Think Tank Requests SEC Investigation of California Governments Worried About Climate Change
The Washington Free Beacon covers CEI’s letter to the Securities and Exchange Commission (SEC) regarding potential bond fraud by California localities.
A free-market think tank is asking the Securities and Exchange Commission for an investigation into possible bond fraud by local and municipal governments that claim they will be harmed by climate change.
The Competitive Enterprise Institute (CEI) says a number of municipalities, most of them in California, are suing oil and gas companies for future damages because of climate change, and in doing so are often explicit in their forecasts of predicted sea-level rise and monetary damages.
However, when those same cities sell bonds to investors, they’re being far more generic in their claims of future catastrophe.
Read the full article at The Washington Free Beacon.