July, 01 2021, 04:36pm EDT
Shady Wall Street Vet leaves Biden Administration After Stop the Money Pipeline Groups Send Letter to Kerry
Departure comes after 145 organizations sent a letter to Special Presidential Envoy for Climate John Kerry decrying the appointment of Mark Gallogly in March.
WASHINGTON
On Thursday, Axios confirmed that Mark Gallogly, a private-equity mogul and major Biden campaign donor is leaving the Biden administration as a senior advisor to Special Presidential Envoy for Climate John Kerry. The news comes after 145 organizations, many of whom are a part of Stop the Money Pipeline, organized a letter to Kerry decrying the appointment on March 30 and after Business Insider published an extensive profile of Mr. Gallogly on June 23, calling his appointment, "A rat's nest of potential ethical problems."
In the letter, member organizations of Stop the Money Pipeline outlined concerns that Gallogly would seek to cut deals that greenwash the damage financial institutions are doing to the climate instead of holding them accountable. Mr. Gallogly spent 16 years at Blackstone--the world's largest private equity firm and a major investor in fossil fuels--and mentored four executives who currently sit on Blackstone's management committee. He co-founded the private equity and hedge fund group Centerbridge Partners in 2005, which profited off the California wildfires, purchasing stock in Pacific Gas and Electric Company following the 2018 Camp Fire. Centerbridge then loaned money to the attorney representing the wild fire victims via a loan facility. While Centerbridge and other funds that purchased insurance claims received an $11 billion all-cash settlement, half of the fire victims' claims were paid out in stocks that have since lost value.
"Stop the Money Pipeline has thought extensively about the commitments that financial firms must make to stop funding, insuring and investing in climate destruction and deforestation. We are open to collaborating with Special Presidential Envoy for Climate Kerry on climate finance and connecting the office with frontline groups most directly affected by climate change and fossil fuel production," said Jackie Fielder, Communications Coordinator at Stop the Money Pipeline.
"It's time that the U.S. government take the reins back from Wall Street so we can assure the rapid, justice-centered decarbonization necessary for a livable planet," said Moira Birss, Climate and Finance Director at Amazon Watch, and steering committee member of Stop The Money Pipeline.
"Gallogly's secretive three month stint in government appears to have delivered absolutely nothing of value for the public -- voluntary action by Wall Street will not save us from the climate crisis. Gallogly's investments, on the other hand, stand to benefit handsomely from his new insider insights," said Eleanor Eagan, Research Director at Revolving Door Project.
Read Stop the Money Pipeline's demands of the Biden Administration ahead of COP26
Ahead of the Glasgow climate talks in November, fossil fuel financiers such as JP Morgan Chase are releasing greenwashed climate commitments that contradict the International Energy Association's most recent call for an immediate moratorium on financing of new fossil fuel projects. Stop the Money pipeline stands ready to work with Special Envoy for Climate John Kerry to end financing of fossil fuels and deforestation around the world.
The Stop the Money Pipeline coalition is over 160 organizations strong holding the financial backers of climate chaos accountable.
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