Posted on 11/27/2024 10:29:08 AM PST by DFG
A groundbreaking lawsuit filed in the United States District Court for the Eastern District of Texas accuses financial giants BlackRock, Vanguard, and State Street of colluding to manipulate the U.S. coal market.
The case, spearheaded by Texas Attorney General Ken Paxton and supported by 10 other state attorneys general, alleges that these firms have used their substantial ownership stakes in major coal producers to suppress competition and artificially raise energy prices.
The states listed as plaintiffs are”
Texas Alabama Arkansas Indiana Iowa Kansas Missouri Montana Nebraska West Virginia Wyoming
According to the 108-page complaint, BlackRock, Vanguard, and State Street collectively hold controlling stakes in multiple coal companies, including Peabody Energy and Arch Resources, which account for significant portions of U.S. coal production.
The suit alleges that these firms formed an “output-reduction syndicate,” leveraging their shareholder influence to force coal companies to cut production, ostensibly in alignment with environmental goals like the Net Zero Asset Managers Initiative.
The complaint details how these firms’ actions have allegedly suppressed coal supply despite rising demand for electricity. The result? Skyrocketing coal prices and increased costs for consumers at a time when many are already grappling with inflation.
(Excerpt) Read more at thegatewaypundit.com ...
Take everything they have and give it back to the American people.
“Take everything they have and give it back to the American people.”
You clearly don’t understand how mutual funds work.
“collectively hold controlling stakes”
The key word is hold. Those three companies don’t actually own the shares. The investors in the mutual funds are the owners.
Bill Clinton made a national park in Utah (IIRC). It had a lot of coal in it. By taking this out of commission, other coal became more valuable.
James Riady, friend of Bill, owned a lot of coal. This made him even richer than he already was.
John Riady, son of James, is a Young Global Leader. Same as Musk, Gabbard, Haley, Cotton, DiCaprio, Macron, Trudeau, Zuckerberg, Brin and Ma.
I wonder if the same legal path could be taken against their housing monopoly.
I am not talking about the client funds. I am talking about the funds of those who run them. Obviously if the funds themselves are shut down then the clients would have to be able to cash out.
Here in western Colorado, most of the coal burning plants are being phased out. Reducing coal mining production, I don’t know, but what i do see, daily, is four or five freight trains, close to two miles long, and coal tar trains, same, slugging their way through Glenwood Canyon, just waiting for a disaster.. i’m not anti-coal. I am anti- coal train numbers increasing through a twelve mile Colorado River I70 canyon where the detour route when canyon closes is 4+ hours either direction. And any spill here will destroy water supplies for multiple states down river
“The key word is hold. Those three companies don’t actually own the shares. The investors in the mutual funds are the owners.”
That is not how these Corporations are operating anymore. The “normal” is no longer normal.
Really, do yourself a favor and watch this. It will change your understanding about how these three Corporations actually work.
https://www.youtube.com/watch?v=ZxZO0jd8VoU
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.