JPMorgan, Citi among firms facing potential divestment by Kentucky over energy 'boycott'

[groundloop]

Source: Reuters

Kentucky on Tuesday warned 11 major financial companies, including Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and BlackRock Inc (BLK.N), of potential divestment over their "boycott" of energy companies.

State government entities must notify the Treasurer of direct or indirect holdings in the companies in the list. They must also write to the firms, asking them to stop the "boycott" failing which, they could be subject to divestment, Kentucky State Treasurer Allison Ball said.

Republicans have been ramping up pressure on the finance industry over what they say are their increasingly aggressive environmental, social and governance (ESG) practices.

In the past year, other states like West Virginia and Texas have also boycotted several financial firms.

Read more: https://www.reuters.com/business/finance/jpmorgan-citi-among-firms-facing-potential-divestment-by-kentucky-over-energy-2023-01-03/

[Lonestarblue]

1. I hope the firms tell states like Kentucky, Texas, and West Virginia to go fly a kite.

I invest in some securities solely because they do not invest in fossil fuel production. The same reason I rejected investments that trade in tobacco companies. Many people now consider the consequential impact of their retirement investments in addition to their returns.

[iluvtennis]

2. ++ agree. n/t

[TeamProg]

3. Ooooooooo Kentucky.. Big economy!

[machoneman]

4. Stupid is as stupid...well, you know. Do these clowns even realize just how tiny their percentage...

Last edited Tue Jan 3, 2023, 04:52 PM - Edit history (1)

of any investments in these firms really is? I mean, it can't even be 2% for each state, if that.

Oh, and guess what? Big states like CA, NY, IL etc. can easily pickup the slack as their way of saying, fuck you TX, KY and WV!

[scarletlib]

5. My belief is that the states need these businesses more than the businesses need them.

My advice: don’t give in.

[NNadir]

6. The state that keeps reelecting Moscow Mitch? Is anyone surprised?

[dembotoz]

7. its money they control. they can invest it in tesla and the crypto kid if they want.

maybe they can use deutche bank like their buy american leader trump does

[maspaha]

8. The Brilliant Leadership of My Old Kentucky Home!

I’m sure strip mining, oh sorry, mountain top coal mining in eastern Kentucky had nothing to do with the historic, devastating floods in 2022. Just like burning that coal had nothing to do with the deadly unseasonable Christmas tornadoes in western Kentucky in 2021. But sure, boycott banks because the rest of the world cares more about the well being of Kentucky than Kentucky does. That’s why I had to leave.
**Sarcasm intended**

[gopiscrap]

10. welcome to DU

[maspaha]

11. Thank you gopiscrap. I feel I'm among kindred spirits:)

[Mawspam2]

9. Fine. Let 'em do all their banking with the...

...First State Bank of Dogpatch. I'm sure Rand Paul will get a kickback.