New York Attorney General Eric Schneiderman is investigating Exxon Mobil for misleading its investors regarding how climate change might affect profitability while simultaneously having his own money invested in the firm.
Schneiderman owned between $50,000 and $75,000 of Vanguard Energy ETF as of 2016, according to a Times Union review of his most recent financial disclosure forms. Exxon Mobil is the fund’s biggest holding, followed by giant energy firms Chevron, ConocoPhillips and Halliburton.
Several New York lawmakers who have also taken action against fossil fuel interests are personally invested in oil companies and other firms that are listed as significant polluters. A number of these lawmakers have signed a bill that requires state Comptroller Tom DiNapoli to divest from the 200 largest oil companies, some of which those lawmakers are themselves invested in.
New York Governor Andrew Cuomo asked DiNapoli to divest the state’s $201 billion pension fund from environmental polluters, but DiNapoli, who has exclusive control over the fund, has said he does not intend to comply.
Schneiderman’s spokeswoman, Amy Spitalnick, downplayed the significance of the investment, explaining that it represents just .66 percent of his total portfolio.
“This holding is a minute portion of a diverse portfolio managed exclusively by his outside financial adviser,” she told the Times Union. “The AG does not invest directly in any specific stocks and like any investor, has no say in the publicly listed companies that routinely move in and out of his mutual funds.”
Manhattan state Sen. Liz Krueger, who led the charge for the state to divest from oil companies, has stock in Warren Buffet’s Berkshire Hathaway, a multinational conglomerate holding company that was named the sixth biggest air polluter by The Political Economy Research Institute in 2016.
Krueger told the Times Union she was unaware of the investment and would discuss divesting with her husband.
ALSO WATCH:
The Daily Caller News Foundation is working hard to balance out the biased American media. For as little as $3, you can help us. Freedom of speech isn’t free. Make a one-time donation to support the quality, independent journalism of TheDCNF. We’re not dependent on commercial or political support and we do not accept any government funding.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.