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11/02/2016 / By Don Wrightman
Credit Suisse has been making headlines recently, but for all the wrong reasons. If funding the Dakota Access Pipeline wasn’t enough reason to dislike the bank, how about their involvement in 2 additional massive monopoly makers? The food and energy markets have huge mergers which will allow the corporations to dominate at our expense. These deals make big bucks for banks and flaunt their power over our democracy. Credit Suisse is the beneficiary to the tune of hundreds of millions of dollars.
German corporation Bayer is not relieving any of America’s headaches with their $64.5 billion purchase of notorious US based Monsanto. ChemChina will be acquiring Swiss seed along with pesticide maker Syngenta for $46.7 billion. Lastly, Enbridge, the Canadian pipeline company, is trying to purchase US based Spectra,for $43.1 billion. All of these mergers are advised by Credit Suisse. The consultation fees are adding up to big bucks for the bank. Credit Suisse can make nearly $100 million off Enbridge and Spectra in advisory fees alone. And you can add another $200 million for the Bayer acquisition’s advisory fees — they sure are cashing out, aren’t they?
These mergers are absolutely horrible for the future of our food, water and our climate. If Enbridge and Spectra do merge it will create the biggest energy infrastructure company in North America. They intend to maximize oil and gas output through increased fracking. This will affect target communities and the stability of our climate. If the Monsanto and Syngenta mergers go happen it’s bad news for farmers. The companies will hold tremendous power over farmers. This can increase prices paid and limit seed options and farm inputs. More crops will be showered in herbicides, many of which have been linked to cancer. Lobbyists could finally get their way with GMOs.
The more market power these companies have, the more lobbying leverage they carry. This influence could lead to deregulation and more mergers spiraling on. Our policies currently provide incentives for industrial agriculture. Food and farm policies favor large industrial interests. Farmers are having a tough go at getting fair value for their product.
On the oil and gas front, big oil companies have been consolidating power and stopping environmental progress. Meanwhile Banks are cashing in on these mergers. It’s clear that we are headed down the wrong road. For the people, there is no light at the end of the pipeline. As long as money exists, humans will continue to make horrible decisions in order to obtain it — even if the result is our own extinction.
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