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Tom Steyer
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Tom Steyer is a successful asset manager and entrepreneur. He founded
and is Co-Managing Partner of the San Francisco-based hedge fund Farallon
Capital Management and is a partner at the private equity firm Hellman &
Friedman, also in San Francisco. With his wife Kat Taylor, he created and
funded OneCalifornia Bank, based in Oakland, which provides loans and
banking services to underserved small businesses, communities, and
individuals in California.

Steyer is also co-Chair, with former Secretary of State George Shultz, of the
campaign to oppose Proposition 23 in California, an initiative that would
undercut California’s commitment to clean energy.

Steyer was born in New York City in 1957. He has a BA from Yale and an
MBA from Stanford. He began his career in finance in New York and
moved to the Bay area in 1986 to marry his wife, Bay area native Kat
Taylor, and raise his family here. He first joined Hellman and Freidman,
and then founded Farallon in San Francisco in March 1986.

Farallon now employs approximately 165 people. One of the first multi-
strategy funds with a broad range of domestic and international investments,
Farallon’s institutional investors are primarily college endowments and non-
profit foundations.

An avid Californian, Steyer has worked to promote economic development
and environmental protection in the state. For the past five years, the
OneCalifornia Bank and Foundation have been increasing activities
promoting economic opportunities for struggling small businesses,
communities, and individuals. Most recently, OneCalfornia acquired the
West Coast operations of ShoreBank. Through an innovative structure, any
eventual profits from the bank will go directly to the not for profit
foundation.

Steyer is on the Board of Trustees of Stanford University; two years ago, he
and Taylor founded a renewable energy research center there. Steyer is a
leading Democratic activist and fundraiser, and an active participant in
national and international policy discussions. He has joined with Warren
Buffett and Bill Gates in agreeing to donate more than half his wealth to
charity during his lifetime.

Steyer and his wife have four children between 16 and 22 years of age.

Entries by Tom Steyer

On the Precipice of Change

(8) Comments | Posted August 30, 2013 | 2:35 PM

According to a fascinating poll that came out last week, 13 percent of Americans claim that they would commit some form of non-violent civil disobedience to get action on climate change. To me, this is a dramatic number. Americans are not willing to put up with denial any...

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Energy Reform Starts Outside the Beltway

(2) Comments | Posted August 20, 2013 | 5:44 PM

We're a nation whose people believe in democracy. The American Revolution was the first great democratic revolution, and even it followed centuries of struggle for more broadly shared political rights. And the proud tradition of American Politics is the extension of those political rights throughout society -- to former slaves,...

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Keystone Fails the President's Own Test

(2) Comments | Posted July 31, 2013 | 5:55 PM

Time and again, President Obama has made an explicit promise that he will not approve the Keystone pipeline if doing so negatively impacts the climate.

If we break this issue down and examine it from every possible angle, it quickly becomes clear that there is no way for...

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Keystone XL Pipeline Will Raise Gasoline Prices, Not Just Environmental Concerns

(364) Comments | Posted July 16, 2013 | 12:19 PM

The last thing Americans, or the American economy needs, is another jump at the gas pump. A new report by Consumer Watchdog finds that's what America will get if the president approves Keystone XL pipeline: a 25 cent to 40 cent gas price hike in the Midwest, and pain at the pump all the way to California.

Environmental security has rightfully been a rally cry of clean air advocates opposed to the Keystone XL pipeline, which poses tremendous environmental hazards from leaks of the oil itself to emissions of toxic additives on the line to greater carbon output in refining of tar sands oil. New evidence shows economic security and energy security are equally important reasons for the president to oppose the pipeline.

Statements from pipeline developers reveal that the intent of the Keystone XL is not to help Americans, but to use America as an export line to markets in Asia and Europe. As Alberta's energy minister Ken Hughes acknowledged, "[I]t is a strategic imperative, it is in Alberta's interest, in Canada's interest, that we get access to tidewater... to diversify away from the single continental market and be part of the global market."

Relatively cheap Canadian tar sands crude, which is more than half of the crude oil used in Midwest refineries, and increasingly the source of Western refiners, will get a lot more expensive if the XL pipeline developers have their ways. Their articulated goal for the global market: raising the price per barrel of Canadian tar sand oil by $30, from $70 now charged to the $100 per barrel now commanded by Mexican Maya crude oil in the Gulf.

As a businessman, I can understand that profit motive. But what it means for U.S. drivers is higher gasoline prices. When crude prices go up, gasoline prices go up. Why build the Keystone XL if it will hurt the consumer and the environment?

As reported this morning in the Des Moines Register, in the Midwest, in particular, the 40 cent per gallon increase at the pump that the report identifies is going to do grave damage to the economy.

High gasoline prices ripple through the economy with devastating impact on economic activity -- the price of everything goes up. Consumers pay the price not only at the gas pump, but in increased costs for the food they eat, the clothes they wear, their airfare, their electronics. When fuel costs go up, the economy takes a big hit. This report shows that the risks from the Keystone XL are not just environmental, but economic, and they are dire.

Current events also put into question the alternatives to Keystone XL for anything other than an export pipeline. The Quebec crude oil train disaster on July 6 (50 dead, tremendous destruction) has strengthened opponents of rail transport, sharpening focus on Keystone XL. If pressure will mount against the tar sands crude being transported via rail to the Canadian coast for export, and if there will be no pipeline through West Canada, then the Keystone XL is the main line to markets in Asia and Europe for the cheap tar sands crude. That means Americans will bear the risk of the pipeline and not see any reward. Why would the President of the United States of America want...

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Re-Defining 'Energy Independence' in the Keystone Era

(1) Comments | Posted February 19, 2013 | 6:33 PM

Sitting on President Obama's desk is a decision memorandum on whether or not to approve the Keystone pipeline, which would take tar sands oil from Canada to refineries in the Gulf of Mexico.

It is a controversial decision -- many have highlighted the terrible effects of digging up and...

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Picking Winners and Losers

(1) Comments | Posted November 2, 2012 | 10:45 AM

There's no question that energy policy will be a driving factor of whether America continues to drive the global economy. Governor Romney continually criticizes President Obama's energy strategy for using taxpayer dollars to invest in an advanced energy economy, particularly through the American Recovery and Reinvestment Act. He

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Arnold, Tom Friedman and Green Jobs

(4) Comments | Posted October 8, 2010 | 10:56 AM

I was down in Los Angeles last week and met with a long-time friend who's from a strongly Republican family but who is deeply committed to keeping California beautiful and its environment protected.

He was impressed that Meg Whitman had officially opposed Prop 23 and was convinced that, with...

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Good News with a Caveat: Meg Whitman Says Vote "No" on Prop 23

(32) Comments | Posted September 25, 2010 | 1:09 PM

A friend and I were driving to Fresno yesterday morning when I received a very welcome message on my blackberry: Meg Whitman has come out against Proposition 23.

Everyone who opposes Proposition 23 had to cheer -- and be cheered by -- that news. Now both Whitman and Brown...

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