MASSIVE: 11 State Attorneys General led by @KenPaxtonTX are *SUING* BlackRock, Vanguard, and State Street for anti-trust violations.
The Big 3 asset managers abused their market power to drive up the nation's energy prices, according to the lawsuit.
"The lawsuit argues that the big 3 asset managers have used their substantial holdings in American energy companies to artificially suppress the supply of coal, which in turn has driven up the price of coal, resulting in higher end costs for consumers nationwide," @WillHild reported on X.
"According to the lawsuit, there is verifiable proof that the big 3 asset managers have worked in tandem to leverage their combined ownership power to pressure coal companies into submitting to their Net-Zero goals (like reducing carbon emissions from coal by more than 50%)," he continued.
"If the allegations in the lawsuit are true (which I believe they are), it would mean @BlackRock, @Vanguard_Group and @StateStreet are not only guilty of violating antitrust law, they are also guilty of massive fraud by continually misleading investors," he added.
The Biden administration had been heavily influenced by Larry Fink's BlackRock, so this represents a titanic shift in policy towards these asset managers.
This lawsuit could also lead to lower energy prices for consumers, when combined with an America First, all-of-the-above energy strategy and the deregulation expected to come through @DOGE recommendations under the forthcoming Trump administration.
This is a massive lawsuit with huge implications for the relationship of the U.S. government towards these huge asset managers.
The Big 3 asset managers abused their market power to drive up the nation's energy prices, according to the lawsuit.
"The lawsuit argues that the big 3 asset managers have used their substantial holdings in American energy companies to artificially suppress the supply of coal, which in turn has driven up the price of coal, resulting in higher end costs for consumers nationwide," @WillHild reported on X.
"According to the lawsuit, there is verifiable proof that the big 3 asset managers have worked in tandem to leverage their combined ownership power to pressure coal companies into submitting to their Net-Zero goals (like reducing carbon emissions from coal by more than 50%)," he continued.
"If the allegations in the lawsuit are true (which I believe they are), it would mean @BlackRock, @Vanguard_Group and @StateStreet are not only guilty of violating antitrust law, they are also guilty of massive fraud by continually misleading investors," he added.
The Biden administration had been heavily influenced by Larry Fink's BlackRock, so this represents a titanic shift in policy towards these asset managers.
This lawsuit could also lead to lower energy prices for consumers, when combined with an America First, all-of-the-above energy strategy and the deregulation expected to come through @DOGE recommendations under the forthcoming Trump administration.
This is a massive lawsuit with huge implications for the relationship of the U.S. government towards these huge asset managers.
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