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November 4, 2016

Hedge Fund for “Anti-Trump” Tom Steyer Invested in Trump Entertainment Resorts

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Tom Steyer has spent millions in 2016 putting his face on California TV to oppose Donald Trump. One ad plays Trump comments before Steyer, “surrounded by young adults,” says: “That’s not America.”

A new report from The Sacramento Bee, though, suggests Steyer thought Trump was a good American investment in 2006:

Steyer, a managing partner at the hedge fund Farallon Capital Management until 2012, reported a $558,000 investment in the gambling and hospitality company that operated the Trump Taj Mahal in Atlantic City, N.J. [in 2006], according to a review of U.S. Securities and Exchange Commission records. Trump once referred to it as “the eighth wonder of the world.”

A Steyer spokesman predictably ducked and dodged, suggesting “more than 100 employees” make “thousands of investment decisions,” before adding Steyer is committed to philanthropic giving.

The comments ring familiar to Steyer’s response when the Bee pointed out that his hedge fund, Farallon Capital, invested in tobacco companies – while Steyer puts his face on an ad supporting cigarette taxes in California this fall:

A spokesman for Steyer said the billionaire strongly opposed Farallon’s investment in tobacco and insisted on a full vote of the firm’s partners.

“Unfortunately,” Gil Duran said, “he found himself in the minority, and the firm proceeded with the investment. Then, as now, Tom strongly opposed tobacco, and that’s why he is chairing the campaign to save lives by keeping cigarettes out of the hands of children.”

What will Steyer’s next excuse for a hypocritical investment be? Keep up with Core News to find out.