Last
week, in a historic first, the former CEO of a major oil company took
the witness stand in a New York City courtroom and spent four hours
defending his company against charges that it misled investors about the
potential impact of global warming on its viability as a business.
Rex
Tillerson, who led ExxonMobil from 2006 until the end of 2016 when he
became U.S. secretary of state, was grilled by an attorney for the New
York State attorney general for allegedly participating in a
“longstanding fraudulent scheme” by Exxon to fool investors. More
specifically, the company is charged with exaggerating the stringency of
its financial safeguards in pricing risks from regulations restricting
greenhouse gas emissions, according to
the complaint filed last year in New York state court.
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