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August 8, 2022

Financials Matter

"It's Not Just About Finance"

Are California Counties Guilty of Securities Fraud?

Last week we wrote about how Exxon is fighting back against several counties suing them over “global warming” (HERE).

The counties claim that by 2050 their homes will be under water and destroyed by global warming (Fossil fuels).

Exxon is pointing out that these counties have no problem selling $8 Billion in bonds regardless of the risks they are claiming in their lawsuits.

It’s about as two-faced as you can get.

From California county records:  San Mateo’s 2014 and 2016 bond offerings represented to investors that the county “is unable to predict whether sea-level rise or other impacts of climate change or flooding from a major storm will occur.”

These kooks are suing for more money stating they will be completely wiped off the planet by global warming.  At the same time, when selling billions of debt, they say there is no definitive risk.

That’s outright Securities Fraud.

They’re deliberately failing to disclose the same risks for bondholders that they’re claiming in court for their bogus lawsuits.

We wrote how these lawsuits eventually hit us in the wallet.  The most obvious is at the gas pump.  However, petroleum-based products are included in most of our daily purchases.

The laws should be changed so that the loser pays all legal fees racked up by their opponent.  If that were to happen, we wouldn’t be seeing so many dangerous and frivolous law suits.

These lawsuits are the some of the stupid reasons oil prices go up.

However, if you want to counter the effect of higher oil prices you need to invest in a way to offset them.  And even if you hate big oil companies, you can benefit from their pain.

Check out how to do it (HERE).

 

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