De Blasio Attempts to ‘Bully’ a Bank Into Seeing Things His Way?
Former President Barack Obama temporarily halted the building of the Dakota Access pipeline only to have it reversed when President Donald Trump took office.
Now, New York City Mayor Bill de Blasio is attempting to thwart Trump’s efforts to finish the pipeline by sending a not so thinly veiled threat to Wells Fargo Bank.
De Blasio states in a February 17, 2017 letter to the Chief Executive Officer of Wells Fargo Timothy J. Sloan, that:
“As a trustee of pension funds that are long-term investors in your institution and Mayor of a coastal city threatened by climate change, I am writing to express my deep concerns about your involvement and the involvement of other banks, in financing the Dakota Access Pipeline.”
De Blasio’s letter continues by saying, “This project could have negative consequences for the people of Standing Rock, for the well-being of your bank and for the health of this planet.”
What does de Blasio mean when he speaks of “negative consequences” for Wells Fargo? Financial implications, of course.
De Blasio continues on to make this abundantly clear when he reiterates his influence over investors with Wells Fargo:
“As someone with a leadership role in funds that are long-term investors in shares of your bank…”
Does it sound eerily like a Chicago-style arm twisting in the letter to Sloan?
De Blasio concludes his letter with:
“The threat this project poses to Standing Rock, our environment, your bank and your shareholders is not worth the return it might generate. I hope that you will reconsider your investment.”
De Blasio also encouraged Sloan to “finance profitable green energy projects” instead.
If Sloan doesn’t follow through on the godfather’s requests, I mean the mayor’s requests, what then?
It sounds as though de Blasio will be making some phone calls and sending out a few emails to Wells Fargo shareholders and pension funds in the not too distant future.
It’s politics as usual for Democratic leadership in New York City. However, it appears politicians, like de Blasio are struggling with how to work around a president who believes in building jobs and helping the economy.