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Policy: Budgets & Deficits

Give to Democrats, profit from earmarks: The Tom Steyer Story

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Beltway Confidential,Opinion,Timothy P. Carney,California,2014 Elections,Nancy Pelosi,Campaigns,Earmarks,Budgets and Deficits,San Francisco,Tom Steyer

A two-bedroom apartment could set you back $1.8 million in Mission Bay, the gleaming new neighborhood in San Francisco. Most homes in Mission Bay cost $990,000 or more, according to real estate website Zillow. The average rent in the neighborhood is $3,700 — high even by San Francisco standards.

Pfizer, one of the largest companies in the one of America’s most profitable industries, just built a $100 million research facility there. Other Fortune 500 companies populate Mission Bay.

So why did the federal government give $10 million in taxpayer money to develop the neighborhood’s transit?

House Minority Leader Nancy Pelosi cheerfully announced in 2012 that the federal government would shell out eight figures in stimulus funds for “street additions, highway off-ramps, bike lanes, pedestrian walkways, and transit additions.”

Why are the bike lanes for the millionaires of Mission Bay the responsibility of taxpayers in Green Bay?

As always, follow the money — and the lobbying. And no surprise, the trail leads you to the West Coast mansion of liberal Billionaire Tom Steyer, the Democrats’ top funder in the 2014 elections.

Lachlan Markay at the Free Beacon and Kevin Mooney at the Daily Signal both documented how Steyer raised money for President Obama and donated to Pelosi while Pelosi pushed for the federal money that profited Steyer — and that Steyer's fund, Farallon Capital, lobbied on.

Remember this story as Democrats continue to peddle the myth that their donors, unlike GOP donors, are not self-interested in their political giving. Along the same lines, recall that one of the very top donors to Democrats this year is also the No. 2 recipient of insurance from the Export-Import Bank, a federal subsidy agency which Democrats are fiercely fighting to save from Tea Partiers. This fits perfectly into what liberal former Rep. Barney Frank says, that Democrats can use the Export-Import Bank for fundraising. Investor Rick Segal is a big Obama bundler and an *Obamacare profiteer.

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