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Keystone Opponent and Obama Donor Looking to Cash in on Keystone Ban
Posted By Daniel Greenfield On June 29, 2013 @ 9:44 am In The Point | No Comments
The environment is important. Really important. That’s why it’s vital that Keystone doesn’t get built and that the usual suspects profit instead
San Francisco billionaire Tom Steyer has spent millions on environmental causes, including efforts to stop construction on the Keystone XL pipeline.
But his hedge fund Farallon Capital Management has extensive holdings in fossil fuel companies — including investments that could benefit from the blocking of the Keystone pipeline.
Steyer emerged as a leading opponent of the pipeline, calling global warming the “defining issue of our generation.”
The Globe and Mail reports: “Farallon’s holdings, as of its last Securities and Exchange Commission filing, include Kinder Morgan, which is pushing to expand a pipeline from Alberta to Vancouver; Nexen, one of Calgary’s largest energy companies; and Potash Corp., the Saskatchewan mining giant. Farallon owns stakes in CB&I, a leading pipeline and oil platform manufacturer, and Union Pacific, one of many railroads moving more and more oil with existing pipelines full. Farallon also still holds stock in BP.”
According to SEC filings for the first quarter of 2013, Farallon has invested more than $300 million in companies that develop onshore and offshore U.S. assets and pipelines, including Halcon Resources, Kinder Morgan and Plains Exploration. Farallon also holds about $33.8 million in Dryships, Inc. which owns and operates 10 offshore deepwater drilling units.
But don’t worry, it’s all for the environment. The environment inside Steyer’s bank vault.
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