The Rockefeller name mightn’t mean much to Guyanese nowadays. But not too long ago that name was the metaphor for WEALTH in the modern world just as Croesus was in the ancient world… and it’s not just “Rockefeller Center” with its skating rink we might see in Midtown Manhattan. Their wealth was founded on oil – first in Pennsylvania and then in Saudi Arabia. Their “Standard Oil” became “Esso” (“S.O.” – get it?) that then became “Exxon” that became ExxonMobil.
Even though they mightn’t be such big deals in a world now populated with the likes of billionaires Bill Gates and Mark Zukerberg, they do have a helluva lot of clout with the crime de la crime of the Wall Street Masters of the Universe – who make the trillion dollar investments that make the world go round. Their Chase Manhattan Bank became a big part of JPMorganChase – the largest bank in the world with US$3 trillion in assets! The trusts they set up to keep their wealth all in the family fund – and not just the Rockefeller Fund – have probably even more influence through “soft power” of their philanthropic activities and fund raising parties.
So when the Rockefeller Foundations announced they are pulling out their investments in ExxonMobil, it’s like the foundation under a skyscraper being undermined. The Rockefellers announced they will now be backing renewables – which ExxonMobil has shunned, unlike the other majors like British Shell. Your Eyewitness had already pontificated on the folly of Exxon to follow in the path of the captain of the Titanic and yell, “Full steam ahead” in petroleum.
Exxon, of course, has not only been burying its head in the sand, it’s been throwing some of that sand in the investment world’s eyes when they hid data of the impact of fossil fuel consumption on global warming. The Rockefeller family had made noises then – even as the NY District Attorney was readying chances against the company that will result in billions in fines.
Following the commitment of COP 21 to renewables, the refusal of Saudi Arabia to back off from the Shale Oil challenge, and the plunge in oil prices, Exxon stocks have taken a beating. Shareholders aren’t going to take too kindly to the dumping of the company’s stock by the “founding family”.
Now all of this might just be of academic interest if it weren’t for the fact that most of our hopes on getting our oil out from under the sea, rests with ExxonMobil. That company has to look more closely on its investments.
If ours remain marginal even at US$50 – we’re in big trouble.
…and old Sawakie? Or Sakiwinkie?
After 22 years as Mayor of Georgetown – during which time he brought the City down to its nadir of filth and corruption (they probably go hand in hand) – and now 82 years old, you’d think it was time for Hamilton Green to be put out to pasture, wouldn’t you? Especially since he’s just been booted out by the citizens of Georgetown the first chance they got at voting for their Mayor in the said 22 years.
Well… think again. The powers-that-be have now placed him in charge of the Central Housing and Planning Authority (CH&PA) – the body that controls all the government’s housing, planning and executing for the country!
Why? Well because he was once “Minister of Housing” (the Stabber reports). Green says it’s because he’s a “Sawakie” (they mean “Sakawinkie – an “old head”!) What a crock! Housing then and housing now are like mud huts and skyscrapers… not even in the same league.
Green probably has the goods on someone on the Rodney assassination!
…and economic growth
Some old head over at COHSOD figures our “culture” might turn our economic tide. He REALLY thinks our “wining” can compete with the newly emergent Cuba with its rhumba, salsa, samba and cha-Cha-cha?