Get SF Weekly Newsletters

Wednesday, October 13, 2010

Bay Area Capitalists Outspending Big Oil in Last Stretch of Prop. 23 Battle

Posted By on Wed, Oct 13, 2010 at 4:45 PM

No longer so menacing
  • No longer so menacing
No longer so menacing
So much for the titans of the petroleum industry using their profits to bend voters and politicians to their will. It turns out the out-of-state oil companies behind the campaign to pass Proposition 23 -- the ballot initiative that would suspend California's landmark 2006 law to address global warming -- are being financially overpowered by those opposing the measure as the November election nears.

California Watch reports that opponents of Prop. 23 have raised 16 times as much money as the Yes on 23 campaign this month. More than $8 million in contributions have poured in to defeat the measure, with the largest contributions coming from wealthy individuals attached to Bay Area financial institutions.

For instance, Thomas Steyer, founder and managing partner of San Francisco-based Farallon Capital Management, contributed $2.5 million this month to defeat the measure. John Doerr of the Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, along with his wife, donated $1.5 million.

Guess when you have the wealthy magnates of California's knowledge economy backing your cause, the ire -- and money -- of Big Oil might not be such a threat.

Follow us on Twitter at @TheSnitchSF and @SFWeekly  

  • Pin It

Tags: , , , , , ,

About The Author

Peter Jamison


Subscribe to this thread:

Add a comment

Popular Stories

  1. Most Popular Stories
  2. Stories You Missed

Like us on Facebook


  • clipping at Brava Theater Sept. 11
    Sub Pop recording artists 'clipping.' brought their brand of noise-driven experimental hip hop to the closing night of 2016's San Francisco Electronic Music Fest this past Sunday. The packed Brava Theater hosted an initially seated crowd that ended the night jumping and dancing against the front of the stage. The trio performed a set focused on their recently released Sci-Fi Horror concept album, 'Splendor & Misery', then delved into their dancier and more aggressive back catalogue, and recent single 'Wriggle'. Opening performances included local experimental electronic duo 'Tujurikkuja' and computer music artist 'Madalyn Merkey.'"