Tom Steyer: Being Green Means Never Having To Live What You Say
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By Matthew Cunningham (Pamphleteer) on August 31st, 2010

The combination of incredible riches and overweening environmentalism must produce a brain chemistry reaction that nullifies the ability to see one's own hypocrisy.

Take Tom Steyer, for instance. Steyer is really, really rich investor and environmentalist. He's also the number one financial supporter of the No on Proposition 23 campaign. 

Prop. 23 opponents want to save to planet by killing all the "dirty economy" jobs and replace them with a wonderful "clean tech" economy. Steyer must view his donations to the No and 23 campaign as a sort of "conscience credit" enabling him to advocate for a clean economy while investing in coal -- that dirty, yucky energy sources despised by enviros.

For example, Steyer's firm, Farallon Capital, was invested in Indonesian coal giant Adaro Energy. But that's OK because Adaro Energy mines and exports "envirocoal" -- which just might be more valuable in an AB32 world -- a government regulatory scheme artificially boosting the value of that investment. A different kind of green there -- nice! 

Steyer has another large investment in FreightCar America whose primary product is coal carrying freight cars. 

Steyer’s hedge fund company, Farallon, owns almost 10% of the FreightCar America’s stock. Here is some info from FreightCar’s website:

“The long-term demand for coal as the primary fuel source for electricity generation remains strong, and we expect coal will continue to provide roughly half of the fuel used for electricity generation in the U.S. for the foreseeable future”.

So even while Steyer ponies up the green to keep AB 32's boot on the neck of the state economy, his also funding the transportation of nasty, dirty coal to the rest of the nation. While he talks a big green game, he puts his investments count on consumers continued use of coal.  Mr. Steyer has a do as I say, not as do attitude.

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