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Old 08-22-2016, 02:05 PM   #130
ggies
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Quote:
Mr. Schneiderman said that his investigation was focused less on the distant past than on relatively recent statements by Exxon Mobil related to climate change and what it means for the company’s future.

In other words, the question for Mr. Schneiderman is less what Exxon knew, and more what it predicts.
Quote:
But many scientists have suggested that if the world were to burn even just a portion of the oil in the ground that the industry declares on its books, the planet would heat up to such dangerous levels that “there’s no one left to burn the rest,” Mr. Schneiderman said.

By that logic, Exxon Mobil will have to leave much of its oil in the ground, which means the company’s valuation of its reserves is off by a significant amount.
Quote:
“If, collectively, the fossil fuel companies are overstating their assets by trillions of dollars, that’s a big deal,” Mr. Schneiderman said. And if the company’s own internal research shows that Exxon Mobil knows better, he added, “there may be massive securities fraud here.”
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