Obama Donors Profit From Blocking Keystone Pipeline
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. – IBD
From Investor’s Business Daily Editorials
EXCERPTS:
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.
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.
Obama’s favorite one-percenter, Warren Buffett, made a good investment when he bought Burlington Northern Santa Fe in 2010 for $26.5 billion. …. The Keystone XL pipeline would put a hole in Buffett’s bottom line.
As Al Gore has found out, saving the earth can also “green” your bank account.
FULL ARTICLE
Editor’s note: usACTIONnews reported the connection between Buffett and Obama blocking the pipeline in November 2011 and in January 2012.
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