Farallon Chief Backs Calif. Climate Change Law

Jul 27 2010 | 11:06am ET

Farallon Capital Management founder Thomas Steyer has joined the fight to stop the repeal of California’s climate change law.

Steyer will donate $5 million to Californians for Clean Energy and Jobs, which is battling Proposition 23—a ballot initiative that would suspend the law—passed four years ago—until California’s unemployment rate drops below 5.5%. That figure has only been reached three times in the last 40 years.

Proponents of Prop. 23—and opponents of the climate change law, AB32—say that AB23 is hurting California’s economic recovery. Meg Whitman, the former eBay CEO and Republican candidate for California governor, calls the law a “dangerous job killer.”

But Steyer—a major Democratic donor—argues that “since AB32 was passed, $3 billion of venture capital has been spent in California,” creating thousands of jobs.

Steyer will also serve as co-chair of Californians for Clean Energy and Jobs, alongside George Schultz, former Secretary of State under President Ronald Reagan and a supporter of Whitman’s gubernatorial campaign. California’s Republican governor, Arnold Schwarzenegger, signed AB32 in 2006.

“They’re wrong,” Schultz told the San Francisco Chronicle of Whitman and GOP Senate candidate Carly Fiorina, who also supports Prop. 23.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.