New York (HedgeCo.Net) – Mulling over a Senate bid, billionaire philanthropist and retired hedge fund founder Tom Steyer took to Reddit for a Q&A with the internets.
“Question is, can I have more positive influence by running?” Steyer wrote. “I’m trying hard to figure that out, and will do it pretty soon.”
Many of the questions submitted were regarding his hefty income and transparency in past business schemes, such as: “How many years of tax returns will you release so the climate community knows you’re not invested in big oil or coal like you used to be?” and “Yes, please answer. It’s only after you made millions of dollars off of fossil fuels that you chose to denounce it.”
Stayer said, “We’ve always tried to be transparent. That’s why at NextGen Climate we have released as much information as we have. If I run for Senate, I’ll pursue a similar path. Also my non-profit giving is already public.”
Another Redditor asked about the potentiality of his hedge fund, Farallon, becoming a political albatross: “There was a lot of consternation among progressives over what they saw as Farallon’s socially or environmentally problematic business practices. It even led to a student divestment movement against university endowments that invested in Farallon funds. Are you concerned that your hedge fund’s ties to, for instance, illegal attempts to manipulate the post-Soviet Russian economy, or its extensive investments in coal-fired power plants in the third world could provide fodder for a Democratic primary opponent?”
Steyer answered: “I spent over twenty years as a private investor. I learned an enormous amount about what creates growth and jobs in our society, and how business really works. But I left to fight to preserve our natural resources and our future generations. While my decades of investing taught me an awful lot, my conscience wouldn’t let me stay any longer in the private sector. I want to be part of the solution.”
Steyer’s final comment being: “There’s a “join us” button on our website (NextGen Climate Action). We can use all the help we can get!”
Alex Akesson
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