The Grifters
“Look around the poker table; if you can’t see the sucker, you’re it.”
fraud
Exxon’s $20 Billion Fraud Lawsuit Continues
“No one I knew in the organization thought this was possible; the pressure to deliver on Woods’ promise to the market permeated the organization.”
Shale Oil Fraud Case Reveals Executives Ignore Their Own Engineers and Mislead Investors
In April, a judge ruled that a lawsuit filed by former investors in the shale oil company Alta Mesa could proceed. Their case alleges multiple instances of fraud and reveals that not only did engineers in the company warn executives that they were lying to investors about oil production estimates
How Third-Party Auditors Make Oil Industry Fraud Possible
The accounting companies hired by oil companies to evaluate their inflated financial claims are on the hook from investors frustrated by the lack of accountability.
SEC Finds Fracking Sand Company Misled Investors With Claims of ‘Game Changing’ Sand
Fracking sand company Fairmount Santrol had a very clever corporate slogan for being in the business of selling products for oil and gas wells: “Do Good, Do Well.”
Fossil Fuel Tax Programs to Cut Emissions Lead to Lots of Industry Profit, Little Climate Action
Reuters revealed that financial institutions, including Goldman Sachs, were making huge profits off the program, despite it not effectively reducing emissions.
Bankers and Investors Finding Fracking Industry’s Underlying Models Prove Overly Optimistic
Bloomberg recently reported that Mike Lister, a JP Morgan energy banker, estimated that banks wrote off approximately $1 billion in reserve based loans for shale companies in 2019, exceeding their total losses for the past 30 years, and that trend is expected to continue.