AG Ken Paxton Sues BlackRock, Vanguard, State Street for Alleged Price-Gouging

BlackRock, Vanguard, and State Street are in hot water.

Texas and ten other states accuse them of antitrust violations, manipulating investments to inflate electricity prices.

🚨 #BREAKING: Texas Attorney General Ken Paxton sues BlackRock, Vanguard and State Street for antitrust violations.

This is MASSIVE.

The suit claims they have used ESG and "climate" policies to pressure coal producers to slash output – thus, raising electricity bills for… pic.twitter.com/m1pPgZWriS

— Eric Daugherty (@EricLDaugh) November 27, 2024

I wonder why legacy media is quiet about this lawsuit?

Paxton wrote on X:

Texas Sues BlackRock, State Street, and Vanguard for Illegally Conspiring to Manipulate Energy Markets, Driving Up Costs For Consumers

Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda.

BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices. Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.

🚨BREAKING: Texas Sues BlackRock, State Street, and Vanguard for Illegally Conspiring to Manipulate Energy Markets, Driving Up Costs For Consumers
 
Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized… pic.twitter.com/WrpftEr0cJ

— Attorney General Ken Paxton (@KenPaxtonTX) November 27, 2024

Dallas News reports:

BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry.

Texas Attorney General Ken Paxton and 10 other states claim the money managers combined their market clout and membership in climate groups to pressure coal producers to cut output. Shortages have caused Texans and residents of the other states to pay higher power bills, according to the lawsuit, filed Wednesday in federal court in Texas.

The Republican-led states, including West Virginia and Montana, are asking the court to bar the three largest US money managers from using their stock in coal companies to vote on shareholder resolutions and take other steps in a way that restrains output and limits market competition.

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The complaint marks the culmination of a years-long investigation by GOP officials who have taken aim at Wall Street’s efforts to address climate change, the main pillar of the environmental, social and governance strategy.

Paxton is relentless!

It’s great to see someone dragging this unholy trinity of companies into a lawsuit! Their reign over us needs to end.

10 states, led by Texas and Ken Paxton, are suing Blackrock, Vanguard, and State Street claiming they are jacking up energy prices 👀

Texas, Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming 🔥

"Texas Attorney General Ken Paxton… pic.twitter.com/mnGti9owDN

— Nevs (@Nevstv) November 27, 2024

RELATED REPORT:

THIS Is How We Defeat BlackRock, Vanguard and the ESG-DEI Nightmare — Can I Count On You?

THIS Is How We Defeat BlackRock, Vanguard and the ESG-DEI Nightmare -- Can I Count On You?

This may be one of the most important articles I've published in a while...

Let me explain why.

I'll start at the beginning and I think you'll really get it by the time I hit the end.

Ok, so why do we even care about BlackRock, Vanguard and State Street in the first place?

And who are they?

They are the three largest Asset Managers in the world.

Essentially, and this is no exaggeration, they are the people pulling the strings in the background.

These are the "Masters of the Universe".

Larry Fink runs BlackRock and he is almost certainly more powerful than the President of the United States.

That's not an exaggeration, and I'll explain to you why in just a minute.

First, let's start here with something called the "Illusion of Choice".

Take a look at the image below....

You THINK there are all of these different brands to choose from out there, but they are really owned by TEN big corporations.

That's true in food:

And it's also true in Media.

Same exact thing....

You think there are a bunch of Newspapers, TV channels, radio stations, websites -- but in 2011, SIX corporations controlled 90% of it all.

Ok, but that's just the tip of the iceberg.

Because as bad as that is, here's the part most people don't tell you.

It's actually way worse than that because there's another whole layer on the pyramid at the very top that they never tell you about.

In fact, I bet most people reading this have never heard of BlackRock, Vanguard or State Street -- or if you've heard about them you probably don't know exactly what they do.

Or if you DO know exactly what they do, I bet you may never have realized why it's a giant problem.

So let me explain it to you in real simple terms, and I think it will make a lot of sense.

Most people are paid every two weeks, usually on a Friday.

And most people have been coached to put 6% of their salary into their 401k and/or some other amount up to the employer match.

Great, right?

Well, here's what's actually happening.

Most of those funds go into ETFs and other investment vehicles managed by, you guessed it, BlackRock, Vanguard and State Street.

So they've built a system where millions upon millions of dollars are flowing in to them via YOUR 401k's every two weeks.

You bust your butt at work and get a paycheck and you've been coached to give 6% of that check to these "Big 3".

The Big 3 then get bigger and bigger and bigger every Friday!

What a great system, right?

For them it is.

And what are you told about it?

Almost nothing.

In fact, what do they tell you?

When you start your job, they tell you to set up your 401k auto-donation and then "forget about it".

Isn't that what they say?

Don't even think about it!

The money will be there for you when you turn 65, but don't think about it until then.

And DEFINITELY don't ask who's managing it or what they're doing with it.

My friend Patrick Bet-David has been all over this, breaking the story wide open.

He was on Joe Rogan last week and he dropped this bombshell....

You think those charts above are bad?

That's not even the worst of it.

Of the TEN food corporations and SIX media corporations, the control and ownership is actually way more centralized than that.

Remember all that money coming in every Friday from YOUR paychecks?

That goes to the Big 3, and they use it to own all of those companies.

So it's not even the Big 10 Food Companies or the Big 6 Media companies....it's just the Big 3.

And of the Big 3 it's really mostly the Big 2.

Many believe the Big 2 may eventually take over State Street.

For those who like stats, here's the stat for you:  88% of the companies in the S&P 500 has one of the Big 3 as that company's biggest shareholder.

PBD breaks it all down here:

So...why do I tell you all of that?

Because when you centralize ownership and control, bad things start to happen.

What starts to happen is the Big 3 and their "affiliates" create things like ESG and DEI scores.

ESG stands for Environmental, Social and Governance and it's a score they give to companies to "keep them in line."

So is DEI, which stands for Diversity, Equity and Inclusion.

Don't follow enough Far-Left "social" trends -- not promoting enough Trans agenda or LGBTQ agenda or Climate Change agenda (i.e. Bud Light, Target, etc.)?

Then your score takes a huge hit!

That really explains a lot, doesn't it?

Because I can't tell you how many conversations I've been in with people who say: this stuff doesn't make any sense!  Why are these companies doing this?  Why would Bud Light TANK their company?  They know it's not going to play well to the people who buy their beer?

THAT. DOESN'T. MAKE. SENSE!

And you'd be right to say that, but only if you assume Bud Light is trying to please the people who buy its products.

What if Bud Light had a higher master?

What if Bud Light was more concerned with its ESG score?

What if all the Executives at Bud Light knew that if their ESG score dropped too low, then their #1 Shareholder (the Big 3) would fire them and replace them with someone who would be "ESG Friendly"?

What if you're pulling in a total comp package as a top exec in the $20 million range and your choice is to push the Far Left agenda and push LGBTQ or know that you'll be fired and replaced in a year by the Big 3?

What do you do?

NOW what decision would you make?

Now is it suddenly making a lot more sense?

And there you have it.

Now I think you get it.

Now suddenly every single corporation turning their logo to the Rainbow Flag in June suddenly makes a lot of sense.

Once again, here is my friend PBD explaining ESG in much more detail:

Now let's recap...

Do you see how insidious this is?

A big chunk of YOUR paycheck goes to prop up the Big 3 every single Friday, they get bigger and stronger, they use that money to buy all the major corporations in the world, and then they force them to do things you would NEVER support.

Sick, right?

Now let me bring this in for a landing...

And here's why I'm telling you about this.

Because we don't just report the news here and then say "good luck"!

No, we give you solutions!

Now back to my Mission and my solution.

I figured I would eventually need to build a Parallel-Economy from the ground up.

I knew that would be a ton of work.