At last night’s Democratic town hall in Columbus, Ohio, Hillary Clinton bluntly declared her intention to shut down the American coal industry in order to fight global warming pollution. Clinton went on to say that “we’ve got to move away from coal, and all the other fossil fuels.” Her declaration of war on the fossil-fuel industry was in the context of her plan to support job transitions into renewable energy and other sectors for the coal miners:
“I’m the only candidate which has a policy about how to bring economic opportunity — using clean, renewable energy as the key — into coal country. Because we’re going to put a lot of coal miners and coal companies out of business. And we’re going to make it clear that we don’t want to forget those people. Those people labored in those mines for generations, losing their health, often losing their lives, to turn our lights and power our factories. Now we’ve got to move away from coal, and all the other fossil fuels. But I don’t want to move away from the people who did their best to produce the energy we rely on.”
By stating that “we’ve got to move away” from all fossil fuels, Clinton recognized the first law of climate policy: global warming won’t end until we stop burning fossil fuels.
However, in this campaign she is promoting a long glide path towards that goal, which involves increased domestic and international fracking as a “bridge” to a zero-carbon pollution future. She has not set a date for such a transition; like her Democratic opponent, Senator Bernie Sanders of Vermont, she has set a goal of an 80 percent reduction in domestic greenhouse pollution by 2050. Unlike Sanders she supports continued domestic production of fossil fuels for domestic use and for export, which threatens the climate goals set by President Barack Obama and her successor at the State Department, John Kerry.
Clinton misspoke when she claimed to be the “only candidate which has a policy about how to bring economic opportunity — using clean, renewable energy as the key — into coal country.” In fact, in December Sanders introduced legislation with that specific aim, the Clean Energy Worker Just Transition Act (S. 2398). The 2007 climate legislation introduced by Sanders and Sen. Barbara Boxer (D-Calif.) and 2013 Boxer-Sanders climate legislation had similar provisions.
In fact, in 2007 Clinton co-sponsored a Sanders amendment which successfully allocated $100 million for green-collar job training and resources, including for displaced energy-industry workers.
Marc Lasry and Hillary Clinton
In 2014, Lasry, founder and chair of Avenue Capital Group, raised $1.3 billion for a fund that bought loans of distressed energy companies, only to watch the debt become even more worthless. $200 million raised for the Avenue Energy Opportunities Fund came from the Pennsylvania Public School Employees’ Retirement System. Lasry has shrugged off the losses, confident the good times will come again for the frackers.
“There’s going to be a huge turnaround on energy,” Lasry told reporters this January. The oil and gas slump has hurt exploration and production companies, but prices “will always come back. The question is, does it take six months or does it take three years?”
Meanwhile, Marc Lasry—a co-owner of the Milwaukee Bucks—has become a top contributor and bundler for the 2016 Hillary Clinton campaign. When Clinton announced her campaign, Lasry emailed his friends looking to quickly raise $270,000 with ten maxed-out contributions of $2700 each.
“It’s been a long time coming, and now there’s a huge amount of excitement behind her,” Lasry told Bloomberg News. “You will start seeing it in the numbers as people start donating.”
The exact amount of money bundled by Lasry has not been publicly disclosed; the Clinton campaign only discloses which bundlers have raised over $100,000.
“She’s moving a little bit to the left, and I think that’s fine,” Lasry told Bloomberg in May 2015, after hosting one her first campaign fundraisers at his townhouse. “People who are giving money to her understand that. Obviously, some people have some issues. I think the vast majority won’t have issues.”
On February 12 of this year, Clinton came out in favor of new domestic natural-gas fracking and pipeline infrastructure.
Marc Lasry has deep financial and familial ties to the Clintons and Obamas.
Lasry’s daughter Samantha was a Congressional intern for Rahm Emanuel in 2005, the future chief of staff for Barack Obama. Meanwhile, Lasry donated to Rahm’s campaign.
In 2006, Marc Lasry hired Chelsea Clinton to work at his hedge fund, Avenue Capital Group, while Hillary Clinton was Senator of New York. Meanwhile, Lasry contributed to Hillary Clinton’s campaign.
Marc Lasry was a top contributor and bundler for Barack Obama in 2008 and 2012. Meanwhile, Alexander Lasry, his son, was a special assistant to Valerie Jarrett in the Obama White House from 2010 to 2012.
In 2011, Marc Lasry and Goldman Sachs CEO Lloyd Blankfein invested in Eaglevale Partners, the hedge fund set up by Marc Mezvinsky, Chelsea Clinton’s husband. Lasry invested $1 million. The fund “underperformed.”
Oddly enough, Lasry was also one of Donald Trump’s top investors: he managed the bankruptcy buyout of Trump’s casinos in 2010. He then served as the chairman of Trump Entertainment Resorts, Inc. from 2011 to 2013, with a 22 percent stake and managerial control of the Trump Plaza, Trump Marina and Trump Taj Mahal casinos.
In the same interview this January where Lasry bet that the oil and gas industry would rise again, he expressed similar confidence about his chosen candidate.
“Hillary is going to be the next president of the United States.”