[EnergySecurityFreedom] Yesterday, I published the news release issued by Texas Attorney General Ken Paxton regarding that lawsuit against BlackRock, State Street Corporation, and Vanguard Group (“BSV”) by a coalition of states. The BSV Gang of Three, it was asserted, had conspired to artificially constrict the market for coal through anticompetitive trade practices wearing of a cloak of climate virtue signaling. Since then, I’ve had an opportunity to dig into the lawsuit itself. It is a stunning example of pure collusion and it lays open, for all to see, the corruption and rot at the heart of the entire climate con.
The background is this (emphasis added):
Among coal producers responsible for more than 5 million tons of coal in 2022, eight are publicly held: Peabody Energy; Arch Resources; NACCO Natural Resources; CONSOL Energy; Alpha Metallurgical Resources; Vistra; Hallador Energy Company; and Warrior Met Coal. These eight firms are responsible for approximately 46% of total domestic coal production and significant shares of the domestic production of thermal coal and, along with the Black Hills Corporation, of South Powder River Basin (“SPRB”) coal…Defendants are three of the largest investors in global coal production. As of February 15, 2022, BlackRock’s total investment in coal was $108.787 billion; Vanguard’s, $101.119 billion; and State Street’s, $35.736 billion.
Defendants, and their subsidiaries and affiliates, acting by and through the funds, trusts, and other investment vehicles that they manage and control, have acquired substantial shareholdings in, and have become the three largest shareholders of America’s publicly-held coal companies…
We all knew, well before the states filed their complaint, that the BSV Gang of Three was colluding to supposedly advance the energy transition to save the planet. Much of the press on the subject, especially from conservative news organs, focused on the political side of the story. It was that these three companies were trying to kill coal to make a market for the corporatist climate con while putting themselves at the top of the globalist food chain and power structure.
What we did not know was that they were also colluding to make huge money at the outset by cornering the coal market. That way they could unjustly profit off both sides of the climate debate; stealing from consumers of electricity at both ends. The extent to which they did this is absolutely staggering as the following excerpts from the complaint indicate:
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