. @WSJ recently ran a very bad op-ed (shocker, I know) from a fossil fuel lobbyist alleging that banks choosing to restrict financing for stuff like coal & Arctic drilling was an antitrust violation.

Antitrust expert @HalSinger gave it the one-word review it deserved at the time: https://twitter.com/halsinger/status/1283472976340557827">https://twitter.com/halsinger...

It turns out this perversion of antitrust which seeks to “enforce antitrust law to punish political enemies, cement the status quo, and preserve, rather than disperse, concentrations of economic power” is a growing trend on the right.

@HalSinger explains: https://prospect.org/power/gangster-antitrust-and-the-conservative-fight-to-burn-fossil-fuels/">https://prospect.org/power/gan...

“BlackRock’s divestment from coal producers, or Goldman Sachs’ decision to not fund coal or Arctic drilling projects, doesn’t require some grand conspiracy by Wall Street against the fossil fuel industry. It requires looking at a stock chart.“

“ESG issues impact a company’s long-term profitability and therefore should be integrated into investment decisions. Sustainable funds and companies continue to outperform the S&P 500, a trend that was under way well before the pandemic and especially now.”

The @WSJ piece “also misses the fact that firms evaluate risk not only on whether a business is profitable (or not) today, but also in terms of long-term social and environmental risks” which can carry “direct financial and legal risks, as well as broader reputational risks.”

“Reallocation of capital away from fossil fuels is happening before our eyes. It reflects a series of independent business decisions, and it is a good thing for investors and the planet. It should not be thwarted by antitrust gangsters perverting the law.” https://prospect.org/power/gangster-antitrust-and-the-conservative-fight-to-burn-fossil-fuels/">https://prospect.org/power/gan...