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Exclusive-US House committee report finds Wall Street colluded to curb emissions
- bediger4000 2y agoWhat a waste of time. Aren't there actually harmful monopolies, oligopolies and collusions to go after? What next, going after ISO and ANSI because they collude with industry to force standardized sockets and plugs and screw threads on a ruggedly individualistic citizenry?
- jfengel 2y agoIt's even more of a waste of time than you imagine. This isn't a regulatory action. It's political grandstanding. This report is a partisan opportunity to cast blame on their opponents, which they can use for campaigning. No enforcement will come of it, and it will be forgotten in November.
- instagib 2y agoSummary: A U.S. congressional committee, led by Republicans, has accused Wall Street firms of colluding with advocacy groups to pressure companies into reducing their greenhouse gas emissions, potentially violating antitrust laws. The committee's report, which is an interim one with the investigation still ongoing, focuses on Climate Action 100+, a group of over 700 investors aiming to curb emissions. The report alleges that the group bullies asset managers into joining and using their shareholder votes to support climate proposals, which could reduce fossil fuel extraction and raise energy prices. The committee has also criticized major asset managers like BlackRock, Vanguard, and State Street as members of the "climate cartel." Several Wall Street firms have ended their membership in Climate Action 100+ this year due to fears of an antitrust crackdown. The committee's spokesperson has stated that the goal of the investigation is to inform legislative reforms, and it has called witnesses to appear at a public hearing in June.