Koch rode a trader-driven frenzy – detached from actual supply and demand – that drove prices above $147 a barrel in July 2008, battering a global economy about to enter a free fall. In fact, the Koch brothers were involved in the first known gathering of climate change skeptics in 1991. Bob Davis, the president of the Association of Opinion Journalists, said that it is traditionally frowned upon for newspaper owners to influence their paper’s news coverage.
The industry’s term of art for a pipeline in this condition is Swiss cheese, according to the testimony of an expert witness – “essentially the pipeline is gone.”. The Kochs are billionaire US brothers noted for their control of oil-and-gas giant Koch Industries, the second-largest privately owned US company – and for their anti-regulatory politics. Time in its heyday was a sort of canary in the coal mine on climate, devoting cover stories and special issues to the matter long before such coverage was considered standard fare. The Koch family (/koʊk/ KOHK) is an American family engaged in business, best known for their political activities (donating to libertarian, criminal justice reform, and Republican Party causes) and their control of Koch Industries, the second-largest privately owned company in the United States (with 2017 revenues of $100 billion). Molex A Lisle, Illinois-based company that makes connectors and other parts for the electronics industry.
Only Koch knows how much money Koch reaped during this price spike. Three years later, Charles and David bought out their brothers for $1.1 billion. New products…We focus on investments that improve Koch’s core capabilities as well as those that create entire new platforms poised to change society for the better.”, Koch Equity Development The acquisition and investment arm of Koch Industries “looking for opportunities to expand our business and profitably invest the firm’s excess capital.”.
Thanks in part to its 2005 purchase of paper-mill giant Georgia-Pacific, Koch Industries dumps more pollutants into the nation’s waterways than General Electric and International Paper combined. In the event they won the lottery, they would turn over their leases to the company. In the ensuing years, according to Bloomberg Markets, the German and Italian arms of Koch-Glitsch, a Koch subsidiary that makes equipment for oil fields and refineries, won lucrative contracts to supply Iran’s Zagros plant, the largest methanol plant in the world. As the Koch brothers' primary political advocacy group, it is one of the most influential American conservative organizations.
Before its spectacular collapse, Enron would use this loophole in 2001 to help engineer an energy crisis in California, artificially constraining the supply of natural gas and power generation, causing price spikes and rolling blackouts.
Thanks to the Bush administration’s anti-regulatory agenda – which Koch Industries helped craft – Frac-Chem’s chemical cocktails, injected deep under the nation’s aquifers, are almost entirely exempt from the Safe Drinking Water Act.
Back home, Fred was busy building a life of baronial splendor.
Follow 7587. Koch later settled, paying $25 million. Koch repaired only 80 of the defects – enough to allow the pipeline to withstand another pressure check – and began running explosive fluid down the line at high pressure in January 1996. This facility had already been declared a Superfund site in 1984.
An inspection of just a few dozen miles of pipe near the Smalley home found 538 corrosion defects. Amid a wave of protests, the effort was scuttled. In 2005, Koch purchased Georgia Pacific for $21 billion, giving the company a familiar, expansive grip on the industrial web that transforms Southern pine into consumer goods – from plywood sold at Home Depot to brand-name products like Dixie Cups and Angel Soft toilet paper.
Brothers Charles and David are each worth more than $40 billion. Koch Ag & Energy Solutions “Before food makes it to your supermarket or natural gas makes it to your hot water heater, we’re creating and delivering vital ingredients that help our customers make it happen,” Koch Industries says of its agriculture and energy-solutions arm. Koch Media was founded in 1994 by Franz Koch and his business partner, Klemens Kundratitz to market and distribute software.
Charles Koch may decry cronyism as “nothing more than welfare for the rich and powerful,” but he put his company to work, hand in glove, with the Bush White House. For decades, U.S. companies have been forbidden from doing business with the Ayatollahs, but Koch Industries exploited a loophole in 1996 sanctions that made it possible for foreign subsidiaries of U.S. companies to do some business in Iran. That is, until Universal sued in 1929, accusing WinklerKoch of stealing its intellectual property. He’d win a $1.5 million settlement in 1952.
As one supervisor had told him, regulatory fines “usually didn’t amount to much” and, besides, the company had “a stable full of lawyers in Wichita that handled those situations.” When Whitstine told another manager he was concerned that unsafe pipelines could cause a deadly accident, this manager said that it was more profitable for the company to risk litigation than to repair faulty equipment.
Whatever your political affiliation, I'm just happy to see people doing their own research instead of just believing whatever they hear. Last modified on Thu 5 Jul 2018 21.47 BST.
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