Mileage Psycho Posted March 28, 2017 Share Posted March 28, 2017 Ole Wayne Tracker and Exxon Mobil knew about man made climate change, yet didn't disclose there knowledge in SEC filings Quote Is Tillerson in Trouble? Amid the fresh outrages over the Trump administration's budget proposal, the GOP effort to repeal the Affordable Care Act and Muslim Ban 2.0, another scandal is quietly simmering. It's a story about big oil's lies and Wall Street corruption that hasn't gotten anywhere near the attention it deserves. It starts with a shady character named Wayne Tracker – or, as you may know him, Rex Tillerson. Tillerson, of course, is Donald Trump's secretary of state. Prior to joining the Trump administration, he served as CEO of the fossil fuel giant ExxonMobil for over a decade. Decades ago, Exxon's own scientists concluded that carbon dioxide emissions, an inevitable byproduct of burning fossil fuels, are causing climate change. Yet the company buried those findings and instead funded pseudo-scientific studies purporting to deny or downplay legitimate science. Investigators in the New York attorney general's office suspect this wasn't just a colossal crime against the environment; it might also be a massive financial fraud. First, some background. Publicly traded companies like Exxon are required to make annual reports on their financial condition to the federal Securities and Exchange Commission, or SEC. Federal law requires their CEOs to personally certify that those reports do not contain "any untrue statement of a material fact." Just as importantly, they must also swear that the reports don't "omit to state a material fact" relevant to the company's financial health. In Exxon's case, the company allegedly failed to disclose the full truth about its climate research in its own SEC filings. In its 2015 statement, the last one certified personally by Tillerson, the company reported net property, plant and equipment – which includes its oil reserves – valued at about $252 billion. That constituted almost 75 percent of its total assets of $337 billion. Yet if a significant portion of those oil reserves prove to be unrecoverable – either because climate-conscious governments or social movements compel fossil fuel companies to stop extraction – that means those assets would be worth a whole lot less. A large drop in the valuation of the company's assets would lead to a massive "impairment charge," potentially driving the company into the red. This is a huge risk. But it's scarcely mentioned in Exxon's 2015 filing. The document does mention climate change as a potential concern that may reduce demand for the company's products, but without assigning any quantitative risk to it. Elsewhere, in a 2014 report that claimed to address shareholder concerns about climate risk, the company dismissed the possibility of deep cuts in carbon emissions as "highly unlikely." The potential misinformation provided to investors affects more than just hedge fund managers and other billionaires. It means that lots of teachers, firefighters and other ordinary workers have their retirement savings tied up in a company that could be seriously overvalued. So who is Wayne Tracker? Tracker is the email alias for Tillerson created by Exxon, and the New York attorney general suspects it may have been used to conceal some of then-CEO Tillerson's communications regarding climate change. The company was required to produce all relevant internal communications on climate risk to comply with a state subpoena, but failed to produce the bulk of the emails from the Wayne Tracker address. The company responded with a long letter full of ideological posturing, but admitted that it failed to turn over the bulk of the emails because its "technological processes [for finding materials responsive to the subpoena] did not automatically extend to the secondary email account." The judge was evidently not impressed with Exxon's arguments. He has ordered the company to turn over the "Wayne Tracker" emails by March 31, along with sworn affidavits explaining how the company identified and turned over documents in response to the subpoena, and explanations of what documents may have been lost and why. The contents of the emails may lead to personal consequences for "Secretary Tracker" himself. If it emerges that he privately acknowledged larger climate risks to the company's business than what was disclosed in SEC filings, he could face criminal penalties under the Sarbanes-Oxley Act. He doesn't enjoy immunity from prosecution as a public official because his actions as CEO of Exxon-Mobil were not in relation to his position as secretary of state. The timing of this revelation is unfortunate. If it had been public knowledge prior to Tillerson's Senate confirmation, he may never have been confirmed in the first place. However, it's not too late to hold him accountable for potentially misleading investors. We could yet witness the spectacle of a sitting U.S. secretary of state in the dock for fraud charges. So much for "draining the swamp." https://www.usnews.com/opinion/civil-wars/articles/2017-03-27/rex-tillerson-may-be-in-hot-water-over-exxonmobil-emails Quote Link to comment Share on other sites More sharing options...
Zambroski Posted March 28, 2017 Share Posted March 28, 2017 Gimme a break. ".......another scandal is quietly simmering....." How very "Maddow-ish" Oh, and "draining the swamp", oh...I can see how successful people in the private sector can seem like "swamp goers". Still just sore losers trying oh so hard to find fault with all around them rather than take a good look in the mirror. SMH Quote Link to comment Share on other sites More sharing options...
oleroule Posted March 28, 2017 Share Posted March 28, 2017 liberals have become nothing more than monkeys flinging poo. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 28, 2017 Share Posted March 28, 2017 (edited) Flynn is singing.......he will get the best deal cause he's first! Not a peep from the dems........wonder why? Ducks....ducks.....ducks Edited March 28, 2017 by Mainecat Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted March 28, 2017 Share Posted March 28, 2017 Just now, Mainecat said: Flynn is singing.......he will get the best deal cause he's first! What is he singing? The Macarena? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 28, 2017 Platinum Contributing Member Share Posted March 28, 2017 (edited) Obama had a secret email code name for when he communicated with Hillary thru her private email server. Secret email codes are good. Especially when dealing with classified information at the highest levels of govt. http://www.washingtontimes.com/news/2016/sep/24/obama-used-pseudonym-emails-hillary-clinton-fbi/ By Andrew Blake - The Washington Times - Saturday, September 24, 2016 President Obama emailed Hillary Clinton using a pseudonym while she served as his secretary of state, according to FBI documents released Friday. The president’s previously unreported use of a pen name is referenced in notes from federal investigators’ April 5, 2016 interview with Huma Abedin, one of Mrs. Clinton’s closest aides, contained within 189 pages of records released late Friday afternoon by the FBI concerning its review of the Democratic presidential nominee’s use of a private email server while in office. During that interview, investigators showed the aide an email exchange dated June 28, 2012 with the subject “Re: Congratulations!” “Abedin did not recognize the name of the sender. Once informed that the sender’s name is believed to be a pseudonym used by the president, Abedin exclaimed ‘How is this not classified?’” according to the FBI’s summary of the interview. “Abedin then expressed her amazement at the president’s use of a pseudonym and asked if she could have a copy of the email.” The FBI’s revelation quickly spurred questions about the president’s past claims concerning his knowledge of Mrs. Clinton’s private email server. Mrs. Clinton’s non-governmental email address was first revealed in 2013 when a Romanian computer hacker breached the AOL account of Sidney Blumenthal, a longtime Clinton confidant, and subsequently leaked messages to the media that were sent to an account operated by Mrs. Clinton’s outside of the .gov realm. Edited March 28, 2017 by Highmark Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted March 28, 2017 Share Posted March 28, 2017 of all the people to pick for SOS, out of nowhere trump picks tillerson, another Russia connection.. Quote Link to comment Share on other sites More sharing options...
Snoslinger Posted March 28, 2017 Share Posted March 28, 2017 highmark is well on his way to the "deflector of the year" award and it's only march. Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted March 28, 2017 Share Posted March 28, 2017 Is Russia replacing the Koch Brothers as the liberal's new boogeyman? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 28, 2017 Platinum Contributing Member Share Posted March 28, 2017 (edited) Yet if a significant portion of those oil reserves prove to be unrecoverable – either because climate-conscious governments or social movements compel fossil fuel companie Are you fucking kidding me. Edited March 28, 2017 by Highmark Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 28, 2017 Platinum Contributing Member Share Posted March 28, 2017 4 minutes ago, racinfarmer said: Is Russia replacing the Koch Brothers as the liberal's new boogeyman? Only now. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 28, 2017 Share Posted March 28, 2017 this administration is like one long hall of mirrors. is anyone really surprised? what a fucking rat's nest. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 28, 2017 Share Posted March 28, 2017 1 hour ago, spin_dry said: this administration is like one long hall of mirrors. is anyone really surprised? what a fucking rat's nest. All ties go to Russia Quote Link to comment Share on other sites More sharing options...
JEFF Posted March 28, 2017 Share Posted March 28, 2017 What a great side show watching you guys have full on mental break downs. I can sense the vain in MC's forehead is about to pop. Grown adults acting like adolescent girls. Russia this, Russia that... Russia is out to get us all!!! Quote Link to comment Share on other sites More sharing options...
Catman Posted March 28, 2017 Share Posted March 28, 2017 (edited) 3 hours ago, Snoslinger said: of all the people to pick for SOS, out of nowhere trump picks tillerson, another Russia connection.. It's just a coincidence he was ceo of the biggest oil company and Russia has lots of oil the Chinese and north Koreans are drilling for Edited March 28, 2017 by Catman Quote Link to comment Share on other sites More sharing options...
JEFF Posted March 28, 2017 Share Posted March 28, 2017 52 minutes ago, Catman said: It's just a coincidence he was ceo of the biggest oil company and Russia has lots of oil the Chinese and north Koreans are drilling for Don't go trying to make sense of this. Why choose a man with a lot of experience and expertise dealing with foreign nations for years? When I'm sure there must be someone with a liberal arts degree he could tap for the job? Quote Link to comment Share on other sites More sharing options...
Cold War Posted March 28, 2017 Share Posted March 28, 2017 Gee, I hope not! Quote Link to comment Share on other sites More sharing options...
Catman Posted March 28, 2017 Share Posted March 28, 2017 52 minutes ago, JEFF said: Don't go trying to make sense of this. Why choose a man with a lot of experience and expertise dealing with foreign nations for years? When I'm sure there must be someone with a liberal arts degree he could tap for the job? Absolute deflection. Like tillerson was the only Republican business person capable of the job. His conflicts are massive. Just admit you're all in on Trump and Keep burying your head in the sand. Quote Link to comment Share on other sites More sharing options...
JEFF Posted March 28, 2017 Share Posted March 28, 2017 7 minutes ago, Catman said: Absolute deflection. Like tillerson was the only Republican business person capable of the job. His conflicts are massive. Just admit you're all in on Trump and Keep burying your head in the sand. Anyone named would be picked apart and you know that. The fact that nothing but "he must have connections to the russians" has been dug up speaks volumes. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 28, 2017 Share Posted March 28, 2017 34 minutes ago, JEFF said: Anyone named would be picked apart and you know that. The fact that nothing but "he must have connections to the russians" has been dug up speaks volumes. Another covering for Trump. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 28, 2017 Share Posted March 28, 2017 every one hold your breath u are killing the planet Exxon's own scientists concluded that carbon dioxide emissions, an inevitable byproduct of burning fossil fuels, are causing climate change. Quote Link to comment Share on other sites More sharing options...
JEFF Posted March 28, 2017 Share Posted March 28, 2017 2 minutes ago, Mainecat said: Another covering for Trump. Covering? Not hardly. Please let me know when all these "ducks" are in a row. Quote Link to comment Share on other sites More sharing options...
Catman Posted March 29, 2017 Share Posted March 29, 2017 2 hours ago, Ez ryder said: every one hold your breath u are killing the planet Exxon's own scientists concluded that carbon dioxide emissions, an inevitable byproduct of burning fossil fuels, are causing climate change. How much co2 do humans breathe out? Google it you fucking retard Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 6 minutes ago, Catman said: How much co2 do humans breathe out? Google it you fucking retard enjoy your walk to work tomorrow u hypocrite Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted March 29, 2017 Share Posted March 29, 2017 10 hours ago, Snoslinger said: of all the people to pick for SOS, out of nowhere trump picks tillerson, another Russia connection.. Maybe he's got plans to start a foundation and is planning on a few millions? Quote Link to comment Share on other sites More sharing options...
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