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