The reason why I’m old and wise is because God protected me when I was young and stupid
Laguna Journal with Global reach and local knowledge serving Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods and all of south Orange County. The Laguna Journal is the oldest locally owned independent news gathering organization increasingly read throughout the area by people seeking ultimate truth and Wisdom through an alternative news source.
Monday, October 27, 2025
Federal Judge Greenlights Multistate Antitrust Lawsuit
Federal Judge Greenlights Multistate Antitrust Lawsuit Against BlackRock, Vanguard, and State Street
Syndicated investigative reporter,
Michael Mick Webster
Tyler, Texas — A federal judge in the Eastern District of Texas Federal Judge Greenlights Multistate Antitrust Lawsuit Against BlackRock, Vanguard, and State Street automaticallydenied motions to dismiss in a high-profile case accusing BlackRock, Vanguard, and State Street of coordinating to suppress U.S. coal output—allegedly driving up energy prices—through climate-aligned investor initiatives. The ruling allows core antitrust claims by Texas and a coalition of Republican-led states to move forward into discovery. Reuters
What the case is about
Filed on Nov. 27, 2024 (Docket 6:24-cv-00437), Texas et al. v. BlackRock, Inc. et al. claims the asset managers used their sizable stakes in competing coal producers and participation in initiatives such as Climate Action 100+ and the Net Zero Asset Managers initiative to “pressure coal companies to reduce output,” allegedly harming competition and consumers in violation of the Sherman Act and Section 7 of the Clayton Act. The complaint highlights the firms’ combined ownership across major coal companies and utilities as part of its common-ownership theory. Harvard Law Forum on Governance
The ruling
U.S. District Judge Jeremy Kernodle dismissed only a small subset of counts (including certain state consumer-protection claims) but let the core antitrust theories proceed. Reuters reports the court found the states pled “dozens of specific examples” sufficient—at the pleading stage—to plausibly allege agreement and coordinated pressure tied to climate commitments. The decision keeps discovery on track and significantly raises the stakes for the asset-management industry. Reuters
Federal antitrust enforcers weigh in
In May 2025, the DOJ and FTC filed a Statement of Interest in the case—marking their first formal filing on the antitrust implications of common shareholdings—arguing that “passive” investment safe harbors do not protect coordinated investor actions that encourage industry-wide output reductions. The filing also ties the issue to the administration’s declared national energy emergency. Department of Justice
How the firms respond
All three firms deny wrongdoing. As covered by ESG Today and Reuters:
- Vanguard called the ruling “disappointing” and promised a vigorous defense.
- State Street said the case is baseless and risks investors and markets.
- BlackRock argued the theory is “absurd” and that forced divestment would harm coal companies’ access to capital and raise energy prices—ironically the opposite of what the states claim they did. ESG TodayReuters
Why it matters
- Antitrust & finance precedent: The case tests whether coordinated shareholder stewardship across competitors can be treated like a traditional output cartel under antitrust law—potentially reshaping ESG collaboration, proxy engagement, and even index-fund governance. Department of Justice
- Energy markets: Plaintiffs allege pressure to halve coal output by 2030, framing energy-price impacts as consumer harm. The merits will turn on whether discovery shows actual collusion and market effects rather than parallel, publicly stated climate policies. Texas Attorney General
- Broader enforcement posture: The DOJ/FTC stance signals expanded scrutiny of common ownership and investor networks when they touch on competitor output or strategic alignment. Department of Justice
What’s next
With the dismissal bid largely denied, the states can pursue document production and depositions, and the court will evaluate the evidence on agreement, market definition, and competitive effects. A loss for the defendants could restrict multi-manager climate coalitions or force governance firewalls; a win could reaffirm investor engagement as protected shareholder advocacy. Texas Scorecard
Justice Department to Begin Transferring Jeffrey Epstein Case Files to Congress
Justice Department to Begin Transferring Jeffrey Epstein Case Files to Congress
Washington — The U.S. Department of Justice has agreed to start turning over records from the Jeffrey Epstein sex-trafficking investigation to the House Oversight Committee on Friday, August 22, 2025, according to Committee Chair Rep. James Comer. The production follows a broad subpoena issued earlier this month and appears to temporarily ease a growing standoff over access to case materials. AP News
What DOJ is expected to provide
Comer says DOJ will begin rolling productions to the Committee, which has requested files spanning the Epstein and Ghislaine Maxwell case records, as well as communications with executive-branch officials and materials tied to the earlier Florida probe that produced a controversial non-prosecution agreement. The department has indicated victim identities and child sexual-abuse content will be redacted. AP News
How Congress plans to handle the records
A Committee spokesperson said members intend to make some records publicafter a review to protect victims and avoid harming ongoing investigations—signaling a process that could take time as staff coordinate redactions with DOJ. CBS News
Why it matters
The move marks a significant, if limited, breakthrough in a case that remains a political flashpoint. Lawmakers across parties have pressed for transparency about investigative decisions before and after Epstein’s 2019 arrest and jailhouse death, and about any potential failings that allowed his network to persist. (Maxwell was convicted in 2021 and is serving a 20-year sentence.) AP News
The political backdrop
The Oversight Committee in recent weeks broadened its inquiry, issuing subpoenas for testimony and documents from a roster of former officials and public figures. While the panel has signaled an aggressive posture on disclosure, any public release is expected to be constrained by privacy protections and court-sealed materials. House Oversight CommitteeCBS News
Constraints and guardrails
Expect redactions and limits driven by:
- Victim privacy and CSAM laws (federal law requires strict handling of such material). The Committee has acknowledged this and pledged redactions. AP NewsCBS News
- Sealed/grand-jury material: Courts have been reluctant to unseal certain records related to the Maxwell matter, underscoring long-standing secrecy rules that could restrict disclosure. CBS News
What to watch next
- Scope & cadence of production: Whether DOJ’s rolling disclosures satisfy the Committee’s wide-ranging subpoena—and how quickly additional tranches arrive. Axios
- Public releases by the Committee: Which documents are published after review, and how heavily they’re redacted. CBS News
- Potential legal fights: If disputes arise over privileged or sealed material, expect negotiations—or court involvement—on access and publication. AP News
Background: Jeffrey Epstein, a financier, was arrested in 2019 on federal sex-trafficking charges and died by suicide in jail weeks later. His associate Ghislaine Maxwell was convicted in 2021 for sex-trafficking and related crimes and is serving a 20-year sentence. AP News
Latest reporting on DOJ sharing Epstein files
Justice Department to begin giving Congress files from Jeffrey Epstein investigation, lawmaker says
California High-Speed Rail: Where It Stands
California High-Speed Rail: Where It Stands, Why It’s Struggling, and What Critics—Including Michael Mick Webster reporting Allege
California’s High-Speed Rail (HSR) has inched forward while skepticism has surged. Fresh reporting in 2025 spotlights fixed safety reporting with management have all
There’s snouts are in the public money trough. Investigative congressional probes, threatened federal funding cuts, and still-rising costs. Support among Californians persists in principle, but belief in eventual completion remains low. Meanwhile, longtime critics—among them syndicated investigative reporter Michael (Mick) Webster—argue the project suffers from chronic mismanagement, ballooning expenses, and safety culture gaps. Los Angeles TimesNew York PostPolitico
What’s new in 2025
- Congressional scrutiny intensifies. A bipartisan House committee is investigating whether the Authority misrepresented projections and finances to secure federal money. Los Angeles Times
- Federal funding at risk. A federal review this summer criticized missed deadlines and cost overruns; additional grant dollars—reportedly up to $4B—were threatened unless corrective steps were shown. (State leaders dispute the findings and say progress continues.) New York Post
- Public sentiment: supportive ideals, shaky confidence. A new poll shows 62% of California voters support continuing HSR, yet only about a quarter believe it will actually be finished. Politico
- “Progress” headlines vs. credibility gap. Even milestone announcements are framed against years of delays and cost inflation. Newsweek
Cost, scope, and delays—core points of contention
- Budget escalation. Estimates have climbed from roughly $33B at conception to well over $100B today (recent tallies often cite ~$128B), while the project focus has narrowed to the Merced–Bakersfield starter segment. New York Post
- Schedule slippage. Initial completion targets are long past; a Central Valley segment is discussed into the 2030s, with no firm end-to-end date publicly locked. Politico
- Funding path still unsettled. New leadership has floated a blend of cap-and-trade revenues and private investment/PPPs to finish the starter line and attract capital over time—promising, but politically and financially unproven without a revised, credible plan. San Francisco Chronicle
Safety, governance, and accountability criticisms
- Safety culture concerns. Posts and commentary circulating in local media and social platforms call out “safety lacking” and urge a more transparent, accountable safety culture within or around the program. Facebook
- Management and oversight. Editorial voices and watchdog-style columns describe HSR as a “boondoggle,” citing change-order volume, procurement delays, and planning churn as signals of weak program controls. (CHSRA contests these portrayals.) Las Vegas Review-JournalNew York Post
Michael (Mick) Webster’s critiques
Webster—writing in his worldwide syndicated column and related posts—has argued for years that the Authority faces a “safety and financial fiasco,”pointing to alleged gaps in safety management, transparency, and fiscal stewardship. Key threads in his work include:
- Systemic safety shortfalls. Calls for a rigorous, transparent safety culture to protect workers and the public. Facebook
- False and manipulated safety reports
- Financial mismanagement and waste. Assertions that persistent overruns and schedule resets reflect deeper governance failures. renewamerica.comrenewamerica.com
Representative items:
- “Safety and financial fiasco haunts California High Speed Rail Authority (HSR)” (column; March 14, 2023). renewamerica.com by Michael Mick Webster
- Social post: “California high-speed rail Authority. Safety lacking…” (Laguna Journal page). Facebook by Michael Mick Webster
Counter-narrative from supporters
- Economic development & climate goals. Proponents stress long-term regional growth, cleaner intercity travel, and job creation, arguing cancellation would strand sunk costs and forfeit federal/state momentum. San Francisco Chronicle
- Political commitment. California leadership continues to frame HSR as a generational project that is “becoming a reality,” despite Washington-level headwinds. Facebook
What to watch next
- Outcome of congressional probes and any conditions attached to future federal funds. Los Angeles TimesNew York Post
- Revised business plan & funding stack, including cap-and-trade allocations beyond 2030 and real PPP commitments. San Francisco Chronicle
- On-the-ground deliverables: track-laying starts, segment commissioning dates, change-order discipline, and safety program transparency. New York Post
Sources & further reading (selected)
- Polling & public sentiment: Politico/Citrin Center/Possibility Lab poll (Aug. 22, 2025). Politico
- Federal funding dispute & milestones context: Newsweek; New York Post summary of a federal review; CHSRA/state responses. NewsweekNew York Post
- Congressional investigation coverage: Los Angeles Times. Los Angeles Times
- Financing path & leadership plan: San Francisco Chronicle (analysis of PPP/cap-and-trade approach). San Francisco Chronicle
- Critical commentary: Las Vegas Review-Journal editorial; California Globe column. Las Vegas Review-JournalCalifornia Globe
- Michael Mick FBIWebster writings/posts: RenewAmerica column (Mar. 14, 2023); Laguna Journal Facebook post(s). renewamerica.comrenewamerica.comFacebook
Latest coverage on California HSR (Aug–Jun 2025)
California voters still support high-speed rail, even if it never gets done
House committee investigates California high-speed rail project
Could this plan actually save California's high-speed rail project?
Subscribe to:
Comments (Atom)