Nancy Pelosi, Tom Steyer’s Hedge Fund, and a Billion Taxpayer Dollars
Top House Dem exempted light rail project benefitting mega-donor from cost-effectiveness regulations, then secured federal subsidies
Tom Steyer and his wife Kat Taylor with Paul and Nancy Pelosi at the Golden Gate Bridge 75th Anniversary celebration / Drew Altizer Photography See More
Lachlan Markay - AUGUST 12, 2014 11:00 AM
A top House Democrat to whom billionaire liberal Tom Steyer has donated campaign funds steered more than a billion dollars to an infrastructure project that benefitted his hedge fund.
That hedge fund, Farallon Capital Management, bought up large plots of real estate in San Francisco’s burgeoning Mission Bay neighborhood in 2004. The area is now booming and Farallon has sold most of its property there.
Steyer, who founded and led Farallon until late 2012, has used his fortune to elect Democratic senators and governors. He has pledged to spend $50 million of his own money in 2014 and to raise another $50 million.
David Rutz breaks down the most important news about the enemies of freedom, here and around the world, in this comprehensive morning newsletter.
Sign up here and stay informed!
Among the beneficiaries of his political largesse is House Minority Leader Nancy Pelosi (D., Calif.). ""We want to support Nancy as much as we can," Steyer said in an interview last year.
Pelosi, who did not respond to requests for comment, has also supported Steyer, though with less fanfare.
Over the past decade, she has steered federal subsidies to a light rail project designed to stimulate commercial and residential growth in Mission Bay. Experts say the project swelled real estate values in the area.