Shocking Conspiracy: BlackRock, State Street, and Vanguard Caught in Energy Price Shenanigans!

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Well, well, well! The US government is pointing fingers at the big boys—BlackRock, State Street, and Vanguard—accusing them of playing a little game of “let’s mess with the coal industry!” 🎭

Last November, 11 state attorneys general, led by the ever-enthusiastic Texas AG Ken Paxton, decided to throw a party and invite these financial giants to the dance floor of anticompetitive conspiracy. Their goal? To drive down coal production faster than a speeding bullet! 💨

According to these legal eagles, our trio of troublemakers used their shareholder superpowers to reduce coal output across the board, sharing secrets like they were in a high school gossip circle. 🤫

Now, the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) have jumped on the bandwagon, filing a “Statement of Interest” to back up the AGs. Because who doesn’t love a good legal drama? 🎬

These federal officials are claiming that the alleged antics of BlackRock, State Street, and Vanguard have sent energy prices soaring higher than a kite on a windy day! 🪁

“This case isn’t about your average asset manager stuff like passive index investing or even being a good sport. No, no! It’s about those big shots with their stockpiles of shares in competing companies agreeing to cut US coal output to fatten their wallets at the expense of good ol’ American consumers and businesses. This is the kind of shenanigans that antitrust laws have been warning us about since the dawn of time!”

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2025-05-27 15:03