New York Sues ExxonMobil


Support for this podcast and the following message. Come from internet essentials from Comcast. Connecting more than six million low income people to low cost high speed internet at home. So students are ready for homework class graduation and more. Now, they're ready for anything are the energy giant. Exxon Mobil is accused of misleading. Investors and shareholders analysts about the cost of climate change to the company's bottom line, New York's attorney general Barbara Underwood is suing the company for defrauding shareholders and NPR's. Wade Goodwin has the story. The lawsuit doesn't hold Exxon Mobil liable for helping to create climate change. It accuses the energy giant of misleading. The investing public about how global warming was affecting the value of the company's fossil fuel assets around the world, what the attorney general is essentially saying is you kept two sets of books. Thompsons Ello is the director of finance for the institute for energy economic. And financial analysis and former New York state comptroller Santillo says the allegations are about Exxon refusing to write down the value of its fossil fuel assets that are still in the ground two sets of books one in certainly that they were keeping. So that they understood what reality was and another more nuanced reality, if you will for the investment public the allegation really is that the company is not as big as it says it is and it's not worth as much as it says, it is Exxon declined to comment to NPR but released a statement that said in part, these baseless allegations or a product of closed door lobbying by special interests, political opportunism and the attorney general's inability to admit that a three year investigation has uncovered no wrongdoing. Exxon Mobil has moved to thwart the investigation by attorneys general in three states. Alleging it's a conspiracy involving the Rockefeller Foundation. Tort lawyers environmentalists and democratic Agee's Michael burger is a professor at Columbia law. School who specializes in climate change law. Burger doubts Exxon's conspiracy theories are going to hold up in court. This is about climate change. It's about the risks that regulation poses to the fossil fuel industry over the next half, century or more. But this particular complaints is about corporate fraud at the end of Wednesday's trading on Wall Street. Shares of Exxon Mobil were down about three percent. Wade goodwin. NPR news Dallas support for NPR. And the following message. Come from circus. Oh, crystal a frozen playground of world-class ice skating and stunning acrobatics. See it live at Capital One arena from December fifth to ninth tickets

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