Guest essay by Eric Worrall
Democrat candidate Elizabeth Warren has stepped up efforts to discover new reasons to be outraged.
Warren calls on big U.S. banks for steps on climate risk
SAN FRANCISCO/WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren, a contender for the Democratic Party’s presidential nomination, is asking the biggest U.S. banks for details on their assessments of and preparations for risks related to global warming.
“To protect themselves and the economy from climate-driven catastrophes, large financial institutions must act quickly to address risks,” Warren, a frequent critic of big banks, said in letters sent on Tuesday to top executives at Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street and Wells Fargo.
“I write to ask for more information about the risks caused by the climate crisis on the financial industry and your institution’s practices, including what steps, if any, your institution is taking to adapt to mitigate these risks,” she said in the letters, provided to Reuters.
She asked for detailed written responses by Feb. 7.
…
Read more: https://www.reuters.com/article/us-usa-election-warren/warren-calls-on-big-u-s-banks-to-disclose-preparation-for-climate-risk-idUSKBN1ZL1VQ
Warren has also demanded more anti-corruption investigations of President Trump, anyone who ever met President Trump, and probably anyone she doesn’t like who ever heard of President Trump.
The only investigation Elizabeth Warren has not called for is an examination of close family members of leading US politicians who received money from the Iranian Government, which might be because if US business links to Iran were investigated, Elizabeth Warren would face uncomfortable questions about her son in law.
You guys have waaaay more interesting politics than us down under. Warren is a complete caricature of a real human being. It’s almost like her home in in the Uncanny Valley. She has told many interesting stories over the years about being fired for being pregnant, sending her kids to private school, Bernie’s comment about female POTUS viability, and her native American heritage. Any one of those would have seen her resign in shame from Aussie politics, and yet she soldiers on. Remarkable.
There are a lot lof known liars among Democrats in Congress. This character flaw doesn’t seem to prevent them from being reelected.
Senator Richard Blumenthal (D-Connecticut) comes to mind. He lied and claimed he served in Vietnam. Trump calls him “Da Nang Dick”.
Da Nang Dick claimed he served and stole the honor of those who actually did, and this blatant lie is known far and wide, yet he keeps getting reelected.
To me, being a known liar, would automatically disqualify you from recieving my vote, but apparently that’s not the case with the majority of people in Connecticut. They must see some advantage in employing a known liar, that I don’t see.
As a Australian I find the present Democrat party a bit odd. I am a fan of FDR, but I cannot see him liking today’s party.
He FDR was all for the working class . Elizabeth does not seem to be interested in anything other than power.
NJE VK5ELL
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FDR said he was for the working class. Unfortunately his policies were a disaster for the working class. (And everyone else as well.)
The Bank of America can respond to Senator Warren, “ Read our 2018 Annual Report and the Bank’s Environmental Social and Governance Highlights.”
The issue for the Bank and Senator Warren is that the ESG Highlights merely indicate how climate change ‘issues’ are being addressed by the Bank NOT that a “Climate Crisis” is recognised and addressed.
So, from the ESG Highlights,-
Business.
“ On Track”for $125 billion in lending by 2025 for low carbon and other sustainable investment.
Greenhouse gases and energy.
“On track” for
(a) Carbon neutrality for Scope 1 and Scope 2 emissions by 2020,
(b) Purchase 100% of electricity from renewable sources by 2020.
What further commitment does the Senator want from a Bank?
Today’s risk to banks is the incredible financial bubble whereby by probity has gone, replaced by recklessness.
That’s with commercial deposit banks, Wall Street banks and central banks.
All under the economic delusion that the Fed through currency and interest rate manipulations can prevent recessions.
This was the boast by the original promoters of the Federal Reserve System when it was formed in 1913.
According to the NBER, there has been 18 recessions since then.
Clearly the distorted world of intrusive economics needs a Richard Feynman.
Climate Change, Global Warming or whatever they are calling it now is no risk to sound banking.
Easy
Plan A. If the sea levels rise, the banks will go under.
Plan B. An opportunity for money laundering
I would rather that Snook or Emperor Palpatine became president than that monster.
So you are a Bernie fan ? 😉
Dominique de Villepin strongly opposed the war in Irak. He was loved in France for that, and also in the Arab countries. (I still don’t know if that opposition was strategically sound as the status in Afghanistan seems at least as wrecked and hopeless as in Irak if not more, and the French opposition to invading Irak was rooted in the support of invading Afghanistan and the opposition between Islamic terrorism support in Afghanistan and “neutrality” and “laïcité” of Saddam.)
Dominique de Villepin did not oppose Irak war because the idea of nation building is silly (the idea that the US would help build an army in “occupied” “countries” was loooved in France) but because a lot of French politicians from the extreme left to the extreme right were still in love with Baasist Saddam and his religious neutrality and separation of state and religion (lol)).
And now I see this:
https://ripostelaique.com/pourquoi-le-qatar-donne-t-il-beaucoup-dargent-a-lavocat-debutant-villepin.html
In just a year (2008-2009), 2 455 000 € were paid to Villepin International, and his benefit was 1 529 000 €. And Dominique de Villepin was a lawyer since… 2008, that same year. He made a million in his first year as a lawyer. Can you say genius?
(In comparison Hunter Biden seems to be doing minimal wages in Ukraine. He needs some help.)
I would think that banks would do what they always do in times of crisis: go to the government and demand a bailout or else.
In Australia, the Govn’t in 2017 IIRC implemented something called “bail-in” laws. What this means is that if there is another 2008 style GFC the banks can raid bank accounts/investments/pensions funds etc etc to prop up the system WITHOUT having to go cap-in-hand to the Govn’t/taxpayer for a bailout. So, keeping money under the bed isn’t such a bad idea after all. Some people are buying gold etc because there is a very real risk that money will be worthless. Never happened before has it? /Sarc off
Dear Liz,
We are donating heavily to your opposition. We plan to keep doing so as long as necessary.
Thanks,
-the bank
Climate Disaster: Imposing Paris Accords on the US economy, The Plan: avoid donating to Democrats
p.s.
Does your outdated, retouched official photo constitute lying to the public? Just curious.
Very truly still not yours,
-the bank
The bankers will be breaking their necks to comply. Bankers are rent-seekers. Like the vast lot of corporate America, bankers, as a whole, have no principles. They will be glad to do what she asks.
If not for banks, where would Warren keep all the money she’s grifted over the years?
Dear Ms Warren, Thank you for your question. The plan is to allow our staff to undo their top button and loosen their ties slightly, that should allow them to stay cool given the less than 1 degree increase in heat.
Lots of love
The Big Banks
I think I would have written back, “We plan to follow the lead of President Trump and the Senate, who feel that making such plans is premature and likely unnecessary. Should you persuade the President and your colleagues that they are in error, we will revisit this issue.”
Put this political ball firmly back in her court.
I’m wondering what Warren’s Climate Disaster Plan is. Will she suddenly claim to be part mermaid in hopes that the rising seas will accept her instead of drowning her?
There is only one climate crisis the banks can see and that is the crisis in missing out making money, literally, from thin air. Insurance companies are on to it too.
Lieawatha first needs to develop a “disaster plan” for her imploding presidential campaign….
Isn’t the plan “rake in every cent we can from trading in carbon credits”?
Here’s a response I’d like to see:
Dear Senator Warren:
Among many other provisions we have prepared to address potential climate disasters, we plan to foreclose on the loan we made to former President Obama to purchase property obviously threatened by sea level rise. We have determined that he did not properly disclose this risk when he applied for the loan.
Don’t forget to include the costs of making contingency plans for things like [Human Caused] Climate Change which will never occur in any measurable way. Developing plans for something which will never happen is normally called foolishness and is not tolerated by auditors.
What will large financial institutions do to protect their shareholders from government-driven catastrophes following the possible election of Senator Warren?
Dear Elizabeth,
Thanks for the advice. We had a brief look at sea level and temperature trends, had a good laugh, and came up with a plan, carefully weighing our responsibility to protect and grow the assets of our customers and shareholders. I’m sure you can appreciate that we are a bank after all. Our plan is to do nothing. Adaptation is what humans do best. It has worked well for thousands of years and we’re sticking with a proven strategy.
By the way, did you know sea level rises slower than a saguaro cactus grows? Neither did we. Our board was wondering how you get worked up about that.
Sincerely,
Puzzled in Portland
Simpels. There exists no climate crisis therefore there are no risks attached to it.
6 sandbags for the front door and a fire extinguisher in case the pot plants self combustion!
Dear Madam,
To experience weather of 2C degrees cooler we could move our operations 175 miles further from the equator “adapting” to up to 2C degrees of warming. Or we could “adapt” by moving our location to a 500 foot higher altitude.
Regards,
Xavier Y Zebulon
President and CEO
West Bank of the Mississippi
And I demand Pocahontas to repay the stipend she got under false pretenses!
Besides, I would advise her to check the latest studies that claim temperatures have fallen slightly during the last decades:
https://www.sciencedirect.com/science/article/abs/pii/S0277379119307905
https://www.nature.com/articles/s41598-018-37603-6
I’ve taken the liberty of drafting a form letter for the banks to use.
I won’t even charge them for using it.
“Dear Pocahontas,
Since there is currently no “climate crisis,” and the likelihood of such a “crisis” being caused by CO2 levels, much less the minuscule human contribution thereto, is akin to the likelihood that Haiti will start a nuclear war within the next ten years, there is no “step” that need to be taken to “mitigate” these purely imaginary risks.
If the American people are foolish enough to elect you or one of the other clowns running for the Democratic presidential nomination, however, we will be more than happy to enrich ourselves from the carbon trading scams that will ensue.
Very truly ours,
[Fill in name] Bank”