Billionaire Steyer agrees with Sanders: 'Unchecked capitalism has failed'
Former hedge fund manager says companies have 'bought the government'
The U.S. government has been working harder to meet the needs of fossil fuel companies rather than American citizens, according to Democratic presidential contender Tom Steyer.
“The corporations have bought the government,” he told FOX Business’ Charles Payne on “Making Money” Thursday. “They’re writing the rules under which they operate.”
Democratic presidential candidate investor Tom Steyer speaks during a Democratic presidential primary debate, Wednesday, Nov. 20, 2019, in Atlanta. (AP Photo/John Bazemore)
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Steyer is a billionaire who made his fortune as a hedge fund manager. But he said he agrees with Sen. Bernie Sanders that America has a problem with “grotesque” economic inequality.
“I’m somebody who believes that, unchecked, capitalism has failed,” Steyer said. “But I also believe in the dynamic and innovative and entrepreneurial private sector.”
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Democratic presidential candidates Sen. Bernie Sanders, I-Vt., left, and businessman Tom Steyer speak during a break in a Democratic presidential primary debate on Feb. 7, 2020, at Saint Anselm College in Manchester, N.H. (AP Photo/Elise Amendola)
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As a fund manager, Steyer did invest in fossil fuels. But he ended up divesting from them altogether and has since become a big supporter of environmental conservation issues. Reducing pollution and making clean climate incentives are a keystone of his platform.
“Everybody has to make the same transition I made, moving from a fossil fuel economy to a clean energy economy,” he said.
Steyer has been polling toward the bottom of the pack of Democrats seeking the party’s nomination and didn’t qualify for Wednesday’s debate. However, he has placed third in multiple polls out of South Carolina this month.