Posted on 01/10/2018 9:59:05 AM PST by Oldeconomybuyer
The city is moving to dump its investments in fossil fuels, and suing five big oil companies charging they are responsible for global warming that has cost the city billions.
Mayor de Blasio and City Controller Scott Stringer plan to announce at a press conference Wednesday that the city's pension funds will aim to divest from $5 billion in investments of more than 190 fossil fuel companies within five years.
And the city filed a lawsuit in Manhattan federal court against five big oil companies — BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell — looking to force them to help foot the bill for the $20 billion the city is spending to rebuild from Hurricane Sandy and protect itself against future storms.
"As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient," de Blasio said.
(Excerpt) Read more at nydailynews.com ...
That’s a good solution.
NYC. Once again leading the nation in bad ideas.
THESE PEOPLE ARE ABSOLUTE IDIOTS!.....................
They’re neck-and-neck with CA and WA.
NYC should feel free to divest from whatever stock they wish. They’re only hurting themselves and the funding set aside for their current and future retirees.
Maybe they can put all their money in Sears stock?
Where is an arm chair psych when you really need one?
Can I ask a stupid question?
Of course I’m not a sophisticated elitist liberal New Yorker, nor am I a lawyer. So maybe I’m.just too stupid to understand.
But this dude is stating as a factual matter than Hurricane Sandy was caused by global warming. Isn’t that legally impossible to establish in a court of law? And as such, isn’t this whole lawsuit bogus from the start?
Of course I’m not a lawyer or liberal or get my info from MSNBc, so maybe I’m simply uninformed.
This is a serious question can pension holders file a class action suit arguing that such action puts their future pensions at serious risk for devaluation?
Maybe it was an act of God and they should sue Him?
https://www.youtube.com/watch?v=9ZfJywXiRyw
-PJ
My response, no gas/diesel into NYC since it contributes to Climate Change. No fossil fuel generated electricity into NYC. Let them eat cake.
Cut off all gasoline, diesel, heating oil, natural gas and JET-A to New York. Cut off all electricity to New York, as well. No diesel or gasoline powered trucks, cars, or trains are to enter the city. No products manufactured in any way using coal, natural gas, or petroleum are to enter the city. Let the stupid bastards starve and freeze in the dark.
"New York Values" suck.
NYC gets most of its power from hydro plants in Canada.
RAT shakedown to mandate Global Warming Tax
Pull everything petrochemical from the city.
I was thinking that NYC should invest in bitcoin - after all, hasn’t there been a tremendous run-up in value recently?
Buy high, sell low....
Yeah, that strategy always works.
He's suing the oil companies. Not the people who drive cars and make Manhattan one of the most energy-wasting places on the face of the Earth. This is truly one of the stupidest lawsuits ever.
How about instead of a ban, just tack on a frivolous litigation surcharge to products sold there. Let them PAY for their cake.
“But this dude is stating as a factual matter than Hurricane Sandy was caused by global warming. Isn’t that legally impossible to establish in a court of law? And as such, isn’t this whole lawsuit bogus from the start?”
It’s not a stupid question, but then you are an intelligent person, not a lawyer. But not to worry, this will provide good incomes for a bunch of $hit ball lawyers in NYC for a while with their “salaries” coming from the “willing taxpayers!”
Does NYC have a “green” fiduciary duty?
Perhaps, the retirees might want to comment on the potential for lower returns. /s
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