ExxonMobil–Climate Change Case Takes a Step in the Right Direction
It appears that the prosecution of ExxonMobil for defrauding investors by lying about climate change has taken a turn for the worse for the oil giant, as their attempts to have the case moved from New York to Texas have all been denied. In fact, New York couldn’t be a worse venue for Exxon, given its extremely powerful laws that protect investors from deceit. Texas, of course, couldn’t be better for them, as it’s a haven to congressional stooges like Lamar Smith, climate change denier and Chairman of the House Science committee (!) who has relentlessly attacked the EPA and others to provide immunity for ExxonMobil.
While environmentalists may love the NY lawsuit vs Exxon-Mobil it probably best to keep somewhat in mind that the suit is essentially about economics. Any remedy is not to “fix the environment” but will likely include fines and possibly some payment to stockholders. Exxon is likely to settle and in any settlement will seek to avoid making any admissions.
Actually it is a criminal not civil suit so it would be a plea bargain rather than a “settlement.”
Breath,
Despite the rabid and inaccurate rantings by both Lamar Smith and Daily Kos, the legal position remains unchanged.
Most of the initial excitement has evaporated and the NY Attorney-General has found himself the subject of no less than three investigations into his own conduct.
His allies would appear to have either fallen away, distanced themselves or denied they were ever involved.
Exxon’s legal teem are confidant and succeeded in narrowing the case to a simple fight between Exxon and a self-seeking politician backed by extreme environmental activists.
The legal basis of this prosecution were always dubious and the reporting of an investigation by the DoJ wildly exaggerated.
The case will eventually die a natural death, (hopefully along with Eric Schneiderman’s career) although Exxon will continue to be plagued by politically motivated law suits in the US.
Exxon is a symbol to be attacked by environmentalists and those with various leftist anti-corporate political agendas.
Eric Schneiderman’s own position is less than creditable. As Attorney-general he’s obliged to prosecute with “clean hands”, impartially, and without fear or favour.
Schneiderman’s prosecutions have become more like persecutions of his political enemies. He stands accused of holding secret meetings with various campaign donors and use his office to persecute their enemies.
The best interpretation of Schneidermans conduct is he, like many “crusading” fanatics, sees no conflict of interest in his behaviour, and subscribes to the theory that it’s okay to commit bad acts, in a “good cause”.
Another interpretation is he’s just an opportunistic, egotist, cynically exploiting the power of his office to further his own political agenda.