Wednesday, September 7, 2011

SEC and NY Attorney General Subpoena Marcellus Shale Gas Drillers

Posted by: Noël Jones

There is this intrepid mystery man, Brendan O'Conner, who has tirelessly been (ok, he gets tired sometimes, says he's has to take a break to focus on his job and family, and then comes back again with a vengeance) aggregating articles that have to do with fracking for natural gas, and sending links out to anti-fracking activists. This gem that he sent out recently, is really interesting. It is a joint letter issued by attorneys at a legal firm called Andrews Kurth, LLP, warning natural gas companies that the SEC is finally looking into their reserve projections (which have completely overblown) to see if they have been reporting properly. Apparently the government is finally taking the possibility of another bubble bursting in our already depressed economy seriously. But then again, the SEC is the government agency that has been caught shredding documents to protect Wall Street derivatives traders who caused our last bubble to burst, so we'll see if they actually follow-through and do any good here. But these drillers are also now being subpoenaed by the New York Attorney General, Eric Schneiderman, who has single-handedly
be holding off on the government's attempt to get all 50 states to agree to a ridiculously low $20 billion settlement with Wall Street bankers implicated in investigations into the recent crash of our economy, so I do have some faith in his guts and integrity.

Here's the letter:

Oil and Gas Companies Should Expect Increased SEC Scrutiny of Operations and Reserves

I just have to say, that Brendan O'Connor rocks, wherever he is. He is a regular citizen, like you and me, reaching out beyond the duties and distractions of everyday life to stay informed, participate in discussion with others in the community, and actually try to DO SOMETHING--whether that be talking to friends, family and neighbors to raise awareness, writing a letter to the editor of a local paper, or contacting public officials at the local, state and federal level to demand accountability. This letter proves that citizens' efforts are starting to have an effect on the big picture, and if we all tried to put in even half the energy that Brendan O'Conner puts into fighting to protect our way of life, our drinking water, our property values and our health, these greedy corporations who would gladly reap profits while making us sick and destroying our lives wouldn't stand a chance. People do have the power, it's just been a long time since we've used it.

Stand up, America. Take part in our democracy and fight. Preserving our way of life should be a priority for each citizen, not a hobby. Nobody is going to do it for us. Brendan O'Connor can not do more than he is already doing--it takes all of us to win a fight like this. Please use the links on the right side of this home page to send another letter to the editor, or to our elected officials to express your concern and demand accountability.


Jon Geeting said...

Eric Schneiderman is determined to become my favorite politician. First he takes on the banks and mortgage servicers, and now the gas companies? What's next, patent trolls?

noel jones said...

Get in line, he's mine--I'm swooning.

david said...

I am glad to see someone taking this stuff quite seriously, and I'm thrilled to see them getting results.
I pick on we Americans quite a bit when it comes to our failure to be more active in self governance, but to be fair we are a very seriously and very intentionally overwhelmed people. And it is this I think more than any given thing that has made our Democratic republic slide more and more into the third world.
On any given day at any given moment we can name a few hundred things going on in the nation that are against the greater good and if too much effort or attention gets applied to any one, other flare up. The major parties and corporations have absolutely learned how to play both ends against the middle and the lesson has been picked up on by everyone from terrorists to gang bangers.
I think like most that I try to have a general view, but I also like most have my pet areas of might shock some to know that mine is "Equality under law". And while I've signed every anti-fracking petition that has come my way, that effort takes away from following my deeper focus. I have little doubt that most of us feel this way, so I support these gentlemen for their singularity of focus, this in particular is a good angle of attack as with the change in position of the government on expected amounts of gas to be "Re-claimed" these Pro-fracking groups will be found to have been amiss in their investment prospectus info , but probably not criminally so. Still this brings to light the new far lower figures on cost vs return and if nothing else should move potential investors away from fracking. Lets hope so.
It's a bit too early for this serious a conversation....need more coffee.
Still nice to see people defending themselves and the rest of us effectively.

noel jones said...

yes, let's hope Schneiderman can hang in there--he's up against the combined forces of the White House and Wall Street...

but we need to help him and others who are taking on these corporations as much as we can--that's why i have stopped asking people to do ONE thing, like sign a petition or make a call to an elected official--but instead to commit to doing ONE THING PER WEEK. let it be a personal commitment to our part of this government of the people.

if elected officials and editors of papers start receiving emails and letter and calls from many citizens EACH WEEK, politicians will have to start listening for fear of losing the next election.

let's let self-interest work in our favor--take 5 minutes to click on a link on the side bar of the home page of this blog, and type an email to someone. you don't have to be an expert, just express your concerns!