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https://www.theguardian.com/environ...-bailout-oil-coal-fracking-giants-bond-scheme
US fossil fuel giants set for a coronavirus bailout bonanza
Exclusive: oil, coal and fracking companies in line to benefit from $750bn bond scheme
To be eligible for the Federal Reserve scheme – which is to be administered by BlackRock, the asset manager that this year pledged to shift its investment strategy to take account of the climate crisis – companies must have had a BBB-Baa3 or higher credit rating as of 22 March.
There are moves to change the rules to allow companies that had such a credit rating earlier, on 5 March, to apply. According to the analysis, this would allow another oil and gas company, Occidental Petroleum, to qualify.
In times of plenty they rage at defending free markets and less regulation but the moment there is a downturn who is first in queue for bailouts? No free market evangelists now.
US fossil fuel giants set for a coronavirus bailout bonanza
Exclusive: oil, coal and fracking companies in line to benefit from $750bn bond scheme
To be eligible for the Federal Reserve scheme – which is to be administered by BlackRock, the asset manager that this year pledged to shift its investment strategy to take account of the climate crisis – companies must have had a BBB-Baa3 or higher credit rating as of 22 March.
There are moves to change the rules to allow companies that had such a credit rating earlier, on 5 March, to apply. According to the analysis, this would allow another oil and gas company, Occidental Petroleum, to qualify.
In times of plenty they rage at defending free markets and less regulation but the moment there is a downturn who is first in queue for bailouts? No free market evangelists now.
