President Biden is staying at the Lake Tahoe home of Tom Steyer, founder of Farallon Capital Management (1986) and Galvanize Climate Solutions (2021).
Biden frequently spends Thanksgiving at the Nantucket home of Carlyle Group co-founder David Rubenstein.
Should Lake Tahoe have any environmental issues Steyer's Galvanize Climate Solutions could send newly appointed Strategic Advisor Lisa Jackson. Jackson headed the EPA during BP's Gulf of Mexico Oil Spew. Official spill estimates were up to five times too small, according to one independent expert.
Tom Steyer's Farallon Capital Management is listed by Crunchbase as a private equity/venture capital firm. That makes Steyer a private equity underwriter (PEU).
Farallon had deals with KV Pharmaceuticals prior to founder Steyer's leaving the firm in early 2013. In 2010 KV paid $27.6 million in fines for oversized morphine sulfate pills, a pain-relief medication, and two other medications. Farallon was part of an ad hoc group funding KV Pharma convertible notes in August 2012. Farallon bought $7 million in notes across a number of Farallon funds and received over 12,000 shares in the company. One of those funds was Farallon Capital Offshore Investors II, LP.
At the time of his exit from Farallon Steyer said:
I am leaving the bulk of my money in the fund and I urge other investors to do the same.
In September 2013 Farallon lent KV Pharmaceuticals another $20 million. Tom Steyer was no longer there but his money was.
Galvanize Climate Solutions blog states:
The passage of the Inflation Reduction Act (IRA) represents a new, ambitious era in American climate policy. While it’s still unclear what policies will emerge as a result of this shift in American climate competitiveness, it seems likely that we have entered a race to the top in global climate industry policy.
President Biden's vacationing at PEU billionaire estates represents a longstanding race to the bottom.
Politicians Red and Blue love PEU and increasingly, more are one.
Update: Chinese President Xi faces storm clouds as he retreats with other Communist Party leaders at the beach. Is that better than a rare West Coast hurricane?