The Trump Administration’s Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) have taken legal action supporting Texas Attorney General Ken Paxton’s lawsuit against BlackRock, State Street, and Vanguard for conspiring to artificially manipulate the coal market through anticompetitive trade practices.
BlackRock, State Street, and Vanguard were sued in 2024 by 10 states for forming an “investment cartel” that sought to “weaponize their shares to pressure the coal companies to accommodate ‘green energy’ goals,” Paxton said after filing the lawsuit in November 2024. The lawsuit claimed that by reducing coal output, the asset managers increased the value of the stock of coal companies they held.
The DOJ and FTC filed a statement of interest Thursday in U.S. District Court for the Eastern District of Texas in support of the lawsuit.
“I am grateful that the Trump Administration has joined my effort to hold major asset managers accountable for weaponizing the financial industry to illegally control the energy markets and force a destructive ‘green energy’ ideology on the American people,” said Attorney General Paxton. “The joint conspiracy by BlackRock, State Street, and Vanguard sought to undermine America’s energy independence at the expense of consumers and our national sovereignty. Together, President Donald Trump and I will hold these corporations accountable.”
Basically the 2024 lawsuit against asset managers was for using their combined influence over the coal market to weaponize their shares to pressure the coal companies to accommodate “green energy” goals by halving coal output by 2030.
The deliberate and artificial supply reduction increased prices and enabled the investment companies to produce extraordinary revenue gains by increasing the cost of electricity for American households.
Their conspiracy violated multiple state and federal laws forbidding anticompetitive schemes and deceptive trade practices.
These three corporate entities own the majority of Wall Street, making it understandably troubling for many Americans.
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By award-winning Texas author Cynthia Leal Massey.
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