The Cellar - Money and Climate

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Money and Climate

The future has always been a concern of bankers and brokers who don't want to get blindsided by something that harms their bottom line. I'm sure they've been keeping an eye on the climate change discussion and possible effects on their businesses.
It appears they are doing some what-if/worst-case thinking.

Quote:

The most extreme risks of climate change can’t be ruled out -- including the collapse of human civilization, according to JPMorgan Chase & Co.
“The response to climate change should be motivated not only by central estimates of outcomes but also by the likelihood of extreme events,” bank economists David Mackie and Jessica Murray wrote in a Jan. 14 report to clients. “We cannot rule out catastrophic outcomes where human life as we know it is threatened.”
The analysts, who warned last year of ‘Black Swan’ tipping points that could push the planet and the economy into uncharted territory, also said that the longer that climate change action is delayed, the more costly it’ll be to address later.
Governments, central banks and business leaders are beginning to grapple with the impact of climate change, including extreme weather, drought and floods.

link

Oppose an ounce of prevention, and later say it's too late for the pound of cure.

They probably figured it would happen so slowly they'd get their filthy lucre and run leaving the mess to the kids, but it's picking up.

Quote:

Originally Posted by xoxoxoBruce (Post 1047567)

The future has always been a concern of bankers and brokers who don't want to get blindsided by something that harms their bottom line.

Did we not learn from a 2007 recession? They are only concerned about this quarter and yearly reports. Since that is the only thing that affects their income. When the purpose of a company is profits - for top management.

Nothing in those spread sheets defines or even indicated what will happen in 10 and 30 years. If concerned with the product, they would. But finance people routinely ignore that. Which is why even sub-prime loans were so popular among finance types. They did not care what happened (and it was inevitable) many years or even a decade later.

Deutsche Bank routinely financed Donald Trump even though his entire history was a long string of defaults. He even defaulted on a $640million loan on a Chicago Tower. Next year, that same bank loaned him more money. No problem. Those loses will fall on other people. The guy who even forged signatures for Trump loans did so only to enrich himself.

Bankers and brokers don't give a shit. Brokers even dumped Trump's massive casino losses on other customers. Nothing about global warming appears on or can be quantified on any finance sheet. Most don't care. It is good business to put up a politically correct face. And then do nothing.

Corporate entities are incapable of seeing past the next quarter's P&L.