What Happened? On October 3 the Minnesota Public Utilities Commission unanimously approved the sale of ALLETE (the parent company of MN Power) to BlackRock and the Canada Pension Plan Investment Board. BlackRock will own 60% of MN Power and Canada Pension Plan Investment Board will own the remaining 40%. This decision was made “despite concerns by environmental and consumer groups, the state Attorney General’s Office, and an independent judge who scrutinized the proposal,” write Dan Kraker, NPR, Oct. 3. BlackRock Is . . . The largest asset manager in the world. They control over 10 trillion dollars in assets across the globe. In addition to major asset management, BlackRock is one of the largest shadow banks in the world. A shadow bank is a banking system that falls outside traditional banking regulations. Shadow banking comes with many risks including major lack of transparency and regulations, hidden leverage, and a system risk of f...
Defend Free Speech and Dr. Tom Alter! Texas State University fired Tom for speaking at a socialist conference in his personal capacity in September. A judge since ruled that he needed to be reinstated by the University until he is a given a hearing. That hearing happened yesterday. There's a lot to say, but it boils down to this: they fired him and were ordered to reinstate him because they violated due process. When reinstated, he wasn't allowed to teach. The result of yesterday's hearing was that they will let Tom know "later this week."