Idiot’s Corner

When the City of NY can’t raise taxes higher, can’t find any more fees to charge and fear an exodus of wealth, there is only one more thing to do: Sue someone with deep pockets.

New York City to Sue Oil Companies to Cover Climate Change Damages

New York City Mayor Bill de Blasio is preparing a lawsuit against BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell for their apparent climate change crimes.

The mayor is “seeking billions in the lawsuit to recoup money spent by the city for resiliency efforts related to climate change,” from the major oil companies, the Associated Press reports. It will include reparations for damage after devastating storms and costs to prepare the city for future disasters.

The lawsuit contends that the targeted oil companies have produced more than 11 percent of the world’s carbon and methane pollution from industrial sources “since the dawn of the industrial revolution.”

“The city seeks to shift the costs of protecting the city from climate change impacts back onto the companies that have done nearly all they could to create this existential threat,” reads the lawsuit, which was filed in the Southern District of New York. (New York Post) [snip]

A spokesman for Shell, the only company to offer a response to the lawsuit so far, said climate change is a complicated matter that has no place in court.

In his mission to combat climate change, De Blasio has vowed to cut emissions from New York’s towering skyscrapers in an effort to become more energy efficient. Under the initiative, about 14,500 private and municipal buildings would have to invest in better heating and cooling systems, insulation and hot-water heaters by 2030, or face penalties. More recently, he announced plans to divest the city’s pension funds from fossil fuel companies over the next five years.

Divesting the pension funds of stocks that pay high dividends is always a wonderful Progressive move. What do you think the replacement stocks will be? Millie’s Organic Filbert Spread or perhaps Todd’s Leather Free Winter Sandals. Two brand new IPO’s from the Nigerian Venture Capital Company LLC sound like sure fire pump and dump prospects.

It is no wonder that cities and yes, countries when run by socialists with such economic brilliance constantly wind up in debt troubles and a toe tag from a bankruptcy court. If they cannot tax, borrow or steal money, they have no idea how capital comes into existence. The concept of working for it is as foreign as Life, Liberty and the Pursuit of Happiness.


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