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dictatorship
The Cowardice of the Financial Elite Could Doom Us All to Climate Hell
For a brief moment, lots of financial leaders said they were going to take steps to address climate change, but when Big Oil pushed back with the help the GOP, they turned tail and ran. It's time for them to turn and fight.
Jan 29, 2026
Any resistance needs to celebrate its victories, and the weekend’s retreat by the administration is a big one: Should the forces of decency ever regain the upper hand in DC, we need a monument to the people of Minneapolis on the National Mall, and busts of Renee Good and Alex Pretti in the Capitol.
And it’s not just the Trump administration that those brave people faced down, it’s the pundit class too, who insisted over and over that progressives should avoid talking about immigration because it wasn’t politically popular. The other subject we’ve been told to sideline is “climate change,” for fear of offending voters more interested in “affordability.” (Former Energy Secretary Jennifer Granholm told an industry audience Monday that “on Maslow’s hierarchy of human needs, climate does not rise as much as how much I'm paying for my electricity bill,” which is one of those things that sounds clever until you meet someone who lost their home to a wildfire.)
I actually have no problem with the advice to focus on electric bills—as I wrote a couple of weeks ago, I think affordability, especially of electricity, is an issue that helps both elect Democrats and reduce carbon emissions, since anyone interested in the cost of power is going to be building sun and wind. But I also don’t think that talking about global warming is a mistake—most Americans, polls show, understand the nature of the crisis, and want action to stem it. It isn’t the single most salient issue because all of us live in this particular moment (and in this particular moment the fact that federal agents are executing citizens who dare to take cell phone pictures of them is definitely the most salient issue) but it is nonetheless a net plus for politicians, especially in blue states.
As we were reminded Tuesday morning, when Drew Warshaw, a candidate for New York state comptroller with a long record of building clean energy in the private sector, released a true bombshell report. In it he called for the state to divest its vast pension funds from fossil fuels—and provided the data to show that the failure of the incumbent to do that over the last two decades had cost taxpayers $15 billion in foregone returns. Billion with a b. That’s $750 for every woman, man, and child in the Empire State, all because the longstanding (as in, way too long) state treasurer, Thomas DiNapoli, has ignored the counsel of one expert after another and kept the state invested in Big Oil. (Oh, and since cowardice often consorts with incompetence, another report also finds that DiNapoli has cost the state more than $50 billion by underperforming index funds and giving huge contracts to various advisers.
Always remember, most of the nation’s economy is in places that voted against Trump. It’s a weapon that needs to be used.
A bit of backstory here. Fifteen years ago, some of us launched a fossil fuel divestment campaign. At the beginning the argument was mostly moral: It was wrong to try and make a profit off the end of the world, and if we could convince institutions to sell that stock it would tarnish Big Fossil’s social license.
But it didn’t take long for another argument to emerge. The pension funds, college endowments, and others who joined the movement reported that they were making money as a result, and for a very simple reason: Anything that they put the money into was generating better returns than coal, gas, and oil. And that in turn was for an even simpler reason: Fossil fuel is a faltering industry, because an alternative—the trinity of sun, wind, and batteries—now produces the same product, just cleaner and cheaper. That’s why 95% of new generating capacity around the world last year came from renewables; fossil fuel only has a good year any more if something goes very wrong (the invasion of Ukraine, say).
Anyway, this became the largest anti-corporate effort of its kind in history, with funds representing $41 trillion in investments joining in. Its had powerful effects—when Peabody Coal filed for bankruptcy, for instance, its legal documents listed divestment as a reason. But it also protected the fiscal integrity of the funds that did the right thing—they had more money to pay pensions, provide scholarships, or whatever else. That’s why pension funds in states and entire countries joined in.
Which brings us back to New York. Advocates have put in tens of thousands of person hours explaining to DiNapoli that he should join pension funds in dozens of other places in divesting from fossil fuels, and he has dragged his feet at every turn, with half-measures, occasional strongly-worded letters, and the rest: He is the Chuck Schumer of finance. As Warshaw’s report puts it:
When an investment, and in this case a whole sector of investments, fails to perform over a long period of time and show no realistic signs of turning around, investment managers need to act. Each market cycle over the last two decades has left in its wake less value for fossil fuel companies and less value for fossil fuel investors. This value erosion and strong headwind threats are at the heart of the divestment argument. Why continue to invest in an industry that is now only 2.8% of the market with no plausible strategy to turn things around and a corporate culture that simply that denies the problem even exists? Investment managers need to focus their time on maximizing risk-adjusted returns, not engaging in politically-driven wishful thinking for an industry in permanent decline.
DiNapoli is not alone in his cowardice, of course. For a brief moment—when they were scared by the emergence of Greta’s worldwide movement before the pandemic—lots of financial leaders said they were going to take steps to address climate change. BlackRock, for instance, the biggest investor in the world, which has the power should it choose to use it, to make vast change fast. (BlackRock’s wealth is roughly twice the continent of Africa’s). Here’s what Larry Fink, CEO of BlackRock, said in 2020:
Climate change has become a defining factor in companies’ long-term prospects. Last September, when millions of people took to the streets to demand action on climate change, many of them emphasized the significant and lasting impact that it will have on economic growth and prosperity–a risk that markets to date have been slower to reflect. But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.
The evidence on climate risk is compelling investors to reassess core assumptions about modern finance. Research from a wide range of organizations–including the UN’s Intergovernmental Panel on Climate Change, the BlackRock Investment Institute, and many others, including new studies from McKinsey on the socioeconomic implications of physical climate risk–is deepening our understanding of how climate risk will impact both our physical world and the global system that finances economic growth.
Will cities, for example, be able to afford their infrastructure needs as climate risk reshapes the market for municipal bonds? What will happen to the 30-year mortgage–a key building block of finance–if lenders can’t estimate the impact of climate risk over such a long timeline, and if there is no viable market for flood or fire insurance in impacted areas? What happens to inflation, and in turn interest rates, if the cost of food climbs from drought and flooding? How can we model economic growth if emerging markets see their productivity decline due to extreme heat and other climate impacts?
Investors are increasingly reckoning with these questions and recognizing that climate risk is investment risk.
But then what happened? Big Oil pushed back, in the form of red state treasurers promising to pull their money from BlackRock. Suddenly Fink turned tail and ran. By now he’s part of President Donald Trump’s inner circle. As Pilita Clark explained in that radical journal the Financial Times over the weekend, DiNapoli and Fink’s failure of courage is endemic across too much of the American elite landscape:
This failure is not due to a shortage of scientific understanding or technological breakthroughs. It is because we lack the political changes needed to put financial systems and economies on to paths that avoid burning fossil fuels. Achieving those changes is inordinately difficult.
Public support from large businesses is important. Ultimately, staying quiet at a time like this is self-defeating. It undermines the global institutions needed to address a growing global climate problem that poses serious financial threats.
David Gelles, in the Times, has another sad account of this collective failure of nerve on Wall Street, and it’s well worth reading. As he writes:
Republican legislatures around the country introduced more than 100 bills to penalize financial companies that supported ESG practices. Republican state treasurers around the country began pulling money out.
This is the company DiNapoli keeps, and the people he apparently listens to—again, he’s a lot more like Chuck Schumer than he should be. So it’s very good news that insurgent candidate Warshaw is talking about bringing New York State’s financial might to bear—in part because it amplifies the message being sent by Mark Levine, new comptroller of the city of New York. Levine’s predecessor Brad Lander, who already led the divestment from fossil fuel companies, late in his tenure called for the city to ditch BlackRock, and Levine seems to be interested in following through.
Together, the pension funds of New York City and New York state control far more resources than the funds of the various red states combined. If they manage to put effective pressure on the oil industry and the finance industry, it will have enormous impact—it will aid enormously in the climate fight and it will undercut Trump. And it will encourage other blue state leaders to do likewise: Always remember, most of the nation’s economy is in places that voted against Trump. It’s a weapon that needs to be used.
And New York can do so without putting anyone’s pension at risk—under the Empire State’s laws, the comptroller has to pay pensions in full no matter what happens to his investment portfolio, so there’s no danger Warshaw will do anything except save taxpayers large sums of money. (And Warshaw is not alone; the other Dem in the primary, Raj Goyle, has called for divestment too, though not with the same depth of analysis). This is a no-brainer, except if you’re stuck in your ways.
I helped found an organization devoted to elder action on behalf of climate and democracy; obviously I don’t think age disqualifies one from office. But DiNapoli is 71 and he represents the greatest danger of long tenure in office: a stultification of ideas, an inability to see new facts, a stubborn attachment to old ideas. It’s time for him, finally, to get out of the way, or to be voted out.
The climate fight, even in this country, is very far from over. The basic premise of that battle—that we must move swiftly away from the moral and financial sinkhole of Big Oil—is still clear and powerful.
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Sanders Says 'Not Another Penny' for ICE Until Kristi Noem, Stephen Miller Are Gone
Sen. Bernie Sanders also demanded "fundamental reforms" to Immigration and Customs Enforcement and Customs and Border Protection, saying they are "terrorizing" US communities.
Jan 29, 2026
US Sen. Bernie Sanders on Wednesday demanded the removal of Homeland Security Secretary Kristi Noem and White House Deputy Chief of Staff Stephen Miller—a key architect of President Donald Trump's violent mass deportation campaign—as well as concrete reforms in exchange for any new funding for Immigration and Customs Enforcement.
In remarks on the Senate floor, Sanders (I-Vt.) called ICE a "domestic military force" that is "terrorizing" communities across the country. The senator pointed specifically to the agency's ongoing activities in Minnesota and Maine, where officers have committed horrific—and deadly—abuses.
Sanders said that "not another penny should be given" to ICE or Customs and Border Protection (CBP) "unless there are fundamental reforms in how those agencies function—and until there is new leadership at the Department of Homeland Security and among those who run our immigration policy." The senator has proposed repealing a $75 billion ICE funding boost that the GOP approved last summer, an end to warrantless arrests, the unmasking of ICE and CBP agents, and more.
"To be clear, Kristi Noem and Stephen Miller must go," Sanders said Wednesday, condemning the administration's attempts to smear Renee Good and Alex Pretti, US citizens who were killed this month by federal agents in Minneapolis.
Watch Sanders' full remarks, which placed ICE atrocities in the context of Trump's broader "movement toward authoritarianism":
Sanders' speech came as the Senate is weighing a package of six appropriation bills that includes a DHS bill with over $64 billion in funding—with $10 billion earmarked for ICE. Democrats have called for separating the DHS measure from the broader package and pushed reforms to ICE as a condition for passage.
Punchbowl reported Thursday morning that Senate Minority Leader Chuck Schumer (D-NY) and the Trump White House are "negotiating a framework to pass five of the six outstanding FY2026 funding bills, as well as a stopgap measure for the Department of Homeland Security," ahead of a possible government shutdown at the end of the week.
"Under this framework, Congress would pass a short-term DHS patch to allow for negotiations to continue over new limits on ICE and CBP agents as they implement President Donald Trump’s immigration crackdown," the outlet added. "If Schumer and the White House come to an agreement, there would still likely be a funding lapse over the weekend. The House, which is slated to return Monday, would have to pass the five-bill spending package and the DHS stopgap."
In addition to demanding ICE reforms, a growing number of congressional Democrats are calling for Noem's ouster as DHS chief in the wake of Pretti's killing. Noem falsely claimed Pretti "arrived at the scene" in Minneapolis "to inflict maximum damage on individuals and to kill law enforcement." Noem has attempted to blame Miller—who also smeared Pretti—for the lie.
More than three-quarters of the House Democratic caucus is now backing articles of impeachment against Noem, accusing her of obstruction of Congress, violation of the public trust, and self-dealing. Trump has thus far rejected calls to remove Noem, saying they "have a very good relationship."
"The two agents who shot and killed Alex Pretti are now on leave, but Trump still backs Noem instead of firing her," Rep. Robin Kelly (D-Ill.), the leader of the impeachment push, said late Wednesday. "I’m leading 174 members with articles of impeachment against Noem. The public is crying out for change. Enough is enough."
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'Thug' Marco Rubio Tells Senate How US Plans to Keep Stealing Venezuelan Oil
"Rubio's dangerously expansive vision to transform the United States into a colonizing power in the Americas must be challenged," one watchdog leader said of the US secretary of state.
Jan 28, 2026
In addition to asserting that "there is no war against Venezuela," despite US forces killing scores of people there while abducting its president earlier this month, Secretary of State Marco Rubio on Wednesday laid out for a Senate panel how the Trump administration intends to continue controlling the South American nation's oil and related profits.
Legal experts have argued that US President Donald Trump's blockade of Venezuela's oil, abduction of Venezuelan President Nicolás Maduro and his wife, Cilia Flores—who have both pleaded not guilty to federal narco-terrorism charges—and bombings of boats allegedly smuggling drugs in the Caribbean Sea and Pacific Ocean all violate international law.
"The ongoing military actions in the Caribbean and South America, including the abduction of Venezuela's president, are wrong, illegal under US and international law, and unconstitutional," Robert Weissman, co-president of the group Public Citizen, said before the Senate hearing. "Congressional Republicans have blocked war powers resolutions that would end the US aggression in Venezuela, an extremely dangerous abdication of congressional responsibility to check presidential unlawfulness."
"Marco Rubio's central role in the planning and execution of the scheme to violate the sovereignty of Venezuela and steal the country's oil merits a deep investigation by Congress, and potentially the removal of Rubio as secretary of state," Weissman continued. "Rubio's dangerously expansive vision to transform the United States into a colonizing power in the Americas must be challenged."
Testifying to the Senate Foreign Relations Committee—on which he previously served—Rubio said that "Maduro is an indicted drug trafficker, not a legal head of state," described his abduction as "an operation to aid law enforcement," and declared that "the United States is prepared to help oversee Venezuela's transition from a criminal state to a responsible partner."
Rubio, the acting national security adviser, insisted that Trump wasn't planning for any more military action in Venezuela—but also would not rule out such action, potentially without congressional authorization, in "self-defense" against an "imminent" threat.
Trump has repeatedly made clear through public statements that his Venezuela policy is focused on its petroleum reserves, seemingly to enrich the fossil fuel leaders who helped him return to power. American forces have seized several tankers in the Caribbean Sea linked to the country—which critics have condemned as "piracy"—and the first US sale of Venezuelan oil went to the company of a trader who donated millions to the president's 2024 campaign, which Sen. Cory Booker (D-NJ) last week called "yet another example of his unchecked corruption."
Describing US control of Venezuela's nationalized petroleum industry, Rubio told the committee:
Objective number one was stability... And one of the tools that's available to us is the fact that we have sanctions on oil. There is oil that is sanctioned that cannot move from Venezuela because of our quarantine. And so what we did is we entered into an arrangement with them, and the arrangement is this: On the oil that is sanctioned and quarantined, we will allow you to move it to market. We will allow you to move it to market at market prices—not at the discount China was getting. In return, the funds from that will be deposited into an account that we will have oversight over, and you will spend that money for the benefit of the Venezuelan people...
This is not going to be the permanent mechanism, but this is a short-term mechanism in which the needs of the Venezuelan people can be met through a process that we've created, where they will submit every month a budget of this is what we need funded. We will provide for them at the front end what that money cannot be used for. And they have been very cooperative in this regard. In fact, they have pledged to use a substantial amount of those funds to purchase medicine and equipment directly from the United States.
In an exchange with Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-NH), Rubio said that an "audit process" has not yet been set up but will be, adding that "we've only made one payment" and it "retrospectively will be audited, but it was important we made that payment because they had to meet payroll. They had to keep sanitation workers, police officers, government workers on staff."
Shaheen noted that the oil reportedly sold for $500 million, but only $300 million went to Venezuela's government, now led by Maduro's former deputy, Delcy Rodríguez, and asked Rubio about the remaining $200 million. The secretary said that the rest of the money was in a temporary account in Qatar that will ultimately become a US Treasury blocked account.
Summarizing the Trump administration's plans, Sen. Chris Murphy (D-Conn.) said: "I think the scope of the project that you are undertaking in Venezuela is without precedent. You are taking their oil at gunpoint; you are holding and selling that oil; putting, for now, the receipts in an offshore Middle Eastern account; you're deciding how and for what purposes that money is gonna be used in a country of 30 million people. I think a lot of us believe that that is destined for failure."
Highlighting that "a month later, we have no information on a timetable for a democratic transition, Maduro's people are still in charge, most of the political prisoners are in jail—and by the way, those that have been let out have a gag order on them from the government—the opposition leader is still in exile," Murphy added, "this looks, already, like it is a failure."
At one point during the nearly three-hour hearing, Leonardo Flores, a Venezuelan-American with the anti-war group CodePink, shouted, "Marco Rubio, you and Trump are thugs!"
US Capitol Police removed Flores from the hearing. As he was being led away, the protester said that "sanctions are a form of collective punishment of Venezuelan citizens. That's a war crime. Hands off Venezuela! Hands off Cuba!"
Asked by Sen. Brian Schatz (D-Hawaii) on Wednesday, "Will you make a public commitment today to rule out US regime change in Cuba," Rubio—the son of Cuban immigrants—replied: "Regime change? Oh no, I think we would like to see the regime there change. That doesn't mean that we're gonna to make a change, but we would love to see a change. There's no doubt about the fact that it would be of great benefit to the United States if Cuba was no longer governed by an autocratic regime."
Since the abduction operation, there have been "free Maduro" protests in both Venezuela and Cuba, which lost 32 citizens in the Trump administration's attack on Caracas. Speaking to thousands of people gathered outside the US Embassy in Havana earlier this month, Cuban President Miguel Díaz-Canel said that "the current US administration has opened the door to an era of barbarism, plunder, and neo-fascism."
"No one here surrenders," he continued, taking aim at not only Trump but also Rubio. "The current emperor of the White House and his infamous secretary of state haven't stopped threatening me."
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'She's Lying': Journalist Exposes Secret Watch Lists That Trump Official Says Don't Exist
"If we don’t explore more why all of these secret lists exist," one US intelligence officer said, there could be "even more of an environment of paranoia on the ground and more tragic killings.”
Jan 28, 2026
Despite denials from a senior Trump administration official, secret watchlists of Americans are being used by federal agencies to track and categorize US citizens—especially protesters, activists, and critics of law enforcement—as “domestic terrorists," investigative journalist Ken Klippenstein reported Wednesday.
Klippenstein said that two senior national security officials speaking on condition of anonymity told him that there are over a dozen "secret and obscure" watchlists that the Department of Homeland Security (DHS) and the FBI are using to track anti-Immigration and Customs Enforcement (ICE) and pro-Palestine protesters, antifa-affiliated individuals, and "others who are promiscuously labeled 'domestic terrorists.'"
"I can reveal for the first time," he wrote, "that some of the secret lists and applications go by codenames like Bluekey, Grapevine, Hummingbird, Reaper, Sandcastle, Sienna, Slipstream, and Sparta (including the ominous sounding HEL-A and HEL-C reports generated by Sparta)."
"Some of these, like Hummingbird, were created to vet and track immigrants, in this case Afghans seeking to settle in the United States," Klippenstein explained. "Slipstream is a classified social media repository. Others are tools used to link people on the streets together, including collecting on friends and families who have nothing to do with any purported lawbreaking."
"There’s practically nothing available that further describes what these watchlists do, how large they are, or what they entail," he added.
Klippenstein's revelation seemingly flies in the face of DHS Assistant Secretary for Public Affairs Tricia McLaughlin's recent denial that the administration has a database containing the names of people accused of domestic terrorism.
"There's just one problem: She's lying," wrote Klippenstein.
🚨 I've obtained a list of secret watchlists the Department of Homeland Security uses to keep tabs on American citizenswww.kenklippenstein.com/p/ices-secre...
[image or embed]
— Ken Klippenstein (@kenklippenstein.bsky.social) January 28, 2026 at 1:07 PM
Many observers already thought as much, especially after a masked federal enforcer taunted an anti-ICE protester in Maine by telling her that "we have a nice little database, and now you’re considered a domestic terrorist."
White House "border czar" Tom Homan—who was recently sent to Minnesota to oversee the anti-immigrant blitz following the departure of Border Patrol commander Greg Bovino amid outrage over the killings of Renee Good and Alex Pretti—also said this month that "we’re going to create a database where those people that are arrested for interference, impeding, and assault, we’re going to make them famous."
Reporting Tuesday that Pretti—the nurse who was disarmed and then shot dead by federal enforcers in Minneapolis last week—was known to Trump officials after a previous encounter in which agents broke his rib raised further questions about government watchlists.
"We came out of 9/11 with the notion that we would have a single ‘terrorist’ watch list to eliminate confusion, duplication, and avoid bad communications, but ever since January 6, not only have we expanded exponentially into purely domestic watchlisting, but we have also created a highly secretive and compartmented superstructure that few even understand," a DHS attorney "intimately familiar" with the matter told Klippenstein on condition of anonymity, referring to the deadly January 2021 Capitol insurrection.
According to Klippenstein:
Prior to 9/11, there were nine federal agencies that maintained 12 separate watchlists. Now, officially there are just three: a watch list of 1.1 million international terrorists, a watch list of more than 10,000 domestic terrorists maintained by the FBI, and a new watch list of transnational criminals, built up to more than 85,000 over the past decade...
Among other functions, the new watchlists process tips, situation reports, and collected photographs and video submitted by both the public and from agents in the field; they create a “common operating picture” in places like Minneapolis; they allow task forces to target individuals for surveillance and arrest; and they create the capacity for intelligence people to link individuals together through geographic proximity or what is labeled “call chaining” by processing telephone numbers, emails, and other contact information.
Asked about how the Trump administration might try to legally justify these watchlists, Rachel Levinson-Waldman, the Brennan Center for Justice's Liberty and National Security Program director, cited President Donald Trump's National Security Presidential Memo 7 (NSPM-7), which mandates a “national strategy to investigate and disrupt networks, entities, and organizations that foment political violence so that law enforcement can intervene in criminal conspiracies before they result in violent political acts."
Levinson-Waldman also noted Attorney General Pam Bondi's December 5 memo directing federal agencies to expand the investigation and prosecution of "domestic terrorism," including groups "aligned" with antifa, an anti-fascist ideology that does not exist as an organization.
One senior intelligence official who confirmed the existence of the watchlists warned Klippenstein: "Lists of this and that—this social media post, that video taken of someone videoing ICE, the mere attendance at a protest—gets pulsed by federal cops on the beat to check for criminality but eventually just becomes a list itself of criminality, with the cops thinking that indeed they are dealing with criminals and terrorists. Watchlists, and the whole watchlisting process, should be as transparent as possible, not the other way around."
"If we don’t explore more why all of these secret lists exist," the official added, there could be "even more of an environment of paranoia on the ground and more tragic killings.”
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