The biggest antitrust breach in history could be on the horizon. Wall Street banks and money managers are bragging about their coordinated efforts to stifle energy investment. It is almost impossible to raise money to explore for oil and gas right now, and we are all potentially seeing rising energy costs due to this market manipulation. Russian and Chinese aggression overseas are also fueling inflation.
Here’s what’s happening: The biggest banks and asset managers are trying to implement a political agenda, like complying with the Paris Climate Agreement. Then a group mobilizes: Climate Action 100+, for example, consisting of hundreds of major banks and wealth managers who together manage $60 trillion. The group is using its coordinated influence to force companies to shut down coal and natural gas plants. Activism can include pushing climate goals at shareholder meetings and voting against directors and proposals that don’t align with the agenda, even when other decisions could benefit investors.
https://www.wsj.com/articles/esg-may-be-an-antitrust-violation-climate-activism-energy-prices-401k-retirement-investment-political-agenda-coordinated-influence-11646594807 ESG can be an antitrust violation