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Despite marketing himself as an “environmental justice” advocate combating “climate change,” billionaire Democrat presidential candidate Tom Steyer oversaw the funding of coal plants in Australia, China, and Indonesia during his tenure as CEO of hedge fund Farallon Capital Management.
Steyer also bought and sold coal stocks during the Obama administration’s “war on coal,” explained Peter Schweizer, president of the Government Accountability Institute and senior contributor at Breitbart News, in episode four of the Drill Down.
Somebody - Plant - Sum - Greenhouse - Gas
“If somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted,” said Barack Obama to the San Francisco Chronicle in January of 2008, describing his intentions to tax carbon dioxide emissions, adding, “under my plan … electricity rates would necessarily skyrocket.”
As a bundler for Obama’s 2012 presidential campaign, Steyer procured access to senior officials, including Obama’s former chiefs of staff Rahm Emanuel and Bill Daley and former presidential counselor John Podesta.
Schweizer - Steyer - Investments - Business - Obama
Schweizer outlined how Steyer stood to financially benefit from coal-related investments and business related to Obama’s energy policies, saying:
As Steyer availed himself of this access [to the Obama administration], his firm was cashing in on purchases of coal-related stocks while the Obama administration was declaring a war on coal.
Obama - Office - Farallon - Stake - Freight
In 2009, shortly after Obama took office, Farallon took a large stake in Freight Car America, which produced rail cars that transported coal.
Steyer’s hedge fund also purchased over 1 million shares of Massey energy in 2011. A year...
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