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NY State alleges ExxonMobil knew risks of climate change and defrauded investors

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11–20 of 123 posts

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#11
post #5

Does this stuff ever get us anywhere? I just looked at the AG's website and it looks like we're constantly suing every high powered entity in America: https://ag.ny.gov

Many of the undertakings that happen at the state level require a functioning federal government for them to go anywhere. We do not have a functioning federal government, so here we are.

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#13
I’m reminded instantly of the article “Everything Everywhere is Securities Fraud” [1]

Oh, look, Matt Levine actually references this case at the top of that article. Unexpected recursion detected.

[1] - https://www.bloomberg.com/opinion/articles/2019-06-26/everyt...

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#14
post #5

Does this stuff ever get us anywhere? I just looked at the AG's website and it looks like we're constantly suing every high powered entity in America: https://ag.ny.gov

It's just a shakedown. NY needs more cash.

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#15
post #6
post #2

sounds like a 5 trillion settlement would be appropriate in this case...

Probably even more than that, when you consider how many more years the planet will be dealing with Exxon's BS, even if they were to cease operations today.

The company knew the physical ramifications from at least the 1970s, suppressed that knowledge, and now we are locked into decades their product manifested for many decades. Extractive industry - oil, coal, methane needs to have ended decades ago. We are climatically locked in for insane destabilization

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#16
post #9

Earlier quoted context omitted.

i recommend this essay about how absolutely crazy the AG role actually is: https://repository.jmls.edu/cgi/viewcontent.cgi?article=1913...

Now explain the New York AG and why it seems others are twiddling their thumbs in comparison Or perhaps they are active against multinational corporations but arent physically close enough to the media for it to ever surface?

The New York AG has the obvious advantage of having jurisdiction over the world's financial capital. Other states may often lack the nexus with the business to have standing.

Then, it's simply a matter of experience: corporate and especially financial law is beyond complex, and they have the expertise, plus the financial resources, to investigate such cases. New York law is also similarly ahead.

And, of course, the majority of Attorneys General are currently Republican and have absolutely no interest interfering with corporations unless those happen to be involved in journalism, renewable energy or other despicably altruistic lines of business.

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#18

This is ridiculous. For decades, New Yorkers, like all Americans, have enjoyed the benefits of cheap energy. Exxon and other oil companies are giving consumers what they want.

Do consumers want a ruined planet?

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#19

This is ridiculous. For decades, New Yorkers, like all Americans, have enjoyed the benefits of cheap energy. Exxon and other oil companies are giving consumers what they want.

They are getting sued for allegedly lying to their investors. How does them continuing to sell oil to consumers have any relevance?

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#20

This is ridiculous. For decades, New Yorkers, like all Americans, have enjoyed the benefits of cheap energy. Exxon and other oil companies are giving consumers what they want.

They lied to the public about side effects of their product. That's ridiculously illegal.
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