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The Shadow Bank That Owns The World

For most people in America and much of the world, our life is — to some degree — owned, run, managed, or manipulated by a “shadow bank” that few people even know the name of. It holds between 9 and 10 Trillion dollars in assets. It is the largest or close-to largest stake holder in most enormous media companies like Disney and Comcast, most big tech companies like Google and Meta/Facebook, most big banks like Citibank, Bank of America, and Barclays. This secretive cabal is one of the biggest funders of deforestation, fossil fuel use, weapons contractors, and basically destroying the planet. And yet, despite all that, most Americans and most people around the world have never even heard of them. Watch the video to learn who it is that truly owns the planet.

COP26 Is Almost Here, And Pressure Is Building.

There’s less than a week to go until COP26, the United Nations climate conference which some are calling the most important yet. As folks across the globe make their way to Glasgow, pressure is mounting to hold the corporations that are investing in, funding, and insuring climate destruction accountable. These actions are culminating in a global day of action on Friday, October 29th. As part of the runup to this critical global conference, we’ve seen a massive influx of actions to hold the world’s two largest asset managers, BlackRock and Vanguard, accountable. From vigils and mural paintings outside BlackRock’s San Francisco office to bike actions targeting Vanguard’s CEO (himself an avid cyclist) at its headquarters in the outskirts of Philadelphia, people impacted by corporate inaction on climate are coming together and raising their voices with the aim to push these firms to make meaningful (not just performative) climate commitments ahead of COP26.

Coal Miners’ Ongoing Strike Against BlackRock’s Warrior Met

Larry Spencer, UMWA District 20 Vice President, represents the 1,100 coal miners in three UMWA locals which on strike against Warrior Met in Alabama since April 1, 2021. He will give an update on the strike in a September 28 webinar. The strikers are fighting to reverse concessions that were foisted on them in 2016 when BlackRock and other billionaire creditors set up Warrior Met Coal and took over mine operations with the aid of a bankruptcy court. To keep their jobs, Warrior Met made the miners work up to seven days a week and take a $6-an-hour pay cut, accept reduced health insurance, and give up most of their overtime pay and paid holidays. BlackRock is one of the three majority shareholders in the new company.

Striking Alabama Coal Miners Want Their $1.1 Billion Back

History repeated itself as hundreds of miners spilled out of buses in June and July to leaflet the Manhattan offices of asset manager BlackRock, the largest shareholder in the mining company Warrior Met Coal. Some had traveled from the pine woods of Brookwood, Alabama, where 1,100 coal miners have been on strike against Warrior Met since April 1. Others came in solidarity from the rolling hills of western Pennsylvania and the hollows of West Virginia and Ohio. Among them was 90-year-old retired Ohio miner Jay Kolenc, in a wheelchair at the picket line—retracing his own steps from five decades ago. It was 1974 when Kentucky miners and their supporters came to fight Wall Street in the strike behind the film Harlan County USA.

Meet BlackRock, The New Great Vampire Squid

BlackRock has been called “the most powerful institution in the financial system,” “the most powerful company in the world” and the “secret power.” It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China), with over $7 trillion in assets under direct management and another $20 trillion managed through its Aladdin risk-monitoring software. BlackRock has also been called “the fourth branch of government” and “almost a shadow government”, but no part of it actually belongs to the government. Despite its size and global power, BlackRock is not even regulated as a “Systemically Important Financial Institution” under the Dodd-Frank Act, thanks to pressure from its CEO Larry Fink, who has long had “cozy” relationships with government officials.

BlackRock: Divest From Amazon Destruction

BlackRock, the world's largest investment firm, has more money invested in the fossil fuel and agribusiness industries – the biggest drivers of climate change – than any other company in the world. That means that BlackRock's portfolio constitutes a huge liability for putting the planet on a path towards runaway climate change -- in fact, BlackRock contributes more to climate change than almost any other company on Earth. Demand that BlackRock divest and stop financing Amazon destruction!
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