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.
/Sarc On
The Banks programs should at a minimum include the following:
1. Not write mortgages for homes within thirty feet vertically of the high tide mark to avoid losses due to sea level rise. Danish banks would be allowed to write farm loans in Greenland.
2. Not fund construction of residential buildings north of the 39th parallel due to lack of electrical heat on still winter nights. Not write mortgages for the resale of homes heated by fire (humanity’s most elegant invention) whether oil, nat gas or wood that releases CO2.
3. Relocate critical bank offices and infrastructure out of coastal cities, particularly those dependent on subterranean transportation (subways and vehicle parking. This would include Manhattan and Boston. To further reduce flood risk from increasingly severe hurricanes, it would also include all of coastal Florida and Washington D.C. (Federal Reserve).
4. Implement computer and communications systems that will support bank operations with intermittent
availability of electrical power. Undocumented Asian immigrants with abacus experience will be made available.
5. Develop business plans to function under Modern Monetary Theory as necessary to fund Green New Deal. Green is a monetary reference, not an ecologic one.
/Sarc Off
Easy, pull out the plan they did for Y2K, and do a bunch of “find and replace”….
Here’s the response banks should give her:
“I’m gonna get me, um, a beer”
I am a lawyer by training. I can keep my composure in many situations that would feel uncomfortable for most people. I have been used many times to unlock very uncomfortable situations by clients and the companies I worked for. But Elisabet Warren is a mystery to me. She has been busted so many times, even I would hide under a rock in her place. Still, she is out there lashing out on anyone who meets her fancy while still ding the exact opposite of what she says. I know that all politicians lie, I don’t expect anything else from them no matter where on the political spectrum they are. But some specimens still manage to astonish me.
As long as she has supporters ….
Maybe lies and goofiness, expected, are easier for the typical human to forgive than unexpected lies. For politicians there is a curve with respect to lies/goofiness, like the Laffer curve, but skewed a bit more to one side, where “no lies” or “all lies” will produce no loyal followers.
Y=Xo + bx c(X)^2; where Y=followers & X=lies/goofiness;
Integrate the curve with respect to lies and solve for Y’=0; Warren’s staff apparently thinks that this solution shows X < X' and they need to tell more lies.
The only sensible response from the banks to Lieawhatha is to use the very precise, technical financial term: GFY!
Dear Pocahontas:
We understand that you may have implied prestige and clout as a result of having a vagina but we haven’t seen it yet. As there are a lot of imposters these days we need to see the proof. Please provide that proof of your credentialed vagina as we wish to remain Politically Correct and all inclusive of just about anything or anyone and need documentation for our files that you really are what you claim to be. As chairman of the board I will personally assure you that you will have the opportunity to lay your credentials out on the table for the board members to see. If further action is required I will arrange for you show your credentials at the next stock holders meeting. That should convince them of what you’ve got, what they will be facing, and that you mean business!
Warren championed the cause against banks during the financial crisis in part caused by “Linda Green” who robosigned crap Mortgage Backed Securities.
Needless to say, Pocahontas cashed in buying up foreclosures at the time as did Susan Collins among others, whilst badhing the banksters.
https://www.nrsc.org/press-releases/elizabeth-warren-foreclosure-queen-2017-01-30/
Hypocrisy 101. Time to really drain the swamp.
When the ANC took over South African government, they put a national ‘Affirmative Action’ law in place. All companies had to produce an AA plan. The small software house where I then worked, stated that their plan was “We hire anyone who can do the job”. It was rejected. So, basically, when a government tries to force ANY sort of plan on working companies, it usually means that they want to change market-related ways to something that is more ‘politically correct’.