By Mathew Carr
Dec. 1-2, 2024 — Texas seems to believe there is no climate crisis.
Are temperature data faked?
Very odd.
Many others implicated….other states join action.
👀👀👀👀👀☝️🇺🇸
Comments my way to mathew@carrzee.net
BlackRock statement:
BlackRock’s Public Statements
161. BlackRock’s chairman and chief executive Larry Fink confirmed that “[w]e are an active voice, we work with companies, but we need to work for the long-term interest[.]”107
BlackRock’s head of Asia Pacific corporate governance and responsible investment, Pru Bennett, likewise acknowledged that “[w]e actively engage, we vote all our proxies. We’re not just voting but have a lot of engagement with companies[.]”108
162. BlackRock engages in the same sort of behind-the-scenes effort as does Vanguard
to force companies to “adjust their approach” to fit with the goal of reducing coal production.
Indeed, Blackrock “typically only vote[s] against management when direct engagement has
failed.”109
This “engagement encompasses a range of activities from brief conversations to a series of one-on-one meetings with companies.”110 “When [BlackRock] engage[s] successfully and companies adjust their approach, most observers are never aware of that engagement.”111
Notes (just some of them from doc reproduced for download below)
104 Final Report: Recommendations of the Task Force on Climate-related Financial
Disclosures at v, TCFD (2017), https://bit.ly/3Zh6HCS (cleaned up).
105 Implementing the Recommendations of the Task Force on Climate-Related Financial
Disclosures at 15, TCFD (2021), https://bit.ly/4eNpCK4 (emphasis added).
106 Quarterly Engagement Report, VANGUARD (2023), https://bit.ly/3B6ISUx.
107 David Benoit, BlackRock’s Larry Fink: typical activists are too short-term, WALL. ST.
J. (Jan. 16, 2014), https://bit.ly/3ZspRGc.
108 Vanessa Desloires, BlackRock, Vanguard, State Street are not passive on corporate
governance, SYDNEY MORNING HERALD (Nov. 1, 2016), https://bit.ly/3Xzl1Eu.
109 Fiona M. Scott Morton, Horizontal Shareholding: A Summary of the Argument,
COMPETITION POL’Y INT’L ANTITRUST CHRON. (Jan. 2018) (alteration in original),
Case 6:24-cv-00437 Document 1 Filed 11/27/24 Page 60 of 108 PageID #: 60
Filing
source doc:
November 27, 2024 | Press Release
Attorney General Ken Paxton Sues BlackRock, State Street, and Vanguard for Illegally Conspiring to Manipulate Energy Markets, Driving Up Costs for Consumers
Attorney General Ken Paxton sued BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world, for conspiring to artificially constrict the market for coal through anticompetitive trade practices.
Over several years, the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States, thereby gaining the power to control the policies of the coal companies. Using their combined influence over the coal market, the investment cartel collectively announced in 2021 their commitment to weaponize their shares to pressure the coal companies to accommodate “green energy” goals. To achieve this, the investment companies pushed to 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.
These firms also deceived thousands of investors who elected to invest in non-ESG funds to maximize their profits. Yet these funds pursued ESG strategies notwithstanding the defendants’ representations to the contrary.
Deliberately and artificially constricting supply increased prices and enabled the investment companies to produce extraordinary revenue gains. This conspiracy violated multiple federal laws that prevent a major shareholder, or a group of shareholders, from using their shares to lessen competition or engaging in other anticompetitive schemes. Further, the companies broke Texas antitrust and deceptive trade practices laws.
“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,” said Attorney General Paxton. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”
A coalition of 10 other States joined Attorney General Paxton on the lawsuit. The Buzbee Law Firm and Cooper & Kirk are serving as outside counsel.
To read the filing, click here.