Posted on 11/30/2024 4:05:31 PM PST by george76
According to the lawsuit, the three asset managers acquired substantial stockholdings in coal companies, and then used their influence to pressure the companies to adopt ESG goals and reduce output.
Texas Attorney General Ken Paxton, along with 10 other state attorney generals, have filed a lawsuit against BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world.
The lawsuit filed Tuesday alleges the firms conspired to artificially constrict the market for coal through anti-trade practices.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices, Paxton said in a statement.
"Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law."
According to the lawsuit, the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States. This gave them influence over the policies of these companies, and they used their combined influence to pressure coal companies to adopt emissions-reductions goals and reduce coal output by more than half by 2030.
...
“Blackrock, Vanguard, and State Street utilized the Climate Action 100 and the Net Zero Asset Managers Initiative to signal their mutual intent to reduce the output of thermal coal, which predictably increased the cost of electricity for Americans across the United States,” Paxton also argues in announcement of the lawsuit.
Vanguard did not respond to requests for comment, but a spokesperson for BlackRock denied the allegations, calling them “baseless.”
BlackRock says the company is "deeply invested in Texas' success. On behalf of our clients, we have billions invested in Texas energy, partnering with the state to attract investments into the Texas power grid and helping millions of Texans retire with dignity.
"BlackRock's holdings in energy companies are regularly reviewed by federal and state regulators. We make these investments on behalf of our clients, and our focus is on delivering them financial returns."
The company spokesperson also said the company would invest money in companies with the goal of harming them “defies common sense."
BlackRock also said: “This lawsuit undermines Texas' pro-business reputation and discourages investments in the companies consumers rely on."
A spokesperson for State Street said the company works in the long-term financial interests of its investors, and focuses on enhancing shareholder value.
"As long-term capital providers, we have a mutual interest in the long-term success of our portfolio companies. This lawsuit is baseless and we look forward to presenting the facts through the legal process," the State Street spokesperson said.
Will Hild, executive director of Consumers’ Research, a consumer advocacy nonprofit, thanked Paxton for the legal action.
“Today's lawsuit is a bombshell to the ESG asset manager cartel…As we've been saying all along, ESG isn't an investment strategy, it's a conspiracy against the public,” Hild said.
And... They are colluding to keep these wars going for profit. They own controlling interest in all the Military Contractors.
Example, scroll down to owners,they are ALL the same way:
https://en.wikipedia.org/wiki/Lockheed_Martin
now that FakeMSM is virtuallly buried, it’s time to bury the “climate” hoax.
Obama started it all
RICO act should be in play
Not just coal, but natural gas too. They use their contrived ESG scores to harm the stock prices of any companies that use these energy sources. I wish there were very, very harsh criminal penalties for the harm they have done.
MAGA
Drill, Baby, Drill
BlackRock are commies.
It is an extreme religion. It is globally as big as Christianity in whole.
Buying shares in a company and forcing it to act against its own interests violates Blackrock’s fiduciary responsibilities. It carries hefty prison terms and fines. These “money managers” belong in real prison.
“Not just coal, but natural gas too. They use their contrived ESG scores to harm the stock prices of any companies that use these energy sources. I wish there were very, very harsh criminal penalties for the harm they have done.”
Which is a conflict of interest and farce. They represent almost all the big oil and drilling companies. And big pharma that makes drugs from oil. And the plastics companies who make plastics from oil.
They have learned how to legally work around that. This video explains how they get away with what they do.
https://www.youtube.com/watch?v=ZxZO0jd8VoU
Now sue them for the funding of trafficking of children.
I’ve instructed my retirement advisor this past summer, to NOT have 1c of any of my retirement funds in any Blackrock owned vehicles/funds!!!
They’re scumbags!
Hedge funds set up tax scams like the Clinton Foundation that makes huge profits / but do not pay their fair share of taxes.
-2- Energy tax free operations then close customer paid for power plants that run 21/7.. = uses the green agenda (expensive, not reliable.. ) to make a crony fortune at rate payers expense
I do believe that insiders are making big bucks on war, but not in the way that most think. I don't think they make their money investing in the big names, but rather by investing in (or flat-out owning) the more obscure companies that are selling "$300 toilet seats" to those big names.
Way to go Paxton!
Two can play lawfare!
“but rather by investing in (or flat-out owning) the more obscure companies that are selling “$300 toilet seats” to those big names.”
Exactly right. Let me share a little story. I once worked for a large Global Corporation in charge of fleet maintenance of thousands of vehicles. When I first went to work for them I presented to them that I knew of sources for replacement parts that were substantially cheaper than the source we were getting them.
They told me that they were fine with paying the higher prices. I was bewildered until someone explained to me that the reason why was because they also owned that higher priced source they were buying parts from. And they owned the importer that sold to that parts distributor. They owned the whole supply chain.
And at each step in the chain they also took advantage that the costs could be written off their taxes at each link. So basically they were paying almost nothing for those parts because they were actually buying from themselves through the whole chain and reducing their tax debt almost to a profit that paid for that supply chain.
BlackRock, State Street, and Vanguard pretty much do the same thing. They control the chain all the way down to the very mines and wells that dig and pump the metals, minerals, and oil out of the ground. Each link in the chain is profitable. And these three Corporations own controlling shares in each other.
And they are very diversified. Between the three of them they control/own just about every other corporation in the world in every sector of industry including the whole financial and banking industry. When we “appropriate” funding for the Ukraine we are only approving to borrow from global banks that these three Corporations own with interest due.
Then it is dispersed directly back to themselves/MIC as arms and supply purchases for the Ukraine and the percentage that is carved out for the political thieves . The Ukraine never even actually touches it. The deals and contracts are already made before the money is ever even appropriated/approved to be borrowed by congress. And they profit full circle in the chain.
This is why they DO NOT want these wars to end and use every tool they “control/own” to perpetuate them... They are making money hand over fist in these conflicts and in every industry that supplies them bottom to top. Now how do an elite few profit and or own these Corporations? They personally own hundreds of the different companies who own shares in these share holding Corporations. So their combined interests in these Corporations fully control the decision making process.
Thank you for painting the picture so well.
And thank you for your rare objectivity and sense of rationality. At risk of wearing out this quote I am going to share it again anyhow:
“Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together.” ~Eisenhower’s farewell address about the MIC.
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