For the ultra rich, shares mean power and control, not just money. Voting rights come with shares, and corporations can be more democratic than the government. Exxon is facing consequences and is resorting to legal action.
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@Cancelcloco - Ian Carroll
To the ultra rich and powerful- shares aren’t about the money, they’re about the power and control they carry via voting rights.
Problem is, every share Carrie’s voting rights. And a lot of times, corporations are even more democratic than the IS government.
Exxon is learning that the hard way. So they’re taking it to court 🤣
Video Transcript AI Summary
ExxonMobil is going to court to prevent shareholders from voting on climate resolutions. This highlights the control that BlackRock has over the stock market as one of the top shareholders in many companies. The power of shares lies in their voting rights, not just the money they represent. Oil companies like Shell and ExxonMobil have faced pressure from institutional investors to adopt climate resolutions. ExxonMobil is now trying to block a proposal for scope 3 commitments. The case was initially assigned to a judge with ties to ExxonMobil, but he recused himself. The oil industry's influence in Texas, where the companies are based, is a concern. While alternatives to oil exist, they also have climate issues. Capitalism, though flawed, offers opportunities for regular people to have a voice and create change.
Speaker 0: Capitalism may be corrupt, but it is fundamentally democratic. ExxonMobil is going to court because they're trying to stop their shareholders from forcing a vote on more climate resolutions. This is exactly what I'm talking about when I say that BlackRock controls way too much of the stock market because they are one of the top three shareholders in basically every company in the stock exchange. And the haters are like, bro, they don't even own those shares. They're using our money in our retirement account.
The homey doesn't even understand finance. And they're all too small brain to realize that the actual power of shares of companies is the voting power that those shares carry, not the money that they represent. Us poors are trained to think of stock markets and investing as all about the money. But to the rich and powerful, it's It's all about power and control. And that power and control is the voting rights that those shares represent.
And this has been a big issue for oil companies lately. The same thing just happened at Shell where a bunch of institutional investors all got together and forced them to make more climate resolutions. They did so only controlling 5% of Shell's stock and that was enough to get a resolution into the vote where all of the shareholders could vote collectively Clearly, on whether they thought Shell should adopt these new proposals. And now, green activist investor Follow This is doing the same thing to ExxonMobil. ExxonMobil has made scope 1 and 2 commitments, but they want them to make scope 3 commitments.
And Exxon doesn't wanna do that, and so they are going to court to try to block The shareholders from getting this proposal on the ballot, so to speak. And in a surprise twist of people actually being good people, The case was originally appointed to judge Reid O'Connor, who was an appointee of former Republican president George Bush, whose track record is exactly what you would imagine it would be. But then O'Connor actually recused himself from the case. He didn't say specifically why, but it was noted that he held ExxonMobil stock, and his spouse had some financial ties as well. Right on, dude.
That's how judges are supposed to work. So now it's gonna be held by someone that was appointed by Trump. I mean, it's probably no coincidence that all of the oil companies are based in Texas, That's where all of the politicians and judges are also Republican and support the Texas oil industry. I don't know. Personally, I'm a little conflicted because The oil industry clearly pollutes the shit out of our world and has no regard for the ecosystems they fuck up and the oil spills they create.
But greenhouse gas emissions are a little nebulous. And although we do have alternatives, like, I don't I don't know if we have enough alternatives to, like, Really try to eradicate the oil and gas industry right away. All the are alternatives that I'm aware of have some pretty serious climate problems of their own. I don't know. It's a complicated issue.
I'm not here to talk about climate change. I am definitely not a scientist or an expert on climate change. Don't listen to me about that kind of shit. Because if I'm being honest about it, My biggest question about climate change is what the fuck happened in Nikola Tesla's files, and where are they? Why are we digging up, like, Tons of rare earth elements that are super limited and super toxic when no one's getting answers on this shit.
So, yeah, the next time some dumbass in the comments is like, BlackRock doesn't own the shares. Tell them to go fuck themselves. It's all about voting rights in the stock market. And if you wanna know more or see how you can get involved or contribute, follow this.org is the website of these activist investors that are taking on Exxon. Easy to feel powerless in the modern world.
It's easy to feel like capitalism is destroying everything. It kinda does sometimes. But it is fundamentally democratic, And there are ways for regular people to have voices in that system and there are large groups working within that system to affect change. So capitalism may be corrupt as absolute fuck, but if I'm being honest, as far as I can tell, it's the best option we got because
