Posted on 03/10/2023 5:52:55 AM PST by Twotone
Three of the five top shareholders in Norfolk Southern — the freight rail carrier under the spotlight for its saftey and environmental record following last month's toxic train derailment in East Palestine, Ohio — have been aligned with the eco-conscious, socially aware ESG (environmental, social, governance) investing framework embraced by many leading financial firms in recent years.
Asset management firms BlackRock Fund Advisors, JPMorgan Investment Management, and The Vanguard Group were all part of the Net Zero Asset Managers initiative, a coalition of ESG-minded money mangers committed to channeling investment capital to firms working toward the goal of net-zero greenhouse gas emissions by 2050, as outlined in the Paris Climate Accord.
BlackRock, the world's number one asset manager with more than $10 billion under management and a leading proponent of ESG investing, has come under sustained fire from Republicans over so-called "woke" capitalism in connection with its ESG practices.
Vanguard withdrew from NZAM in December, with CEO Tim Buckley citing in part the firm's fiduciary responsibility to optimize returns for its clients, although it still offers ESG investments.
Norfolk Southern Railway experienced another accident this week, as a dump truck collided with one of its trains early Tuesday morning on the grounds of the Cleveland-Cliffs Cleveland Works steel mill in Cleveland, Ohio, killing the train's conductor, Fox News reported.
(Excerpt) Read more at justthenews.com ...
As the largest mutual fund/ETF companies they are among the top 3 shareholders in every publicly traded company.
They are not the real shareholders - they are just acting on behalf of the investors in the mutual funds and ETFs they manage. Many of these funds are S&P 500 index funds.
Greedy HYPOCRITES!
Rather than wait for a hot wheel bearing detector to go off, maybe Norfolk ought to think proactive and conduct preventative inspection and maintenance on their bearings, like changing them out or lubricating them on an proper time/mile schedule. It’s not complicated, each numbered car should have a computerized maintenance record, including time and miles between scheduled inspections and maintenance.
Note my tag line from several weeks ago.
Hot bearings have been a problem since the beginning of railroads.
The problem has been reduced to near zero. The railroads are not as ignorant as you make them out. there are maintenance efforts that exceed your notions
The problem has been reduced to near zero. The railroads are not as ignorant as you make them out. there are maintenance efforts that exceed your notions
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I will acknowledge that there are huge maintenance demands when you are running thousands of rolling stock, but all you need is one of the East Palestine events to drive you into financial ruin. Some say the ground and water contamination may cover much of the area east of the Mississippi and parts of northeastern Canada. All you need are environmental nutjobs to get involved and run your business into the ground. There is more that will unfold in this story.
Some are lawyers attempting mightily to suck money from the American economy. The parasitic lawyers like to kill their host by sucking money, the very life blood, out of them.
Most of the hyperbolic moaning is by or on behalf of the lawyers
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