Goldman Sachs
Tom Steyer was an employee for whom from 1983 to 1985?
Tom Steyer Thomas Fahr Steyer ( born June 27 , 1957 ) is an American businessman , hedge fund manager , philanthropist , environmentalist , and liberal activist . Steyer is the founder and former co-senior-managing-partner of Farallon Capital and the co-founder of OneCalifornia Bank , which became ( through merger ) Beneficial State Bank , an Oakland-based community development bank . Farallon Capital manages $20 billion in capital for institutions and high-net-worth individuals . The firms institutional investors include college endowments and foundations . Steyer served on the board of trustees at Stanford University from 2007 to 2017 . Since 1986 , he has been a partner and member of the executive committee at Hellman & Friedman , a San Francisco–based private equity firm . In 2010 , Steyer and his wife signed The Giving Pledge to donate half of their fortune to charity during their lifetime . In 2012 , he sold his stake in and retired from Farallon Capital . Switching his focus to politics and the environment , he launched NextGen America , a nonprofit organization that supports progressive positions on climate change , immigration , health care , and education . Steyer sought the Democratic nomination for president in 2020 , but dropped out of the race after the first four state contests , having spent more than $191 million on campaign advertising but failing to obtain any pledged delegates . Early life and education . Steyer was born in Manhattan . His mother , Marnie ( née Fahr ) was a teacher of remedial reading at the Brooklyn House of Detention and his father , Roy Henry Steyer was a partner in the New York law firm of Sullivan & Cromwell , and was a prosecutor at the Nuremberg Trials . His father was a non-practicing Jew , and his mother was Episcopalian . Steyer grew up on the Upper East Side of Manhattan , and attended the Buckley School and Phillips Exeter Academy . He graduated from Yale University summa cum laude in economics and political science , and was elected to Phi Beta Kappa . He was captain of the soccer team . At Yale , Steyer was a member of Wolfs Head Society Steyer received his MBA from Stanford Graduate School of Business , where he was an Arjay Miller Scholar . He has served on the Stanford University board of trustees . Career . After graduation from Yale , Steyer began his professional career at Morgan Stanley in 1979 . After two years at Morgan Stanley , he attended Stanford Graduate School of Business . Steyer worked at Goldman Sachs from 1983 to 1985 as an associate in the risk arbitrage division , where he was involved in mergers and acquisitions . He later became a partner and member of the Executive Committee at Hellman & Friedman , a San Francisco–based private equity firm . In January 1986 , Steyer founded Farallon Capital , a hedge fund firm headquartered in San Francisco . Steyer made his fortune running Farallon , which was managing $20 billion by the time he left the company . Steyer was known for taking high risks on distressed assets within volatile markets . In October 2012 , Steyer stepped down from his position at Farallon in order to focus on advocating for alternative energy . Steyer decided to dispose of his carbon-polluting investments in 2012 , although critics say he did not dispose of them quickly enough and noted that the lifespan of the facilities he funded would extend through 2030 . A 2014 New York Times article said coal-mining companies that Farallon invested in or lent money to under Steyer had increased their coal production by 70 million tons annually since receiving money from Farallon , and that Steyer remained invested in the Maules Creek coal mine . Prior to Steyer leaving Farallon , a student activist group called UnFarallon criticized the company for investments in companies with anti-environmental policies . In 2016 , some critics noted that Farallon had also invested in private prisons while Steyer was leading the hedge fund . According to SEC filings , Steyer was at the helm as the hedge fund purchased nearly $90 million of Corrections Corporation of America stock ( 5.5% of the companys outstanding shares ) . After leaving Farallon , Steyer hosted a two-day think-tank entitled the Big Think Climate Meeting to discuss how to address climate change . On April 17 , 2020 , it was announced that California Governor Gavin Newsom had selected Steyer to chair a task force focused on the states economic recovery after the 2019–20 coronavirus pandemic . The task force will also include former Federal Reserve Chair Janet Yellen , Disney Executive Chairman Bob Iger , and Apple Inc . CEO Tim Cook . Steyers co-chair will be political advisor Ann OLeary . Philanthropy . In 2006 , Steyer and his wife , Kat Taylor , founded OneRoof , Inc. , a B Corp and social enterprise business designed to bring broadband connectivity , computer literacy , and employment skills via OneRoof Internet Centers to small rural towns in rural India and Mexico . In 2007 , Steyer and Taylor founded Beneficial State Bank , a community development bank , for the purpose of providing commercial banking services to underserved Bay Area businesses , nonprofits , and individuals , with operations now in California , Oregon , and Washington . Its stock ownership is entirely held by a foundation such that all profits are reinvested in local communities . Steyer and Taylor put up $22.5 million to start the bank and create the One PacificCoast Foundation to engage in charitable and educational activities , provide lending support , investments , and other services for disadvantaged communities and community service organizations in California . In August 2010 , Steyer and his wife signed onto The Giving Pledge , an initiative of Bill Gates and Warren Buffett . Steyer and Taylor created the TomKat Ranch in Pescadero , California , near Half Moon Bay . The ranch is meant to research and demonstrate a sustainable way of doing agriculture . The ranchs activities include underwriting healthy food programs and co-producing an independent film , La Mission , starring Benjamin Bratt , about San Franciscos Mission neighborhood . Around 2011 , Steyer joined the board of Next Generation , a nonprofit intending to tackle childrens issues and the environment . In 2013 , Steyer founded NextGen Climate , an environmental advocacy nonprofit and political action committee . In August 2015 , Steyer launched the Fair Shake Commission on Income Inequality and Middle Class Opportunity , which was intended to advocate policies for promoting income equality . Political activity . In 1983 , Steyer worked on Walter Mondales presidential campaign . He raised money for Bill Bradley in 2000 and John Kerry in 2004 . An early supporter of Hillary Clinton in 2008 , Steyer became one of Barack Obamas most prolific fundraisers . Steyer served as a delegate to the Democratic National Conventions in 2004 and 2008 . Steyer has been a member of the Hamilton Project and has been involved with the Democracy Alliance , a network of progressive donors whose membership in the group requires them to donate at least $200,000 a year to recommended organizations . After the Obama victory in 2008 , Steyer was considered for appointment as Secretary of Treasury . Jim Steyer , Toms brother , told Mens Journal that Obama and his advisors would regret having chosen someone else , due to his expertise . In January 2013 , rumors briefly arose that Steyer might be named as a replacement for Energy Secretary Steven Chu . Asked whether he would accept such an appointment , Steyer said he would . Ballot measures . In 2010 , Steyer joined former Secretary of State , San Francisco-based George Shultz , to co-chair the No on Prop . 23 campaign , the measure on the November 2010 ballot concerning Californias environmental legislation , AB32 . He donated $5 million to the campaign , which defeated Proposition 23 . In 2012 , Steyer was the leading sponsor of Proposition 39 on the ballot in California . Its purpose was to close a loophole that allowed multi-state corporations to pay taxes out of state , mandating that they pay in California . Steyer contributed $29.6 million , saying that he could wait no longer for the change . While supporters of Steyers effort said it would help break the partisan gridlock in Sacramento , critics objected that the increasing involvement of rich individuals perverts the original intent of the initiatives . Kim Alexander , president of the California Voter Foundation , said that the level of giving was unprecedented for an individual donor . Some critics called the initiative an ineffective jobs stimulus , while Steyer labeled it a success for closing a corporate loophole . 2012 . In 2012 , Steyer hosted a fundraiser at his home for President Obama . At a private meeting , Steyer , along with fifteen other top donors , reportedly pressed the president regarding the Keystone pipeline , which Steyer opposed . Obama was said to be supportive of Steyers views , but reluctant to put his full weight behind any initiatives without better proof . Steyer was critical of Obamas decision to keep an energy initiative as a low priority . Democratic National Convention speech . Steyer gave a speech at the 2012 Democratic National Convention , saying that the election was a choice about whether to go backward or forward . And that choice is especially stark when it comes to energy . Steyer said that Republican presidential nominee Mitt Romney would take no action to reduce U.S . dependence on fossil fuels ; rather , he said , Romney would increase it . Steyer went on to support Obamas policies , which he described as investments to make us energy independent and create thousands of jobs . 2013–2014 . Anti-Keystone rally . In February 2013 , Steyer spoke at an anti-Keystone XL Pipeline rally on the Washington Mall organized by Bill McKibben and attended by tens of thousands . McKibben asked Steyer to join the protest by tying himself to the White House gate and getting arrested , but Steyer was dissuaded by his brother Jim . NextGen America . In 2013 , Steyer founded NextGen Climate ( now NextGen America ) , an environmental advocacy nonprofit and political action committee . NextGen Climate provided the environmentalist movement with significant capital and political influence . Steyer spent almost $74 million on the 2014 elections . In October 2017 , NextGen America donated grants totaling $2.3-million to eight national immigration law service organizations , including the University of California Immigrant Legal Services Center , the Immigration Law Clinic at U C Davis School of Law , U C Hastings Center for Gender and Refugee Studies , Asian Americans Advancing Justice — Asian Law Caucus , California Rural Legal Assistance Foundation , Center for Community Change , American Immigration Lawyers Association , and the Council on American-Islamic Relations . Electoral campaign activity . In 2014 , Steyer funded political campaigns to advocate for the election of at least nine candidates and to influence climate change policy through NextGen Climate . Those races included helping elect Ed Markey of Massachusetts over Stephen Lynch to the Senate in a special election in 2013 . Reportedly , Steyer spent $1.8 million attacking Lynch , including money for a plane Steyer paid to fly over a Boston Red Sox game with a banner that read , Steve Lynch for Oil Evil Empire . Steyer supported Democrat Terry McAuliffes successful 2013 campaign for governor of Virginia through his NextGen Climate Action , contributing funds for paid media ( such as television advertisements ) and get-out-the-vote efforts . Steyer also supported Democrats in Senate races in Iowa , Colorado , New Hampshire , and Michigan and in Gubernatorial races in Pennsylvania , Maine , and Florida . Steyer cited Floridas pivotal role in the 2016 presidential election and its geographic position , which makes it highly vulnerable to climate change , as reasons for his focus on the state . In June 2014 , Steyer said he planned to get involved in California legislative races , targeting three to four races in each house of the Legislature in a bid to affect climate change policy . The Guardian reported in 2014 that Steyer had become the single largest donor in American politics and is the leading advocate of environmental issues . Steyer spent about $67 million of his personal fortune in the 2014 midterm elections and had a 40% success rate . Of the seven Senate and gubernatorial candidates NextGen Climate supported , three won their races . 2015 . In April 2015 , Steyer testified before the California Legislature in favor of a greenhouse-gas reduction bill . In August 2015 , Steyer was the guest of honor at the California Democratic Party headquarters to discuss bills to cut gasoline use in half by 2030 , although Steyer did not commit to spending large sums of money to support the bills . In July 2015 , Steyer called on 2016 candidates to develop strategic plans to provide the United States with at least 50% of its energy from clean sources by 2030 . Reportedly , the message was targeted at Hillary Clinton , who had yet to outline an environmental policy . It was suggested that this was a strategic move to secure a political alliance with Clinton . 2016 . Steyer raised money for Hillary Clinton , and he hosted a fundraiser on her behalf at his Burlingame home . Steyer contributed $87,057,853 in funds exclusively to Democratic Party candidates during the 2016 election cycle . Trump impeachment campaign . Beginning in October 2017 , Steyer spent approximately $10 million for a television ad campaign advocating the impeachment of Donald Trump , and more on a digital ad campaign to call for Trumps impeachment . In the ad , Steyer identifies himself only as an American citizen and alleges that Trump brought us to the brink of nuclear war , obstructed justice at the FBI , and in direct violation of the Constitution has taken money from foreign governments and threatened to shut down news organizations that report the truth . Trump responded by calling Steyer wacky and totally unhinged . The Need to Impeach campaign led to speculation that Steyer was planning a run for California governor or California senator in 2018 , although he did not do so . In March 2018 , Steyer launched a 30-city town hall tour and , going into the fall election season , the campaign had amassed close to 6 million petition signatures . Steyer stepped down from his role as President at Need to Impeach in July 2019 when he announced his presidential campaign . As of 2019 , he has reportedly spent over $70 million in the effort . Steyer said Need to Impeach will continue under new leadership and named Nathaly Arriola , as the new Executive Director . Potential gubernatorial bid . Steyer considered running for governor of California in 2018 but in January 2018 announced that he would not run in the election . 2020 presidential campaign . After initially indicating that he would not seek the presidency , Steyer launched a campaign for the Democratic presidential nomination on July 9 , 2019 , in an online campaign video posted to Twitter . As a self-funded candidate , Steyer committed himself to spending millions of dollars in campaign advertising . Steyer qualified for , and participated in , six televised Democratic primary debates and failed to qualify for one debate . Steyer came in seventh place in the Iowa caucuses and sixth place in the New Hampshire primaries out of the 11 active candidates , receiving no delegates . He earned no national pledged delegates from Iowa , New Hampshire , or Nevada . Steyer spent a great deal of time and money in South Carolina , far outspending other candidates . However , on February 29 , 2020 , he finished third ( behind Joe Biden and Bernie Sanders ) . Following that result , he suspended his campaign . Steyer spent over $253 million , with all but a little over $3.5 million coming from his personal funds . This amount worked out to be $3,373 for every vote he received in the three primaries where he was on the ballot before dropping out of the race . During Steyers time as a candidate , his campaign spending surpassed that of every other Democratic candidate except for fellow billionaire Michael Bloomberg . Political positions . Environmentalism . Keystone Pipeline . After holding several conversations during the summer of 2012 with environmental writer Bill McKibben , Steyer decided to focus much of his attention on the Keystone Pipeline . Steyer officially left Farallon in 2012 . He was criticized by some Republicans for attacking the pipeline even though he held some investments in the fossil-fuel industry . The investments included stock in Kinder Morgan , which had its own pipeline connecting the Canadian bitumen sands to a port on the Pacific , which could be seen as a rival to the Keystone pipeline . Steyer promised to fully unload his holdings there within a year . In September 2013 , Steyer appeared in a series of commercials in opposition to the proposed pipeline . In a November 2015 interview , Steyer described the Obama administrations decision to reject the Keystone pipeline as fantastic . Global warming and renewable energy . In 2008 , Steyer and Taylor gave $41 million to create the TomKat Center for Sustainable Energy at Stanford University . Part of the Precourt Institute of Energy , it is focused on the development of affordable renewable energy technologies , and promotion of public policies to make renewable energy more accessible . Projects included the creation of lighter , less toxic , and more durable batteries , and an analysis of the then-current power grids capacities to support future renewable energy technologies . In October 2013 , Steyer launched a bipartisan initiative to combat climate change along with then-New York City mayor Michael Bloomberg and former Treasury Secretary Henry Paulson . The initiative , called the Risky Business Project , focuses on quantifying and publicizing the economic risks of climate change in the United States . Bloomberg , Paulson , and Steyer serve as co-chairs . The Project has published three reports—a National Report in June 2014 , a Midwest Report in January 2015 , and a California Report in April 2015 . In 2015 , Steyer signed on to the Bill Gates Breakthrough Energy Coalition . The goal of the coalition is to jumpstart the demand and availability of green energy sources . Healthcare . Steyer opposes Medicare for All but supports expanding coverage . Steyer became the first presidential candidate who took a position supporting a cure for AIDS during a question on the topic posed to him at the CNNs LGBT town hall in October 2019 http://westviewnews.org/2019/11/01/presidential-candidates-pledge-aids-cure/web-admin/ . Gun control . Regarding gun control , Steyer supports a ban on assault weapons and universal background checks . Campaign finance . Asked in a November 2014 interview why he invests his money into elections rather than philanthropic organizations , Steyer stated that the price of inaction is too high not to take a direct role . He has said that he opposes Citizens United v . FEC , the 2010 Supreme Court decision allowing unlimited corporate donations to super PACs , but since climate change is urgent he will take necessary actions to provide funding nonetheless . Taxation . In an interview in October 2017 , Steyer said that he was in favor of raising personal taxes . He said that upper-income people in the United States had done disproportionately well at the expense of working families . Steyer called one version of a 2017 Republican tax reform proposal a thinly veiled reverse Robin Hood . 5 Rights . In November 2018 , in a full-page USA Today ad , Steyer outlined five non-partisan issue areas on which he said the Democrats should campaign , and which represent essential freedoms that should be guaranteed for all Americans : voting rights protections , a clean environment , a complete education , a living wage , and good health . Awards and honors . Steyer has received a number of awards and honors for his environmental work , including the Phillip Burton Public Service Award of Consumer Watchdog ( 2011 ) , the Environmental Leadership Award of the California League of Conservation Voters ( 2012 ) , the Environmental Achievement Award of the Environmental Law Institute ( 2013 ) , and the Land Conservation Award of the Open Space Institute ( 2015 ) . Steyer received Equality Californias 2015 Humanitarian Award for his work advancing progressive causes that benefit the LGBT community . Personal life . In August 1986 , Steyer married Kathryn Ann Taylor , a graduate of Harvard College who earned a Master of Business Administration and a Juris Doctor from Stanford University . The Reverend Richard Thayer , a Presbyterian minister , and Rabbi Charles Familant performed the ceremony . They have four children , Samuel Taylor ( Sam ) , Charles Augustus ( Gus ) , Evelyn Hoover ( Evi ) , and Henry Hume ( Henry ) . Kathryn was on the Presidents Council for the United Religions Initiative , an interfaith group . Steyer has two brothers : Hume Steyer , an attorney in New York City and Jim Steyer , an attorney , author , and a Stanford University professor . Steyer has a net worth of $1.6 billion . Mens Journal mentioned the modest aspects of his lifestyle noting that he owns an outdated hybrid Honda Accord and eschews luxury items such as expensive watches . Steyer wears tartan neckties every day , because in his words “You gotta dress up for a fight.” In his late 30s , Steyer had a revelation and began an involvement in the Episcopal Church , the religion of his mother ( his father was a non-practicing Jew ) . He has stated that during this time he became much more interested in religion and theology . The new interest reportedly galvanized his political advocacy . In 2018 , Steyer received two suspicious packages from convicted mail bomber Cesar Sayoc . External links . - Official website - Farallon Capital Management - Hellman & Friedman LLC