Farallon’s Steyer Helped Stymie Calif. Election Proposal

Oct 5 2007 | 12:07pm ET

Revelations that a proposal to change how California distributes its electoral votes was funded by a New York hedge fund manager helped sink the effort. But Elliott Associates’ Paul Singer, also a top fundraiser for Republican presidential candidate Rudolph Giuliani, wasn’t the only hedgie with skin in this game.

Singer donated all $170,000 raised by Californians for Equal Representation, which was seeking to get the measure on November’s ballot. Meanwhile, the effort to sink it was bankrolled by Thomas Steyer, the founder of San Francisco-based Farallon Capital Management and a major fundraiser for Democratic presidential candidate Sen. Hillary Clinton (D-N.Y.).

Steyer and Chris Lehane, special assistant counsel to Pres. Bill Clinton, founded Californians for Fair Electoral Reform to oppose the proposal, and Steyer put up most of the $200,000 the group spent on its effort, including for television advertisements.

Under the ballot proposal, the lion’s share of California’s 55 electoral votes would be awarded by congressional district, rather than en masse, as is the case in nearly every other state. That would presumably help the Republican candidate, for though Democrats have won California in the last four presidential elections, 19 of the state’s 53 members of Congress represent the G.O.P.

Although Californians for Equal Representation has effectively collapsed, Golden State Republicans are trying to revive the measure. But time is against them: Californians for Equal Representation estimated it would need as much as $2 million to gather the more than 400,000 signatures to get the proposal on the ballot. Those signatures are due by Nov. 29.

RELATED STORIES

Dems Point Finger At Hedge Fund Manager In California Campaign Caper


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

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

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.