Friday, 22 May 2015
Last updated 5 hours ago
Nov 7 2012 | 1:46pm ET
Last night was a good one for Thomas Steyer, the retiring head of Farallon Capital Management.
A staunch supporter of the re-elected President Barack Obama, who addressed the Democratic National Convention this year, Steyer was no doubt pleased by Obama's unexpectedly easy win and Democratic gains in the House of Representatives and Senate. Then, Steyer's fellow Californians overwhelmingly approved a ballot initiative backed by the hedge fund billionaire.
Steyer's measure, which was winning 59.5% to 40.5% with about 60% of the vote in, would close a California tax loophole that Steyer says favors out-of-state companies. The measure will require corporations to base their tax on in-state sales only, rather than the earlier formula with allowed them to consider their property and workforce in the state.
The measure is expected to generate about $1 billion in new revenue every year for cash-strapped California, although Steyer, an ardent environmentalist and proponent of green initiatives, made sure half that money will go towards increasing energy efficiency and clean-energy job training. Another chunk is earmarked for schools.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…