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June 8, 2016

After Sparking Dem Civil War, Billionaire Steyer Endorses Clinton

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Today, billionaire environmentalist Tom Steyer endorsed Hillary Clinton after holding out for months. The endorsement came after Clinton clinched the Democratic nomination on Tuesday.

Steyer, a big spender who put his face all over California television for Tuesday’s uncontested Republican primary, has had a rough few weeks.

In May, Steyer’s partnership with Big Labor set off a war between unions. Some labor leaders in construction were particularly upset over Steyer’s stalwart opposition to the Keystone XL pipeline, which would create jobs for the industry.

One union official, Terry O’Sullivan, called Steyer “a job-killing hedge fund manager with a bag of cash.”

Steyer and Clinton may be a good fit, though, given both have flip-flopped on energy over the years.

Clinton, of course, took numerous positions on Keystone during the primary and offered “caveats” on fracking when asked in a debate. Steyer’s hedge fund, meanwhile, invested “hundreds of millions of dollars” in coal mines before he began his energy crusade. Steyer also built his fortune in part on fossil fuels.

Clinton will benefit from that fortune, as Steyer expects to spend more than $74 million in 2016. He was the biggest spender in the 2014 midterms, but his cash produced “mixed results” at best.

Steyer may also benefit from offering air cover to Clinton. The former hedge fund manager, who has “long harbored political ambitions,” reportedly “may run” for governor of California in 2018. An endorsement of Clinton could give Steyer access to the $3-billion-dollar Clinton network.

Keep up with Core News as Steyer tries to clean up the intraparty mess he created and prop up the unpopular Democrat nominee.