Tom Steyer
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7/28/15
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Tom Steyer
Born Thomas Fahr Steyer
June 27, 1957 (age 58)
New York City, New York U.S.
Alma mater Yale University
Stanford University
Net worth IncreaseUS$1.6 billion
(March 2014)[1]
Political party Democratic
Spouse(s) Kathryn Ann Taylor
(1986–present)
Children 4
Website Official website
Thomas Fahr "Tom" Steyer (born June 27, 1957) is an American hedge fund manager, philanthropist, and environmentalist.[2]
Steyer is the founder and former Co-Senior Managing Partner of Farallon Capital Management, LLC and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank.[2] Steyer is responsible for funding the creation of the TomKat Center for Sustainable Energy at Stanford University, part of the Precourt Institute of Energy.[3] Since 1986, he has been a partner and member of the Executive Committee at Hellman & Friedman, a San Francisco-based $8 billion private equity firm. Farallon Capital Management, LLC, manages $20 billion in capital for institutions and high-net-worth individuals. The firm’s institutional investors are primarily college endowments and foundations.[2][4]
In 2010, Steyer and his wife signed the Giving Pledge to donate half their fortune to charity.[5] Steyer is on the board of Next Generation, a non-profit that intends to tackle children's issues and the environment.[6][7] He serves on the Board of Trustees at Stanford University[8] and is active in political campaign fundraising.
Early life and education
Steyer was born in New York City in 1957. His mother, Marnie (née Fahr), was a teacher of remedial reading at the Brooklyn House of Detention, and his father, Roy Henry Steyer, was a partner in the New York law firm of Sullivan & Cromwell.[9][10] His mother was Episcopalian and his father Jewish (a member of the Reform Jewish Congregation Emanu-El of New York).[11]
1950s: MK-Ultra
The outrages perpetrated by Ewen Cameron became the most notorious aspect of the postwar Anglo-American mind-control program. Cameron had trained at the Royal Mental Hospital in Glasgow, under eugenicist Sir David Henderson, and founded the Canadian branch of his friend John R. Rees's World Federation for Mental Health. In the various member countries and subdivisions, these channels of British intelligence operations are known as the national, provincial, or state Mental Health Associations. Cameron was also elected president of the Canadian, American, and world psychiatric associations. He became famous after the CIA was sued by some survivors of his work—because the CIA had financed the tortures. Cameron would drug his victims to sleep for weeks on end, waking them daily only to administer violent electric shocks to the brain. He used the British Page-Russell electroconvulsive method, an initial one-second shock, then five to nine additional shocks, administered while the patient was in seizure. But he increased the normal voltage and the number of sequences from one to two or three times per day. Patients lost all or part of their memories, and some lost the ability to control their bodily functions and to speak. At least one patient was reduced almost to a vegetable; then Cameron had the cognitive centers of her brain surgically cut apart, while keeping her alive. Some subjects were deposited permanently in institutions for the hopelessly insane. For the CIA, Cameron tested the South American poison called curare, which kills a victim while simulating natural heart failure. But Cameron claims to have used it only in non-lethal doses to further immobilize his subjects while they were kept in sensory deprivation tortures for as long as 65 days. Then they would be given lysergic acid diethylamide (LSD) for “programmable” hallucinations. When the subject was sufficiently devastated, Cameron and his assistant, a veteran of the British Royal Signals Corps, would begin “Psychic Driving”: Through a loudspeaker hidden under the pillow, or through unremovable earphones, they would play a tape over and over again to burn certain phrases into what was left of the victim's memory. The CIA was found to have financed these horrors, as well as ghastly experiments in other locations, using a front called the Society for the Study of Human Ecology. (The society gave a grant for a study of the effects of circumcision on young Turkish boys, the grantees to be in Istanbul, studying five to seven year olds and their problems with their genitals. It is claimed that this was intended to give a cover to the CIA front as a real academic organization.)
The question of sponsorship
But the authorship of this enterprise cannot reasonably be assigned to the CIA, per se. Even before we review other agencies' direct involvement, we must understand that the CIA chief during MK-Ultra, Allen Dulles, was thoroughly attached to British Empire geopolitical aims. Introduced to British spies by his uncle Robert Lansing, Woodrow Wilson's secretary of state, Dulles had had a strong personal identification since childhood with the British Secret Intelligence Service. The Dulles family's upper class-status in America began when ancestor William Dulles arrived in South Carolina from India. With a fortune made in India by providing financial and security services for the British East India Company army, he bought a slave plantation which the family held through the American Civil War. The family's mental life was always that of the British Empire and its American colonial subordinates. Allen Dulles's main corporate activity was as a director of the J. Henry Schroder banking company in London, a prime instrument in Montagu Norman's nazification of Germany. As partners in the Sullivan and Cromwell firm, Allen Dulles and his brother John Foster Dulles represented the Rockefeller-Harriman-Warburg combination, I.G. Farben, and virtually every other Nazi corporate organization that danced on London's marionette strings. It was disclosed that for MK-Ultra, particularly for the experimental use and distribution of LSD, the CIA operated through another front, the Josiah Macy, Jr. Foundation. But the geometry of the “front” really worked the other way around. The Macy Foundation represented the British psychological warfare executive, as extended into U.S. and related institutions. In the midst of launching MK-Ultra, during 1954-55, the Macy Foundation's medical director Frank Fremont-Smith was president of British General Rees's World Federation of Mental Health. Under Rees as the director, the two together “made a journey to a number of countries in Asia and Africa to establish contacts and seek ways in which the organization may extend its activities in those regions.” Through official military and intelligence conferences over which it presided, and through various informal and secret operations, the Macy Foundation directed the spread of LSD by U.S. agencies during the 1950s. The Macy Foundation's chief LSD executive, Harold Abramson, was a psychiatric researcher at Columbia University and at the eugenics center in Cold Spring Harbor, Long Island, New York. It was Abramson who first “turned on” Frank Fremont-Smith. Abramson also gave LSD for the first time to British anthropologist Gregory Bateson, sometime husband of Margaret Mead. Then in 1959, Bateson gave LSD to Beat poet Alan Ginsburg at Stanford University, under controlled experimental conditions. Following this, Dr. Leo Hollister at Stanford gave LSD to mental patient turned author Ken Kesey and others, and thus it was said to have spread “out of the CIA's realm.”
-- British Psychiatry: From Eugenics to Assassination, by Anton Chaitkin
He attended the Buckley School, Philips Exeter Academy and graduated from Yale University summa cum laude in economics and political science and was elected to Phi Beta Kappa. He was captain of the Yale soccer team. Steyer received his MBA from Stanford Business School, where he was an Arjay Miller Scholar.[12]
Career
Early career
Prior to joining Hellman & Friedman, Steyer worked at Goldman Sachs from 1983-85 as an associate in the risk arbitrage department under Robert Rubin. He began his professional career at Morgan Stanley in 1979.[2]
Farallon Capital Management
Steyer founded Farallon Capital Management, LLC in January 1986.[13] Farallon employs approximately 165 people in eight offices globally and is headquartered in San Francisco, California.[14] Farallon is considered a pioneer in the practice of “absolute return” investing, a strategy that aims to produce a positive absolute return regardless of the directions of financial markets.[2] To that end, Farallon makes credit investments, value investments, merger arbitrage, real estate-related investments and direct investments. It also invests in public and private debt and equity securities, and direct investments in private companies and real estate.[15]
Steyer announced in October 2012 that he would be stepping down from his position at Farallon in order to focus on political activism, in particular on advocating for alternative energy.[16] He cited his desire to focus on giving back "full time" and to revolve his life around service. In an interview he said, "I've tried to organize a business voice for what I call advanced energy....I think I'm going to be focused on how to, is there a way to move the needle in some way having to do with thought or policy. And I don't know what shape that's going to take.”[17]
Investments in coal projects
Steyer decided to dispose of his carbon-polluting investments in 2012, although critics say he didn't dispose of them fast enough. Steyer sold his ownership stake in Farallon, but still owns an investment, although his aides said he no longer earns profits. Some of the coal mines and coal power plants they invested in will continue to operate for as much as 30 years. For example, Farallon made tens of millions of dollars from developing the Maules Creek coal mine in Australia, which is opposed by environmentalists. [18][19][20]
Kilowatt Financial, LLC
In 2015, the Washington Free Beacon reported that documents filed with secretaries of state in California and Texas named Steyer as a manager of Kilowatt Financial LLC.[21]
Philanthropy
Giving Pledge
In August 2010, Steyer and his wife, Kat Taylor, joined Warren Buffett, Bill Gates and 37 other American billionaires in pledging to give away at least half their fortunes during their lifetime.[22] Business people “are pretty widely mistrusted and seen as overwhelmingly self-interested,” Steyer said. “The point is that business people are not just laboring for themselves. They have bigger responsibilities and belong to a wider community.”[23]
Community development
Steyer and his wife founded OneCalifornia Bank, now known as One PacificCoast Bank, a community development bank.[24] The bank functions as a regulated financial institution, insured and for-profit just like other banks, but provides commercial banking services to underserved Bay Area businesses, nonprofits and individuals. Steyer and Taylor put up $22.5 million to start the bank and create the One PacificCoast Foundation to engage in charitable and educational activities, provide lending support, investments and other services for disadvantaged communities and community service organizations in California. Steyer and Taylor maintain mission focus and control of the bank, but take no economic benefit or repayment from their investment as they donated 100% of their economic interest in One PacificCoast Bank to One PacificCoast Foundation.[25][26] In August 2010, the University of San Francisco awarded OneCalifornia Bank and Foundation the 2010 University of San Francisco California Prize for Service and the Common Good.[27]
TomKat Ranch
The couple created the TomKat Ranch in Pescadero, California. The ranch's philanthropic endeavors include underwriting healthy food programs and co-producing an independent film, La Mission, starring Benjamin Bratt, about San Francisco's Mission neighborhood.[28]
OneRoof
Steyer and Taylor also helped found OneRoof, a social business designed to bring technology to rural India. Over the past four years OneRoof has opened computer centers to connect poor residents of India with the information revolution.[29]
Environmentalism
In 2008, Steyer and Taylor gave $41 million to create the TomKat Center for Sustainable Energy at Stanford University. The center focuses on the development of affordable renewable energy technologies and promotion of public policies that make renewable energy more accessible. Projects include the creation of lighter, less toxic, and more durable batteries and an analysis of the current power grid’s ability to support future renewable energy technologies.[3][30]
Political activism
Steyer is a leading Democratic activist and fundraiser. In 1983, he worked on the Walter Mondale for President campaign.[24] He raised money for Bill Bradley in 2000 and John Kerry in 2004. An early supporter of Hillary Clinton for President, Steyer became one of Barack Obama’s most prolific fundraisers. Steyer served as a delegate to the Democratic National Conventions in 2004 and 2008, and has been a member of the Hamilton Project since 2005.[2] Steyer, one of the backers of Greener Capital, has been accused of reaping benefits from the anti-oil policies of the Obama administration.[31][32] In January 2013, rumors briefly arose that Steyer might be named as a replacement for Energy Secretary Steven Chu.[33] Asked whether he would accept such an appointment, Steyer said yes.[34]
Steyer is seen as an adversary to some of the political activities of the Koch brothers.[35][36]
Steyer is involved with the Democracy Alliance, a network of progressive donors whose membership in the group requires them to donate at least $200,000 a year to recommended organizations.[37][38]
Steyer co-chairs a group called Risky Business that raises awareness of the projected economic impact of climate change.[39]
No on Prop 23
Steyer donated $2.5 million and pledged to contribute $2.5 million more to the No on Prop. 23 campaign, the measure on the November 2010 ballot concerning California's environmental legislation, AB32. Steyer joined former Secretary of State and Republican George Shultz, to co-chair the No on Prop. 23 campaign.[40][41]
Steyer was reportedly "peeved" that out-of-state activists were backing a California measure, and was convinced that passage would hurt California's environment and economy. Steyer described "stepping up" and donating $5 million - the largest sum donated - and driving to people's homes to campaign.
Steyer's political emergence was a success and the proposition was defeated.[42]
DNC speech
Steyer gave a speech at the 2012 Democratic National Convention. He commented that the election was “a choice about whether to go backward or forward. And that choice is especially stark when it comes to energy.” Steyer said that Romney would take no action to reduce our dependence on fossil fuels; rather, he said he would increase it. Steyer went on to support Obama's policies, which he described as investments to "make us energy independent and create thousands of jobs.”[43]
Prop 39
Steyer was the leading sponsor of Proposition 39 on the 2012 ballot in California. Its purpose was to close a loophole that allowed multi-state corporations to pay taxes out of state, mandating that they pay in California. Steyer contributed $21.9 million, saying that he could wait no longer for the change.[44][45]
Kim Alexander, president of the California Voter Foundation, said that the level of giving was unprecedented: "We’ve seen companies giving that much, and unions and PACs that have a lot at stake giving $10, $20 million in an election, but you didn’t see that so much for individual donors.”[44] While supporters of Steyer's effort said it would “help break the partisan gridlock in Sacramento,” critics objected that “the increasing involvement of rich individuals perverts the original intent of the initiatives.[44] The passage of Prop 39 was described as “a $1 billion corporate tax increase that somehow slipped under the radar” and a huge political story that somehow went unnoticed. It was noted that the backers' strategy was to eliminate political opposition before it could materialize. Tom Steyer added $30 million into the Yes on Proposition 39 campaign, warning opponents that “it would be impossible to wage an opposition campaign on the cheap.”[46][47]
2013 Virginia gubernatorial election
Steyer supported the campaign of Democrat Terry McAuliffe in the 2013 Virginia Gubernatorial race through his NextGen Climate Action political committee. This support consisted primarily of releasing ads meant to portray McAuliffe's rival, Ken Cuccinelli, as extreme on environmental issues, and in Get out the vote efforts.[48]
2014 political influence
In 2014, Steyer committed to funding political campaigns in at least seven states to influence climate change policy through his PAC, NextGEN Climate.[49] In June, Steyer said he planned to get involved in California legislature to affect climate change policy by targeting three to four races in each house of the Legislature.[50] In the summer, he founded a political action committee in Florida, leading a major investment in the Gubernatorial race. Steyer cited Florida's pivotal role in the 2016 presidential election and its geographic position, which makes it highly vulnerable to climate change, as reasons for his focus on the state. [51]
However, though spending $57 million of his personal fortune, he and his organization were largely unsuccessful, as of the seven Senate and governors’ candidates NextGEN Climate supported, only three won their races.[52]
Personal life
In August 1986, he married Kathryn Ann Taylor. She is a graduate of Harvard College and earned a J.D./M.B.A. from Stanford University. The Rev. Richard Thayer, a Presbyterian minister, and Rabbi Charles Familant performed the ceremony.[9] Steyer and his wife have four children.[42] His wife is on the President's Council for the United Religions Initiative whose purpose is to "promote enduring, daily interfaith cooperation, to end religiously motivated violence, and to create cultures of peace, justice and healing for the Earth and all living beings."[53]
Tom is the brother of attorney, author, and Stanford University professor Jim Steyer. [54]
References
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• 18. Aims of Donor Are Shadowed by Past in Coal by MICHAEL BARBARO and CORAL DAVENPORT, The New York Times, JULY 4, 2014
• 19. Tom Steyer’s slow, and ongoing, conversion from fossil-fuels investor to climate activist, by Carol D. Leonnig, Tom Hamburger and Rosalind S. Helderman, Washington Post, June 9, 2014
• 20. From black to green: U.S. billionaire's 'Road to Damascus' by Richard Valdmanis, Fergus Jensen and Sonali Paul, Reuters, May 13, 2014
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• 53. United Religions Initiative: Kat Taylor retrieved march 30, 2013
• 54. http://csre.stanford.edu/major/steyer.htm