. According to the SEC filing, Steyer was at the helm when hedge funds bought nearly $ 90 million shares of Correction Corporation of America (5.5% of the outstanding shares of the company). After leaving Farallon, Steyer hosted two days of thinkers entitled 'The Great Thinking Climate Meeting' to discuss how to tackle climate change.
Philanthropy
In 2006, Steyer and his wife, Kat Taylor, founded OneRoof, a business designed to bring technology to rural India.
In 2007, Steyer and Taylor established the Beneficial State Bank, a community development bank, for the purpose of providing commercial banking services to underserved, nonprofit and individual Bay Area businesses.
Steyer and Taylor raised $ 22.5 million to start a bank and created One Pacific Foundation Foundation to engage in charity and education activities, providing loan support, investment and other services to disadvantaged communities and community service organizations in California.
In August 2010, Steyer and his wife signed The Giving Pledge, an initiative of Bill Gates and Warren Buffett. The promise urges individuals and families to give at least half their wealth for charitable purposes during their lifetime.
Steyer and Taylor created the TomKat Farm in Pescadero, California, near Half Moon Bay. This farm is meant to research and demonstrate a sustainable way of doing farming. The livestock activities include a healthy food program and independent filmmaking, La Mission , starring Benjamin Bratt, about the San Francisco Mission environment. Around 2011, Steyer joins the Next Generation board, a non-profit organization that intends to address children and environmental issues. In 2013, Steyer established the NextGen Climate, a nonprofit advocacy committee and environmental political action.
In August 2015, Steyer launched the Fair Shake Commission on the Medium-Term Income Gap and Opportunity, which is intended to advocate for policies to promote income equality.
Political activity
Steyer is a leading activist and initiator of democracy. In 1983, he worked on the Walter Mondale presidential campaign. He raised money for Bill Bradley in 2000 and John Kerry in 2004.
As an early supporter of Hillary Clinton in 2008, Steyer became one of Barack Obama's most productive fundraisers. Steyer served as a delegate to the Democratic National Convention in 2004 and 2008. Steyer has been a member of the Hamilton Project and has been involved with the Democratic Alliance, a progressive donor network whose membership in the group requires them to donate at least $ 200,000 a year to the recommended organization.
After Obama's victory in 2008, Steyer is considered to be appointed Minister of Finance. Jim Steyer, Tom's brother, told the Journal of Men that Obama and his counselors will regret choosing others because of their expertise. In January 2013, there was a brief rumor that Steyer might be named as the successor to Steven Chu's Energy Secretary. Asked whether he would accept such appointments, Steyer said he would do so.
Steyer has been compared to and contrasted with Koch's brother, a billionaire businessman engaged in extensive political activity, and has been seen as Koch's enemy.
Poll selection
In 2010, Steyer joined the former Foreign Minister and Republic of George Shultz, to lead the No on Prop campaign. 23, the action on the November 2010 voting on California's environmental law, AB32. He donated $ 5 million to the campaign, which was eventually defeated.
In 2012, Steyer became the main sponsor of Proposition 39 on voting in California. The goal is to close the gap that allows multi-state companies pay taxes outside the state, which requires them to pay in California. Steyer contributed $ 29.6 million, saying that he can not wait anymore for a change.
While supporters of Steyer's efforts say it will "help stop congestion in Sacramento," critics have objected that "increased involvement of the rich diverts the initial intent of the initiative". Kim Alexander, president of the California Voter Foundation, said that the rate of granting is unprecedented for individual donors. Some critics call the initiative an ineffective work stimulus, Steyer marks it as a success to close the company gap.
2012
In 2012, Steyer held a fundraiser at his home for President Obama. At a private meeting, Steyer, along with fifteen other top donors, reportedly pressured the President about the Keystone pipeline, which Steyer opposed. Obama is said to support Steyer's view but is reluctant to put his weight behind all the initiatives without better evidence. Steyer criticized Obama's decision to keep energy initiatives as low priority.
Speech of the Democratic National Convention
Steyer gave a speech to the 2012 Democratic National Convention, saying that elections are "an option as to whether to step back or move forward, and that choice is striking when it comes to energy." Steyer said that Republican presidential candidate Mitt Romney would not take action to reduce US dependence on fossil fuels; more precisely, he said he would improve it. Steyer went on to support Obama's policy, which he described as an investment to "make us energy independent and create thousands of jobs."
2013-2014
Rally Anti-Keystone
In February 2013, Steyer spoke at an Anti-Keystone XL Pipeline meeting at Washington Mall hosted by Bill McKibben and attended by tens of thousands. McKibben asked Steyer to join the protest by tying himself to the White House gate and being arrested, but was persuaded by his brother.
NextGen America
In 2013, Steyer established the NextGen Climate (now NextGen America), a nonprofit advocacy committee and environmental political action. NextGen Climate provides an environmental movement with significant capital and political influence. Steyer spent almost $ 74 million on 2014 elections.
In October 2017, NextGen America donated $ 2.3 million in grants to eight national immigration legal services organizations, including the University of California Law Immigration Services Center, Immigration Law Clinic at UC Davis Law School, UC Hastings Center for Gender and Refugee Studies, Americans Asia Advancing Justice - Asian Law Caucus, California Rural Law Support Foundation, Center for Community Change, American Immigration Lawyers Association, and Council on American-Islamic Relations.
Election campaign activity
In 2014, Steyer funded a political campaign to advocate for the election of at least nine candidates and to influence climate change policy through the NextGen Climate. The race included helping to select Ed Markey of Massachusetts over Steven Lynch to the Senate in a special election in 2013. Steyer spent $ 1.8 million reportedly attacking Lynch, including for a plane Steyer paid to fly over the Boston Red Sox game with banners that read out, "Steve Lynch for Oil Evil Empire".
Steyer supports the successful Democratic campaign of Terry McAuliffe in 2013 for the governor of Virginia through NextGen Climate Action, contributing funds for paid media (such as television commercials) and voice-out efforts. Steyer also supported Democrats in the Senate race in Iowa, Colorado, New Hampshire and Michigan and in Governor elections in Pennsylvania, Maine, and Florida. Steyer cites Florida's key role in the 2016 presidential election and its geographic position, which makes it particularly vulnerable to climate change, as an excuse to focus on the country.
In June 2014, Steyer said he plans to engage in the California legislative race, targeting three to four races in each Legislative home in an effort to influence climate change policy. The Guardian reports in 2014 that Steyer has become the largest single donor in American politics and is a leading proponent of environmental issues.
Steyer spends about $ 67 million of his personal fortune in midterm elections and has a 40% success rate: of the seven Senate candidates and governors supported by NextGen Climate, three winning their race.
2015
In April 2015, Steyer testified before the California Legislature in favor of a greenhouse gas reduction bill. In August 2015, Steyer is a guest of honor at the California Democratic Party headquarters to discuss bills to reduce the use of half-gasoline by 2030, though Steyer is not committed to spending large sums of money in support of the bill.
In July 2015, Steyer asked 2016 candidates to develop a strategic plan to deliver the United States at least 50% of energy from clean sources by 2030. The message is reportedly targeted at Hillary Clinton, who has yet to clarify environmental policies. It is suggested that this is a strategic move to secure a political alliance with Clinton.
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Steyer has raised money for Hillary Clinton, and held a fundraiser on her behalf at her home in San Francisco. Steyer contributed $ 87,057,853 in the form of a special fund for Democratic candidates during the 2016 election cycle.
Speculation about running to the office
By 2015, 4 reported that Steyer "keeps turning up the possibility of a bid for governors by 2018."
In early November 2016, Steyer told KQED The California Report that he might rethink his position to run for governor, "I have not decided I think Hillary [Clinton] will win But I want to get the facts before I make the decision My thinking has changed We are in a very difficult position And I am damned if I will not fight Six months later, in May 2017, it was reported that Steyer tested the waters for the California governor race by filing a poll that tested strength and weakness.Regarding the race, Steyer said he would make "decisions within the next few months".
On January 8, 2018, Steyer announced he would not run in California 2018 election governor.
Trump impeachment Campaign
In October 2017, Steyer spent about $ 10 million on a television advertising campaign that advocated the impeachment of President Donald Trump and plans to spend millions more on digital advertising campaigns to call for Trump impeachment. In the ad Steyer identifies itself only as "American citizen" and alleges that Trump "brings us to the brink of nuclear war, precludes justice on the FBI and, in direct violation of the Constitution, has taken money from foreign governments and threatens to shut down news organizations that report the truth. "Trump has responded by calling Steyer" weird and completely unhinged. " Ad campaigns have led to speculation that Steyer may be campaigning for the California Governor or California Senator in 2018.
Views and positions
Pipeline Keystone
After holding several conversations in the summer of 2012 with environmental writer Bill McKibben, Steyer decided to focus much of his attention on the Keystone Pipeline. Steyer officially left Farallon in 2012. He was criticized by some Republicans for attacking the pipeline even though he himself made some investments in the fossil fuel industry, including a stake in Kinder Morgan, which has its own pipeline connecting Canadian bitumin sand to the port. in the Pacific, which can be seen as a rival to the Keystone pipeline. Steyer promised to fully dismantle her ownership there within a year. In September 2013, Steyer appeared in a series of ads in opposition to the proposed pipeline.
In the November 2015 interview, Steyer described the Obama administration's decision to reject the Keystone pipeline as "fantastic".
Campaign funds
Asked in an November 2014 interview why he invested his money into election rather than a philanthropic organization, Steyer stated that the price did not act too high to not take a direct role.
He has said that he opposes Americans v. FEC , a Supreme Court ruling in 2010 that allows unlimited corporate donations to PAC super, but due to climate change it is urgent that he will take the necessary measures to provide fixed funds.
Environmentalism
Steyer is responsible for funding the establishment of the TomKat Center for Sustainable Energy at Stanford University, part of the Precourt Energy Institute.
In 2008, Steyer and Taylor awarded $ 41 million to create the Tomkat Center for Sustainable Energy at Stanford University, which focuses on the development of affordable renewable energy technologies and public policy promotion to make renewable energy more accessible. The project includes the manufacture of lighter, less toxic, and more durable batteries, and analysis of current power grid capabilities to support future renewable energy technologies.
In October 2013, Steyer launched a bipartisan initiative to combat climate change alongside New York City mayor Michael Bloomberg and former Treasury Secretary Henry Paulson. The initiative, called Risky Business Project, focuses on measuring and publishing the economic risks of climate change in the United States. Bloomberg, Paulson, and Steyer serve as co-chairs. The project has published three reports - National Reports in June 2014, Midwest Reports in January 2015, and the California Report on April 2015.
In 2015, Steyer signed a contract with Bill Gates Breakthrough Energy Coalition. The aim of the coalition is to encourage the demand and availability of green energy sources.
Taxation
In an interview in October 2017, Steyer said that he supports raising personal taxes. He said that high-income people in the United States have been "disproportionately good" at the expense of working families.
Steyer mentioned a version of the Republican tax reform proposal 2017 as a "hidden upside-down Robin Hood".
Awards and honors
Steyer has received numerous awards and awards for his environmental work, including Phillip Burton Public Service Award from Consumer Watchdog (2011), Environmental Leadership Award from California League of Conservation Voters (2012), Environmental Law Enforcement Awards (2013), Conservation Awards Land from Open Space Institute (2015), and Advocate Award from New York Environmental Advocate (2016). He received the 2015 California Equality Humanitarian Award, "for his work to advance progressive goals that benefit the LGBT community."
Personal life
In August 1986, he married Kathryn Ann Taylor. He is a graduate of Harvard College and earned his J.D./M.B.A. from Stanford University. Reverend Richard Thayer, a Presbyterian minister, and Rabbi Charles Familant perform the ceremony. Steyer and his wife have four children, Samuel Taylor ("Sam"), Charles Augustus ("Gus"), Evelyn Hoover ("Evi"), and Henry Hume ("Henry"). His wife is on the Presidential Council for America's Religions Initiative whose aim is to "promote continuous interfaith daily cooperation, to end religiously motivated violence, and to create a culture of peace, justice and healing for the Earth and all sentient beings."
Steyer is the brother of Stanford University lawyer, author, and professor Jim Steyer.
Steyer has a net worth of $ 1.6 billion. The Men's Journal mentions a simple aspect of his lifestyle, noting that he has an "outdated Honda Accord" and avoided luxury items like expensive watches.
At the age of 30, Steyer had a "revelation" and began to engage in the Episcopal Church. He has stated that he has become more interested in religion and theology. This new interest also encourages political advocacy.
References
External links
- Farallon Capital Management
- Hellman & amp; Friedman LLC
- Previous Beneficial State Bank OneCalifornia Bank
- TomKat Ranch
Source of the article : Wikipedia
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