Obama Donor to Profit from Keystone Demise

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1 - 6 of 6 Comments Last updated Jun 27, 2013

“animis opibusque parati”

Since: Oct 12

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Jun 27, 2013
 

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So old hypocritical Warren Buffett isn't the only pro-Obama gazillionaire profiting from the delay and/or demise of Keystone X/L...

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Obama Donor Set To Profit From Keystone Demise

via Investors Business Daily Editorial

A billionaire hedge fund manager and Barack Obama donor is pushing the president to stop the pipeline that would compete with one he's invested in. That pipeline could send Canadian oil to China.

Environmental activist Tom Steyer donated as much as he could to get Massachusetts Rep. Ed Markey elected to the Senate in the recent special election to fill the seat vacated by now-Secretary of State John Kerry. He wanted another senator who's opposed to completing the Keystone XL pipeline that he says would be an environmental plague on the planet.

A few days before President Obama said that Keystone XL would be built only if it could be shown to have no net effect on greenhouse gas emissions, Steyer, a major contributor to Obama's campaigns, urged the president to kill the project.

"We really cannot afford 40 to 50 years of development of a humongous oil reserve that's twice as bad — soup to nuts — as normal crude," Steyer told a gathering at the National Press Club, referring to Canada's extraction of crude from its oil sands in Alberta.

Steyer has mounted an extensive campaign to kill Keystone, yet he owes his personal fortune to a lifetime of investments in oil, gas and pipeline companies. He stands to reap another financial reward through the extensive investments his hedge fund, Farallon Capital Management, has made over the last 27 years in fossil fuel companies. These include holdings that could benefit from the blocking of the Keystone pipeline.

Farallon has made millions for its investors, and left Steyer with a net worth estimated by Forbes at $1.4 billion. One of Farallon's biggest holdings is in U.S. pipeline company Kinder Morgan, which has plans to expand a major competitor to Keystone — the TransMountain pipeline.

Steyer has also lobbied against Northern Gateway, which would carry oil from Edmonton to Kitimat, British Columbia, on Canada's west coast. Curiously, he is not opposed to TransMountain, which Kinder Morgan has sought approval to expand.

If that expansion is approved, TransMountain will be the only available outlet for Alberta crude. If Keystone XL is killed, it will leave TransMountain as the only game in town for transporting oil directly from the oil sands to export terminals, up to 900,000 barrels a day. And most of that oil will be shipped west to China.

Steyer stepped down as Farallon's CEO late last year to focus on political and environmental activism. In his newfound fervor to go "green," he says he's directed the fund to divest him of all positions in oil and coal, including Kinder Morgan. But it appears that process is painstakingly slow. Meanwhile, his holdings increase in value as Keystone remains in limbo.

“animis opibusque parati”

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Jun 27, 2013
 
They cannot kill a spook

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Jun 27, 2013
 

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-tip- wrote:
http://news.investors.com/ibd- editorials/062713-661681-obama -donor-benefits-from-keystone- demise.htm
You can include Warren Buffet

Since: Jan 13

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Jun 27, 2013
 

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They cannot kill a spook wrote:
<quoted text>
You can include Warren Buffet
When the Transcontinental Railroad was built, it was a vast case of graft.

Appears the barons haven't changed their stripes.
They cannot kill a spook

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Jun 27, 2013
 

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-The-Artist- wrote:
<quoted text>
When the Transcontinental Railroad was built, it was a vast case of graft.
Appears the barons haven't changed their stripes.
Since you mwntioned railroad that is Buffet's angle. He wants the oil to come to the US but only what the railway can handle.

“Hereeeeee'ssss UR Pizza”

Since: May 13

Columbus, OH

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Jun 27, 2013
 

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http://www.canadafreepress.com/index.php/arti...

“Obama Years Ago Helped Fund Carbon Program He Is Now Pushing Through Congress” is a FOXNews story by Ed Barnes. In short,“While on the board of a Chicago-based charity, Barack Obama helped fund a carbon trading exchange that will likely play a critical role in the cap-and-trade carbon reduction program he is now trying to push through Congress as president.”

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