The Big Banks Are Corrupt — and Getting Worse
05/22/2015 12:15 am ET | Updated May 22, 2016 huffingtonpost.com
“..According to the report, “Nearly one-third of respondents (32%) believe compensation structures or bonus plans in place at their company could incentivize employees to compromise ethics or violate the law. “
In fact, bankers’ bonuses do incentivize unethical and criminal behavior – and anything else it takes to generate profits. “Clawbacks” for ill-gotten gains are still few and far between. Remarkably few bankers have been fired for the widespread fraud that continues to characterize their industry. Prosecution for criminal behavior is extremely rare.
A system which rewards antisocial behavior begets social tragedy. It’s also a law enforcement nightmare. Criminology teaches that the presence of reward for criminal behavior, along with the absence of deterrence, almost inevitably leads to more crime…”
Top 10 Corporate Criminals List globalexchange.org
“…Global Exchange has compiled a new list of “most wanted” corporations of 2016 based on issues like unlivable working conditions, low pay, violations of human right and voting rights; climate change denial, and environmental destruction, just to name a few.
Four corporations, Koch Industries, McDonald’s, Chevron and Monsanto were on earlier lists but are included again, as the corporate behavior of these companies has reached egregious levels this year and merits repeat attention.
The Ten Top Corporate Criminals list is a guide to what companies like Energy Transfer Partners, Exxon Mobil, H&M and others are doing to undermine human rights and the environment. Share the list with friends, family, and co-workers. Use the Take Action section to add your voice and increase the pressure…
1. Energy Transfer Partners
..The pipeline is supposed to stretch from North Dakota to a market hub in Illinois, and from there another pipeline is to ship the oil to the gulf coast for Asian export. It would deliver up to 570,000 barrels of what the company calls its “light, sweet crude,” fracked in North Dakota’s Bakken and Three Forks fields.
The pipeline is to cross 209 rivers, creeks and tributaries, including the nations longest river, the Missouri, which is the Standing Rock Sioux tribe’s main source of drinking and irrigation water. It will also destroy tribal burial grounds and sacred sites.
The Bakken Pipeline Resistance Coalition representing farmers, ranchers, environmentalists, student and local community organizations along the pipeline route as well as nationwide, has been fighting the pipeline since late 2014. On August 25, just days before the September 3rd assault, more than 30 national and tribal environmental organizations had joined together to write President Obama a letter calling on President Obama to stop the construction of the Dakota Access Pipeline. And on September 9, minutes after a federal judge declined the Tribe’s request for an injunction to stop construction on the pipeline, the Obama administration made a surprise announcement that it would not permit the project to continue for now. Continued action is essential to keep the pipeline from being built…”“
“Published on Nov 17, 2016
Lakota People’s Law Project is calling on individuals and organizations to divest from banks funding the Dakota Access Pipeline. Sign our petition at http://lakotalaw.org/pipeline-action
Check out our DAPL Timeline at http://lakotalaw.org/oceti-sakowin-camp.
Who’s Financially Supporting it?
38 banks are directly supporting the companies building the pipeline, totaling $10.25 billion in loans and credit facilities. These banks are increasing our dependence on fossil fuels.
Energy Transfer Family:
Sunoco Logistics: ($2.5 billion revolving credit from 24 banks) (provides transportation, terminalling and acquisition and marketing services to crude oil markets. Energy Transfer Partnership owns a 99.9% interest in Sunoco Partners LLC.)
Energy Transfer Partners: ($3.75 billion revolving credit from 26 banks, going toward expanding oil and gas infrastructure holdings)
Energy Transfer Equity: ($1.5 billion revolving credit from 26 banks) (a sister partnership to Energy Transfer Partners)
Dakota Access: ($2.5 billion project-level loans by 17 banks for construction of pipeline) (subsidiary of Energy Transfer Crude Oil Company, which is part of the Energy Transfer Company)
List of banks:
“Uploaded on Jun 28, 2010
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Bank of Nova Scotia: $100 million (Sunoco Logistics)
Citizens Bank: $72.5 million (Sunoco Logistics)
Comerica Bank: $72.5 million (Sunoco Logistics)
US Bank: $275 million (Sunoco Logistics) (Energy Transfer Partners)
PNC Bank: $270 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Barclays: $370.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
JP Morgan Chase: $312.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Bank of America: $350.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Deutsche Bank: $275.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Compass Bank: $340.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Credit Suisse: $340.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
DNB Capital/ASA: $340.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Sumitomo Mitsui Bank: $265.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Royal Bank of Canada: $340.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
UBS: $336.4 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Goldman Sachs: $243.9 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Morgan Stanley: $225.1 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity)
Community Trust: $30 million (Energy Transfer Partners)
HSBC Bank: $189 million (Energy Transfer Partners) (Energy Transfer Equity)
Wells Fargo: $467 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
BNP Paribas: $444.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
SunTrust: $435 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
Royal Bank of Scotland: $250.5 million (Energy Transfer Partners) (Energy Transfer Equity)
Bank of Tokyo Mitsubishi UFJ: $548 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
Mizuho Bank: $589.5 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
Citibank: $521.8 million (Sunoco Logistics) (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
TD Securities: $365 million (Sunoco Logistics) (Dakota Access)
ABN Amro Capital: $45 million (Energy Transfer Equity)
Credit Agricole: $344.5 million (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
Intesa Sanpaolo: $339 million (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
ING Bank: $248.3 milllion (Energy Transfer Partners) (Energy Transfer Equity) (Dakota Access)
Natixis: $180 million (Energy Transfer Equity) (Dakota Access)
BayernLB: $120 million (Dakota Access)
BBVA Securities: $120 million (Dakota Access)
DNB First Bank: $120 million (Dakota Access)
ICBC London: $120 million (Dakota Access)
SMBC Nikko Securities: $120 million (Dakota Access)
Societe Generale: $120 million (Dakota Access)”
How to Contact the 17 Banks Funding the Dakota Access Pipeline Emily Fuller posted Sep 29, 2016 Updated Nov. 30, 2016 yesmagazine.org
Here are CEO names, emails, and phone numbers—because banks have choices when it comes to what projects they give loans to.
“..Food & Water Watch researcher Hugh MacMillan: “Ask these banks to clarify whether funds they are providing are being used, in any amount, to pay for the heavily militarized response to the Standing Rock Sioux, including the attack dogs, sound-cannon trucks, heavily armed officers.”
“People should also ask these institutions why they are sinking so much money into maximizing the amounts of oil and gas that can be brought to the surface and burned at a time when climate science is clear we have to maximize what we keep in the ground instead,” said MacMillan.
The organization’s deputy communications director, Seth Gladstone, suggests saying: “As a customer of your financial institution, I reject the notion of my money helping to support your investment in the Dakota Access pipeline, an inherently dangerous and unjust oil pipeline that threatens air and water quality in many states, and violates sacred lands of the Standing Rock Sioux tribe. I urge you to give up your financial stake in the Dakota Access pipeline immediately.”
Here are names of CEOs and other bank executives involved in these decisions—along with their phone numbers and email addresses. The first 17 banks (*) are directly funding the Dakota Access pipeline. The rest of these banks are offering credit lines to its parent companies: Sunoco Logistics, Energy Transfer Partners, and Energy Transfer Equity.
The following bank information has been updated periodically, most recently Nov. 30, 2016. Some banks have disconnected phones and disabled email addresses since the start of the campaign. Contact us with adjustments..”
CEO Timothy J. Sloan
420 Montgomery Street
San Francisco, CA 94104
Chairman and CEO Richard K. Davis
Senior Vice President of Corporate Communications Dana Ripley
Brand, Corporate Social Responsibility, Sponsorships:
U.S. Bancorp Center
800 Nicollet Mall
Minneapolis, MN 55402
800-685-5065 and 651-466-3000
An Open Letter To Investors In The Dakota Access Pipeline November 29th, 2016 by Susanna Schick cleantechnica.com
“..While Norwegian investors pull out because the DAPL does not meet their Corporate Social Responsibility requirements, and Energy Transfer Partners sells its company to Sunoco to better compete against Russia, I would like to propose that all investors pull their funds from this project, as there are other energy projects with a much higher ROI that actually build a stronger US economy. I am addressing Goldman Sachs because of its stated commitment to environmental stewardship and its long track record of successful investments.
Dear Mr. Blankfein,
As one of the best investment banks in the world, Goldman Sachs’ job is to keep one foot firmly planted in the future. The oil industry is dying, and “energy” companies that refuse to expand into other forms of energy will die along with it. Do you wish you’d invested in a film camera company 15 years ago? This is the same situation, but with a much bigger industry.
As a journalist covering clean tech, I’ve seen the future, and it’s electric. This was never more clear than on October 28th, when Tesla announced its Powerpack 2 batteries, grid-scale batteries twice as energy dense at the same price. Customers like SoCal Edison will install them next month to decrease their dependency on natural gas, the main commodity ETP offers. The same commodity which recently caused the biggest methane leak ever in the US…”
“Published on Dec 15, 2016
#DeFundDAPL #BankExit #NoDAPL DeFund DAPL is Live in New York City Crashing a JP Morgan Party…join the movement: http://www.defunddapl.org/ Check out DeFund DAPL on Facebook: https://www.facebook.com/DeFundDAPL/”
Major Victory! One of the Largest Banks Funding DAPL Just Pulled Its Assets from the Project Claire Bernish November 18, 2016 thefreethoughtproject.com
“Water protectors from the Standing Rock Sioux Tribe can now declare their most tangible victory to date — one of the heftiest investors in the Dakota Access Pipeline, Norway’s largest bank, has pulled its assets from the project.
Just 10 days ago, DNB warned it might withdraw funding for construction of the contentious pipeline if concerns raised by the Standing Rock Sioux were not addressed promptly…
“The news that DNB has sold its assets and is considering terminating its loans is a victory for the water protectors who are fighting to stop this disaster of a project. All financial institutions with a stake in the pipeline must quickly realize that financing this project is toxic. It would be smart for them to get out ahead of the growing movement of customers looking to divest from banks that finance the destruction of our planet and ignore Indigenous rights and sovereignty. Citigroup, TD Securities, Wells Fargo, SunTrust, and the other banks backing this project should see this as a sign to get on the right side of history…”
Financing Dakota Access Pipeline puts US bank in more hot water Frank Hopper • December 13, 2016 indiancountrymedianetwork.com
“…Under the proposed legislation the city’s current contract with Wells Fargo, which ends in one year, on December 31, 2017, would not be renewed. In the meantime, the city would “enter into a voluntary debarment agreement with Wells Fargo Bank for a period of at least one year, and refrain from conducting banking, investment, or other business with Wells Fargo Bank for a period of at least one year when it is in the City’s discretion.”..
Why Wells Fargo?
While many different banks are financing the Dakota Access Pipeline, research by Food & Water Watch identifies 17 banks as loaning directly to Dakota Access LLC. Most are located in other countries such as France, Japan, the Netherlands, Canada, Italy, Germany, England and Spain. Of those located in the U.S., only two are large with many branch offices: Wells Fargo and Citibank. Wells Fargo is being targeted because it is the most visible of the U.S. banks financing the pipeline, loaning close to $500 million for its construction.
Additionally, federal regulators recently revealed a scandal involving Wells Fargo employees who opened over 2 million unauthorized bank and credit card accounts in the names of customers, apparently to hit sales targets and make money on fees. Approximately 5,300 Wells Fargo employees have been fired.
And if that weren’t reason enough, in 2012 the U.S. Department of Justice forced Wells Fargo to pay $175 million after it was determined they engaged in discriminatory lending practices against black and Hispanic borrowers…”
How Standing Rock’s Divest Campaign Can Stop Future Pipelines
By Colby Devitt | December 19, 2016 billmoyers.com
As banks begin to respond, environmental movements are learning the importance of speaking clearly about the financial risks of fossil fuel investment.
Between Now and Trump, We Must #DefundDAPL December 16, 2016 gofossilfree.org
“…On December 4th, the Obama Administration announced that it will not grant Energy Transfer Partners the final permit for the Dakota Access Pipeline to drill under the Missouri River, and called for an Environmental Impact Statement (EIS) on the project. This milestone is a testament to the amazing movement that indigenous leadership and the camps at Standing Rock have led, and has re-defined what is possible when thousands of people come together to peacefully resist.
But the fight to stop Dakota Access isn’t over — and right now, before Trump comes into office, is a critical moment.
We can’t say for certain what will happen when Trump’s in office, and we don’t know how an attempt to reverse this decision will play out in the courts – so right now it’s crucial that we use another source of our strength to stop this project: our financial power and collective pressure.
The divestment movement has already shown the power of moving our money and rejecting the social license of the fossil fuel industry. Just this week, it was announced that total assets committed to divest surpass $5 trillion. Now we need to turn that power and momentum to Dakota Access.
The Dakota Access pipeline is being financed in various ways by 17 banks (here’s a list with contact info for each). ..”
“Published on Dec 19, 2016
For English petition please click
Petition endorsement: Japanese Big Banks: Stop funding human and environmental rights abuses at DAPL now!
Protestors rally in Auckland against ANZ’s investment in fossil fuels video TAO LIN Last updated 14:43, May 4 2016 stuff.co.nz
“..Climate change activists have kicked off a global campaign against fossil fuels by throwing a beach dance party outside one of ANZ’s Auckland offices.
The Break Free campaign targets fossil fuel projects around the world through demonstrations with the aim of keeping coal, oil and gas in the ground.
350 Aotearoa, the New Zealand arm of an international climate movement, is behind the protests and is targeting ANZ for its “heavy investment” in fossil fuels…”
Where to Invest?
Is Your Bank Funding DAPL? Here’s How to Find One That Isn’t Gerald Mitchell posted Dec 01, 2016 yesmagazine.org
There’s an entire industry of ethically minded banks and financial institutions out there to choose from.
“..Every day in December has been declared a day of action for those protecting sacred ground and water from the construction of the Dakota Access pipeline. While most of us can’t be there in person, a growing number of supporters are taking action by breaking up with banks that are funding the pipeline. As an act of solidarity with the water protectors at Standing Rock, this also helps put pressure on the banks to change their practices now and in the future. But closing your megabank account raises the question: Where should I move my money?
Luckily, there’s an entire industry of ethically minded banks and financial institutions out there to choose from. While they aren’t always guaranteed to have a clean environmental record, they do invest locally and in underserved areas. And they are also almost certainly not funding DAPL and trampling on indigenous sovereignty…”
Ethical Banks moveyourmoney.org.uk
Oil Industries that are “unethnical”?
The 12 Least Ethical Companies In The World: Covalence’s Ranking … 03/30/2010 05:12 am ET | Updated May 25, 2011 huffingtonpost.com
“…Among those companies with the most awful records are some of the usual suspects in the oil and mining industries but Covalence also found some lesser-known offenders….
#10 Total SA
French oil and gas company Total has been accused of building a pipeline with the aid of slave labor in Myanmar. In addition, in 1999 one of the company’s oil tankers, the Erika, which had 30,000 tons of oil on board, sunk off of the coast of Brittany. A French court later asked the company to compensate the victims of the spill…
#6 Occidental Petroleum Corporation
Occidental, one of America’s largest oil and gas companies, has been involved in a number of territory disputes in multiple countries, including Ecuador and Colombia. The company also drew ire from environmentalists in 2005, when it proposed building a road through Ecuador’s Yasuní National Park.
#3 Chevron Corp.
Chevron, the oil and gas behemoth, has been accused of tax evasion as well a number of environmental infractions in several countries around the world. But perhaps most controversial was a 1998 episode in Nigeria: after protesters took hostages as part of a demonstration against the company, Nigerian soldiers shot at the demonstrators, killing two. Chevron was accused of facilitating the transport of the soldiers, known for their “general history of committing abuses,” to the scene. The company, however, was cleared of the charges in 2008…
#2 Halliburton Company
After the invasion of Iraq in 2003, Halliburton, the oil and gas company famously associated with former Vice President Dick Cheney, was accused of unfairly procuring billions of dollars in government contracts for oil repair in the country.
Currently still re”searching” on this controversial issue. Feel free to share any info. Any other newsworthy items that needs to be told?