Eleven US states sue BlackRock, StateStreet and Vanguard for working as a cartel to reduce coal and increase electricity prices
Posted by freedomforall 3 days, 20 hours ago to Business
Excerpt:
"Finally, a strike at the heart of the Blob
Texas and 10 other US States have pressed the radioactive Antitrust legal button and filed against BlackRock, Vanguard and State Street. The states claim the money managers bought up large stakes in coal companies and then colluded to promote ESG and DEI (diversity, equity and inclusion) goals that reduced coal output. The decreased supply of coal, in turn increased the cost of electricity to consumers. It was fundamentally anti-competitive behaviour. These three companies together have $26 Trillion dollars of assets under management. That’s only one trillion smaller than the entire US GDP."
"Finally, a strike at the heart of the Blob
Texas and 10 other US States have pressed the radioactive Antitrust legal button and filed against BlackRock, Vanguard and State Street. The states claim the money managers bought up large stakes in coal companies and then colluded to promote ESG and DEI (diversity, equity and inclusion) goals that reduced coal output. The decreased supply of coal, in turn increased the cost of electricity to consumers. It was fundamentally anti-competitive behaviour. These three companies together have $26 Trillion dollars of assets under management. That’s only one trillion smaller than the entire US GDP."
Henry Ford hated to use debt; once in a while he did, but he always kept control of his companies in his own hands. He said financiers are in it to make money, and not to make a quality product at a low price. If you have a change, you should read his autobiography; I believe you can access them---several volumes---on Internet Archive.