USBank

<font size="4" face="Times New Roman">=</font><div><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman"> Energy Equipment and Infrastructure Alliance gave them crap on ETP pullout?</font></span></div><div><font size="4" face="Times New Roman">
</font><div><h1 class="widgetheadline h1" style="margin: 10px 0px 0px 10px; padding: 0px; cursor: pointer; overflow-wrap: break-word; line-height: 22px; background-color: rgb(255, 255, 255);"><a class="widgetheadline-text custom-post-headline" href="https://www.ecowatch.com/us-bank-pipelines-financing-policy-2559289565.html" style="text-decoration-line: none; word-break: break-word; overflow-wrap: break-word; padding: 0px; margin: 0px; line-height: 31px;"><font size="4" face="Times New Roman" color="#000000">U.S. Bank Raises $2 Billion in Oil and Gas Pipeline Finance Despite Pledging to Stop</font></a></h1><div class="body js-expandable clearfix js-listicle-body js-update-url" data-elid="2559289565" data-authors="Oil Change International" data-headline="U.S. Bank Raises $2 Billion in Oil and Gas Pipeline Finance Despite Pledging to Stop" style="margin: 10px; line-height: 24px;"><div class="body-description" style=""><div class="widget__brief" style=""><p style="background-color: rgb(255, 255, 255); margin: 10px 0px;"><font size="4" face="Times New Roman">Since revising its environmental policy last year, U.S. Bank financed more than $2 billion to companies building oil and gas <a href="http://www.ecowatch.com/tag/pipelines" style="text-decoration-line: none; overflow-wrap: break-word;">pipelines</a>, including an estimated $480 million to Energy Transfer Partners, <a href="http://priceofoil.org/2018/04/12/empty-promise/" target="blank" style="text-decoration-line: none; overflow-wrap: break-word;">new analysis released Thursday by Oil Change International concludes</a>.</font></p><p style="background-color: rgb(255, 255, 255); margin: 10px 0px;"><font size="4" face="Times New Roman">...</font></p><p style="background-color: rgb(255, 255, 255); margin: 0px 0px 10px;"><font size="4" face="Times New Roman">U.S. Bank CEO Andrew Cecere won praise from indigenous rights and <a href="http://www.ecowatch.com/tag/climate-change" style="text-decoration-line: none; overflow-wrap: break-word;">climate</a> advocates in April 2017 when he announced to shareholders that U.S. Bank would "not finance the construction of oil and gas pipelines." Days later, U.S. Bank issued a revised environmental policy significantly narrower in scope than what Cecere described, limited to only project financing which had never been a significant line of business for the bank.</font></p><p style="background-color: rgb(255, 255, 255); margin: 10px 0px;"><font size="4" face="Times New Roman">New research conducted by Oil Change International shows that since Cecere's promise, U.S. Bank financing activity with oil and gas pipeline builders has continued apace. The analysis comes days ahead of the U.S. Bank annual shareholder meeting in Albuquerque, New Mexico where pipeline opponents plan to question executives about Cecere's empty promise.</font></p><p style="background-color: rgb(255, 255, 255); margin: 10px 0px;"><font size="4" face="Times New Roman">"U.S. Bank says trust and ethics are its core values, but its actions seem to show the opposite" said Brant Olson, U.S. program director for Oil Change International. "Adopting a meaningless policy to create the impression of care for the environment paints a troubling picture of U.S. Bank's priorities."</font></p><p style="background-color: rgb(255, 255, 255); margin: 10px 0px;"><font size="4" face="Times New Roman">The analysis released Thursday finds that since announcing its commitment in April 2017:</font></p><ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li><font size="4" face="Times New Roman">U.S. Bank has participated in dozens of deals with pipeline companies, worth more than $40 billion, with U.S. Bank's estimated financial commitment totaling more than $2 billion.</font></li></ul><ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li><font size="4" face="Times New Roman">U.S. Bank has served as a bookrunner or manager, meaning it was a lead financial institution, on numerous pipeline deals totaling more than $17 billion, of which U.S. Bank raised more than $930 million.</font></li></ul><p style="margin: 10px 0px;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Of particular interest is financing for pipelines being built by <a href="https://www.ecowatch.com/tag/energy-transfer-partners" style="text-decoration-line: none; overflow-wrap: break-word;">Energy Transfer Partners</a> (ETP), a company notorious for its controversial role in building the controversial <a href="http://www.ecowatch.com/tag/dakota-access-pipeline" style="text-decoration-line: none; overflow-wrap: break-word;">Dakota Access Pipeline</a>. In addition to the Dakota Access Pipeline, Energy Transfer Partners is seeking to build numerous oil and gas pipelines throughout the U.S. which have been met with massive resistance as well as numerous construction mishaps, violations and mandated work stoppages.</font></span></p><p style="margin: 10px 0px;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Oil Change International's analysis finds that U.S. Bank continues to finance ETP projects as follows:</font></span></p><ul class="ee-ul" style="margin: 1em 0px; padding: 0px 0px 0px 40px;"><li><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">U.S. Bank raised an estimated $480 million for ETP in transactions worth $7.25 billion since April 2017.</font></span></li></ul><ul class="ee-ul" style="margin: 1em 0px; padding: 0px 0px 0px 40px;"><li style=""><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">U.S. Bank underwrote two bond issues together worth $2.25 billion for Sunoco </span><span style="background-color: rgb(255, 255, 255);">(a subsidiary of ETP), with U.S. Bank directly responsible for more than $280 million.</span></font></li></ul><ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li><font size="4" face="Times New Roman">U.S. Bank was a lender on two revolving credit facilities for ETP, responsible for an estimated $200 million of $5 billion in total credit.</font></li></ul><p style="background-color: rgb(255, 255, 255); margin: 10px 0px;"><font size="4" face="Times New Roman">The analysis, "<a href="http://priceofoil.org/2018/04/12/empty-promise/" target="blank" style="text-decoration-line: none; overflow-wrap: break-word;">Empty Promise: U.S. Bank Continues Pipeline Finance</a>" was published by Oil Change International in partnership with Indigenous Environmental Network, Earthworks, Greenpeace, MN 350, and Rainforest Action Network.</font></p></div></div></div></div><div><font size="4" face="Times New Roman"></font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">http://crooksandliars.com/2014/03/court-filing-wells-fargo-used-guide-making</font><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">=</font></div><div><font size="4" face="Times New Roman">protest 3/18 LA BB brigade protest b/c taking CSR award after promise to stop etp $ DN 3/13</font></div><div><div><font size="4" face="Times New Roman">=</font></div><div><font size="4" face="Times New Roman"><a href="http://www.alternet.org/environment/whos-funding-dakota-access-pipeline-bank-america-hsbc-ubs-goldman-sachs-wells-fargo">http://www.alternet.org/environment/whos-funding-dakota-access-pipeline-bank-america-hsbc-ubs-goldman-sachs-wells-fargo</a></font></div><div><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"> GOODMAN: Juan, in a moment we’re going to be talking about the Attica prison uprising, but right now we’re going to be looking at the banks and who is funding the $3.8 billion pipeline, the Dakota Access pipeline.</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">JUAN GONZÁLEZ: Yeah, we’ll continue to—on Wednesday in Minneapolis—what we want to do is continue to cover the coverage of the standoff at Standing Rock over the $3.8 billion Dakota Access pipeline with a look at who is profiting off of it. On Wednesday in Minneapolis, dozens protested at U.S. Bank Plaza, demanding U.S. Bank stop funding the pipeline. According to an investigation published by LittleSis<b>, U.S. Bank has extended a $175 million credit line to Energy Transfer Partners</b>, the company behind the pipeline.</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">AMY GOODMAN: Meanwhile, Saturday was the first day of a two-week call for actions against the financial institutions that are bankrolling the Dakota Access pipeline project. We turn to Part 2 of our conversation with Hugh MacMillan, a senior researcher with Food & Water Watch whose new investigation reveals the dozens of financial institutions that are bankrolling what’s called DAPL, the Dakota Access pipeline. I began by asking Hugh what’s most important to understand about the corporate structure of the pipeline company.</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">HUGH MACMILLAN: Dakota Access, LLC, is a joint venture of Phillips 66 and a joint venture of two members of the Energy Transfer family—Energy Transfer Partners and Sunoco Logistics. Enbridge and Marathon Oil have bought into this, this joint venture. Together, they now have about a 37 percent stake in the pipeline, in the Dakota Access pipeline.</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">AMY GOODMAN: How are the banks involved?</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">HUGH MACMILLAN: Well, that’s—they are banking on this company and banking on being able to drill and frack for the oil to send through the pipeline over the coming decades. So they’re providing the capital for the construction of this pipeline.</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">AMY GOODMAN: And explain what the banks are. Which banks are they? And how are they involved?</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">HUGH MACMILLAN: Well, I’ve got a list of the 17 banks that are specifically providing financing for this project. And it’s also coupled together with a Energy Transfer—Energy Transfer Partner project to convert an existing pipeline that would connect to the south end of the Dakota Access pipeline and run oil all the way down to the Gulf Coast, where there are refineries and also export infrastructure. AMY GOODMAN: Can you tell us that list of 17 banks?</font></p><p style="margin: 0px 0px 22px; line-height: 32px !important; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">HUGH MACMILLAN: I can. Citibank is the bank that’s been running the books on the project, and that’s the bank that beat the bushes and got other banks to join in. So, we have Wells Fargo, BNP Paribas, SunTrust, Royal Bank of Scotland, Bank of Tokyo-Mitsubishi, Mizuho Bank, TD Securities, ABN AMRO Capital, DNB First Bank—and that’s actually a bank based in Philly; it’s not the DNB Bank based in Norway, which is actually provided several hundred million to the Energy Transfer family separately—and ICBC London, SMBC Nikko Securities and Société Générale.</font></p></div><div><font size="4" face="Times New Roman">
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