Posted on 01/11/2018 2:20:38 PM PST by Oldeconomybuyer
Several California cities and counties are suing Big Oil for allegedly suppressing evidence of climate change dangers.
But ExxonMobil's attorneys did some legwork and found something interesting in municipal bond offerings of many of the same cities and counties suing them. Those offerings include several examples of climate change threats being downplayed or even completely ignored.
The Big Oil lawyers also note that:
* San Francisco has twice made bond offerings for its Municipal Transportation Agency since 2014 that do not contain the words "global warming" or "climate change."
* San Mateo County is suing the oil companies because it says in its complaint that it is "particularly vulnerable to sea level rise" and that there is a 93 percent chance the county experiences a "devastating" flood before 2050. But San Mateo noted in bond offerings in 2014 and 2016 that the county "is unable to predict whether sea-level rise or other impacts of climate change or flooding from a major storm will occur."
* Imperial Beach, California claims in the lawsuit that it faces a very high danger from sea level rise and its economic vulnerability from climate change is valued at more than $106 million. But the city has never warned investors that such disasters await them.
The sanctimonious climate change alarmism only gets worse when you throw in the rhetoric some of the political leaders have used recently.
For example, Imperial Beach Mayor Serge Dedina excoriated the oil companies in front of the news media last summer, exclaiming: "They knew about sea-level rise. They knew the damage it would cause, and they should be held accountable!"
I guess Imperial Beach's bondholders could say the same about him.
(Excerpt) Read more at cnbc.com ...
Nice.
LOL
LOL... sticking it up their azz.
This is interesting. There is a high legal standard about what you say in bond offerings. If they truly believe in the risks that they SAY they believe in, then, isn’t it incumbent upon them to disclose them??
Cities need to be fair and balanced in their communications with the public and business community. /s (smile)
il duetche deblasio is doing much the same- of course that jackass let 130,000 uber vehicles in NYC which just caused more clutter and congestion- i hoe they throw it back in his face...
LOVE LOVE LOVE IT
If corrupt AG like those in NY and CA successfully sue big oil for “rising seas” then precedent is established to sue California governments for the same.
Oh yeah, some animals are more equal than others.
Next up......New York city.
Small town, self-important amateur politicians vs. $300/hr professional lawyers with unlimited research budgets and staffing.
Got my popcorn.
So, Cities, did you commit securities fraud or is your lawsuit baseless?
Why does it have to be pleasurable for them?
“So, Cities, did you commit securities fraud or is your lawsuit baseless?”
LMAO.... priceless
If I where the oil companies I would STOP selling their products in Ca.!
If they truly believed it they'd stop issuing building permits, but then they would, gasp, be giving up revenue.
I believe I read just the other day that Imperial Beach Mayor Serge Dedina, actually lives in Mexico and comes “home” for council meetings.
I hope they are forced to pay Big Oil’s legal bills when they lose.
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.