IPFS News Link • Crony Capitalism
Witness Testifies Bank Threatened To Withhold Loan If He Didn't Tweet 'Climate Change' T
• Daily CallerBud Brigham, the executive chairman of Brigham Minerals, testified Thursday before the Texas Senate Committee on State Affairs that a Wall Street bank allegedly threatened to deny him a loan unless he tweeted out specific political messages.
Republican Texas state Sen. Bryan Hughes led the hearing on environmental, social and governance (ESG) investing, an approach to investing that scores companies based on their commitment to certain environmental and social causes.
Brigham testified that, during a capital raise with Credit Suisse, with whom he claims to have raised over $1 billion with over 15 years, the bank instructed him put out overtly political statements on ESG. Brigham explained that an unidentified bank almost immediately approved him for a loan, while Credit Suisse failed to respond to his loan application.
Texas State Sen. @LoisKolkhorst highlights how ESG investing is an abandonment of fiduciary duty, because ESG funds routinely underperform benchmark indexes: pic.twitter.com/392l5Z9bCz
— Will Hild (@WillHild) December 15, 2022