Submitted by zylstrar t3_xyh7ns in UpliftingNews
Drevil335 t1_irlw0f4 wrote
I just don't understand. So, these whistleblowers reveal that Exxon is completely and knowingly over-projecting their future Permian Basin drilling prospects, and thus lying to investors about their future profits (which is fraud, and very illegal), and they still want to work for them. Apart from how hypocritical and self-serving it is to reveal this important information, and then agree to shut up about it after getting their jobs back and paid arrears, it seems that they simply haven't fathomed what this fraud suggests about Exxon itself. Any company which has to actively lie in order to maintain a perception of future growth is a company which is seeing its prospects and future profits inevitably crumble. The point of this exercise was to put off the realization of this inevitable contraction by their investors, and thus delay a plummet in investor confidence, by maintaining the illusion of growth long into the future. In the end, though, shareholders are going to realize that in our modern climate change impacted, energy transitioning era, there's no more place for fossil fuels: it is then that the Carbon Bubble will pop, with disastrous effects for Exxon and other fossil fuel corporations. This, on Exxon's part, is all one sick play for time, with our planet and civilization's health and prosperity on the line, to make a few more hundred billion dollars over the next few decades. If I were in these whistleblower's positions, I would get out as quickly as possible, and try to find work with a more ethical firm.
WikiSummarizerBot t1_irlw1ee wrote
[Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble#:~:text=The carbon bubble is a,fuels which are not yet)
>The carbon bubble is a hypothesized bubble in the valuation of companies dependent on fossil-fuel-based energy production, resulting from future decreases in value of fossil fuel reserves as they become unusable in order to meet carbon budgets and recognition of negative externalities of carbon fuels which are not yet taken into account in a company's stock market valuation. While most campaigns to reduce the investment, production, and use of fossil fuels has been based on ethical reasons, financial analysts, economists, and financial institutions have increasingly argued in favor of doing so for financial reasons.
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