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. MORE @ Texas Attny Gen.gov
Nationalise all the assets of these companies.
About darn time. These and probably several other institutional investors have been forcing companies to follow their BS ESG. If you look at the woke companies’ stock and then look at how much of the stock is owned by these institutional investors, you can understand why these companies are doing things that seem to hurt their profitability.
Unless I’m mistaken these groups were also snapping up single family residences to rent to illegals because the government paid better for them than private renters would. Part of the reason there’s such a shortage of affordable housing.