BlackRock Quits Climate Alliance

BlackRock Quits Climate Alliance

BlackRock has become the latest US financial services institution to quit the Net Zero Climate Alliance. In a letter to shareholders the firm states that its membership has caused confusion and led to legal inquires. All of the major US banks have also quit the alliance. I make no apologies for getting on my soap box. Climate change is real. As individual human beings we have a moral duty to do the right thing in protecting the planet for our children. Why does a corporate have a lesser moral obligation? Why does Corporate America believe in can play ostrich on this matter? I suspect we all know the answer to this question.

California Loss Estimates Hit $20 Billion

JP Morgan has doubled its estimates of insured losses from the California fires to $ 20 billion. To date, 100,000 people have been evacuated and 15,000 buildings damaged with some very expensive properties involved.

Credit Suisse Claim Grows

An amended New York filing has revealed that 39 new claimants have joined a lawsuit against the Swiss government seeking damages for the collapse of Credit Suisse. The claim now totals $370 million with the addition of retail investors who purchased the AT1 bonds from Alliance Bernstein. They will claim they were not sophisticated investors and could not be expected to understand that these instruments could rank after equity in the collapsed bank.