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  • From: Pete Vukovich <pvukovic1@yahoo.com>
  • To: livingontheland@lists.ibiblio.org
  • Subject: [Livingontheland] Banks , environmental risks.
  • Date: Wed, 1 Sep 2010 11:38:28 -0700 (PDT)

From another list.....

They seem to muddle into pretty much everything they do, a common trait when someone considers the consequences of their actions after they engage in them. Its certainly good to know there will always be people willing to believe they have some other function turning gold into garbage.

http://www.nytimes. com/2010/ 08/31/business/ energy-environme nt/31coal. html

By TOM ZELLER Jr.
Published: August 30, 2010

Blasting off mountaintops to reach coal in Appalachia or churning out
millions of tons of carbon dioxide to extract oil from sand in
Alberta are among environmentalists' biggest industrial irritants.
But they are also legal and lucrative.

For a growing number of banks, however, that does not seem to matter.

After years of legal entanglements arising from environmental messes
and increased scrutiny of banks that finance the dirtiest industries,
several large commercial lenders are taking a stand on industry
practices that they regard as risky to their reputations and bottom
lines
.

In the most recent example, the banking giant Wells Fargo noted last
month what it called "considerable attention and controversy"
surrounding mountaintop removal mining, and said that its involvement
with companies engaged in it was "limited and declining."

The bank was a small player in the sector, representing about $78
million in bonds and loan financing for such companies from 2008 to
April of this year, according to data compiled by the Rainforest
Action Network
, an environmental group tracking the issue.

But the policy shift by Wells Fargo follows others over the last two
years, including moves by Credit Suisse, Morgan Stanley, JPMorgan
Chase, Bank of America and Citibank, to increase scrutiny of lending
to companies involved in mountaintop removal - or to end the lending
altogether.




  • [Livingontheland] Banks , environmental risks., Pete Vukovich, 09/01/2010

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