How Goldman Sachs And Bank Of America Made Hundreds Of Millions From Texas Blackouts

Goldman Sachs and Bank of America have made hundreds of millions of dollars from the recent electricity crisis and blackouts in the state of Texas. Similar scandal was created by Enron 20 years ago. Enron had made billions out of the electricity crisis in California.

How Goldman Sachs And Bank Of America Made Hundreds Of Millions From Texas Blackouts

Last month, the Texas electric grid failed due to the polar vortex blast. This resulted in unexpected fluctuations in electricity prices. Bank of America made profits of hundreds of thousands by “highlighting the upside for Wall Street from mayhem that knocked out power and heat across the state, industry executives and traders said.”

The electricity contracts, which were owned by the bank’s energy triaging group based in Houston, had risen owing to the rise in Texas power prices in the third week of February. Texas power prices got as high as 10,000% to a cap of 9,000 USD per megawatt-hour.

Blocked supply of natural gas and frozen coal pipes resulted in widespread blackouts that lasted for days.

BofA is an active participant in the Texas Energy Market. BofA used to trade power and gas and make the generators capable of handling the fluctuating prices. As a result, BofA turned into a repository of power contracts whose value surged during the blackouts.

The bank’s website says – “The volatility of the energy market has heightened the value of risk management.”

To ease its conscience – and preempting the angry populist chants in front of its Texas office – the bank pledged $1.1 million – or a tiny fraction of its power revenues – to charities to provide shelter, water, food and other essentials after the weather catastrophe.

The bank’s Austin market president, Nikki Graham said – “From the Rio Grande Valley to the panhandle, this winter storm affected the entire state, including our 19,000 employees in Texas, and for many, the recovery is just beginning.” 

On the other hand BofA said: “Revenue related to this activity will be offset by losses and reduced revenues related to investments in wind and other alternate power suppliers in Texas and other affected markets.”

BofA has also lended credit of 480 million USD to the electricity generation and transmission company, Brazos Electric Power Co-operative. Brazos is unable to pay back the loan and therefore filed for bankruptcy.

During this time when all other banks were not declaring any of their trading activities, the Australian Macquarie reported the gain of 300 million Australian Dollars, through its Houston based energy business. 

“So far we’re only hearing from the losers, and furthermore, we’re only hearing what the losers have chosen to tell us,” said Ross Baldick, an emeritus professor of engineering at the University of Texas at Austin.

In addition to the BofA, one more bank has made significant profits out of this Texas energy crisis and that is the Goldman Sachs.

Goldman Sachs was recently found guilty for being involved in the biggest corruption scandal, through which it gained billions from Malaysia’s Sovereign Wealth fund.

“The polar vortex drove volatility in energy markets, and, as a market-maker and liquidity provider, we were positioned to help our clients manage their risks in that challenging environment,” Maeve DuVally, a Goldman Sachs spokeswoman said in a statement.

Other organizations that gained huge profits out of the Texas Electricity crisis are Morgan Stanley and pipeline operators Energy Transfer LP and Oneok Inc.

Send in your tips and submissions by writing to us directly. Join us on WhatsApp for more intel and updates.

Explore exclusive GGI coverage of Donald Trump’s assassination attempt.

Do you have a tip or sensitive material to share with GGI? Are you a journalist, researcher or independent blogger and want to write for us? You can reach us at [email protected].

3 Responses

  1. ‘They’ control the weather. ALL of what we witness today is by design; all of it. Don’t buy into the lies and propaganda. Eleven characteristics of Fascism:
    1. Powerful and continuing forms of nationalism
    2. Disdain for the importance of human rights
    3. The supremacy of the military
    4. Controlled Mass Media (currently in the USA owned by Six Corporations (ashkeNAZI Jews)
    5. Obsession with National Security
    6. Religion and the ruling Elite (ashkeNAZI Jews and their ‘useful idiots’) tied together.
    7. Power of labor suppressed or eliminated
    8. Power of corporations protected (the merchants of Rev. 18)
    9. Obsession with crime and punishment
    10.Rampant cronyism and corruption (began with the Act of 1871)
    11.Fraudulent elections (worsened after ‘they’ murdered JFK)
    Fascists, like Obama/Biden, use a form of power well known to all successful dictators; Rule by Decree with Executive Orders. Executive orders are a means of enforcing what Congress refuses to pass. This is an end run around the Constitution.
    Executive Orders; the Hallmarks of Fascistic Tyranny.
    In a Representative Democracy/Republic, laws are made by duly elected representatives, not by a head of state, by mere edict, with no debate, or samplings of public opinion, such as Executive Orders are made into law. Freedom and living by the “Rule of Law” are no more. Bush had a total of 289 E.O.’s while Obama has signed 126; from torture of children to indefinite detention. The USA constitution has been breached in thousands of way, until at last, we’ve become a nation rule by the law of men; very ‘elite’ and ‘secret’ men, who long have controlled the Office of the Presidency since 1871. They have controlled both parties so it mattered not who won any election. Those elite men are defined as the ashkeNAZI Jews. In order to maintain the illusion of a democracy/republic, we are still allowed a presidential election every four years; and no one president can serve more than two terms, but it’s not any one president who has become a dictator, it is the Office of the Presidency and the faceless autocrats who control the presidency that has become dictatorial; that is, until Donald J Trump.
    If you challenge the office of the presidency, you are considered to be a terrorist and will be treated as such. Just about anything you do can get you labeled as a potential terrorist by the Government. The DHS Report states that the following are some of the beliefs and ideologies of potential terrorists: Anti-Global – Suspicious of centralized federal authority – Reverent to individual liberty – Believe in conspiracy theories – A belief that one’s personal and/or national way of life is under attack – A belief in the need to be prepared for an attack either by paramilitary preparations and training or survivalism’ – Supported political movements for autonomy. Under the indefinite detention provision of the National Defence Authorization Act which was signed by Obama on New Year’s Eve, Americans, can be kidnapped and detained indefinitely without trial. (Has DJT rescinded?). Re-Education Camps: A leaked U.S. Army document prepared for Department of Defence contains plans for ‘political activists’ to be pacified by ‘PSYOP officers’ into developing an ‘appreciation of US Policies while detained in US ‘Re-education camps’. The document ‘FM 3-39.40 Internment and Resettlement Operations’ outlines policies for processing detainees into interment camps both globally and inside the USA. International agencies such as the U.N. (last sea (of people) beast kingdom) and the Red Cross (offshoot of the wicked Templars) are named as partners in addition to domestic federal agencies, including the Department of Homeland Security and FEMA. The manual states: “These operations can be performed as domestic, civil support, within the U.S. Territory; identifying civilian detainees with their social security number. The authority to approve resettlement, such operations within US Territories would require a special exemption to the Posse Comitatus Act which can be obtained by the President invoking his executive authority. Read Parts: 3-55 and 3-56 of FM 3-39-40; the PSYOP. Once the detainees have been processed into the internment camp; the manual explains how they will be ‘indoctrinated’ with a particular focus on targeting political dissidents, into expressing support for U.S. fascist policies. In 2006, KBR (formerly Kellogg, Brown and Root) was contracted by Homeland Security to build detention centers designd to deal with an emergency influx of immigrants into the U.S. or the rapid development of unspecified ‘new programs’ that would require large numbers of people to be interned. REX 84, short of Readiness Exercise 1984, was established under the same pretense used in the language of the KBR request for services. During the Iran-Contra hearings in 1987, however, it was revealed that the program was a secretive scenario and drill developed by the federal government to suspend the Constitution, declare Martial Law, assign military commanders to take over state and local governments, and detain large numbers of American citizens determined by the government to be National Security threats. Mass citizen arrests during the G20 were a dry run training exercise using the cover of the summit protests. These large scale government experiments are an exercise using the availability of ‘protesting human resources’ for mass arrest. The experiment assess the psychological reaction of the masses to denial of basic civil rights, ease of arrest, docility during transport, acceptability of confinement, reaction to various deprivations. We are surrounded by fascism. The camps are built, our rights are being eliminated. Mass detention drills have been performed. The security control grid is secured. It is time to WAKE UP!
    We have great strength in numbers. We must unite and organize self-government through internet automation.
    Psalms 133:1 Behold, how good and how pleasant it is for brethren to dwell together in unity!
    Ephesians 4:3 Endeavoring to keep the unity of the Spirit in the bond of peace.
    (Ephesians 4:13) “Till we all come in the unity of the faith, and of the knowledge of the Son of God, unto a perfect man, unto the measure of the stature of the fullness of Christ:”

  2. I am confused by the contradictions between your first points and your points made in the second half. Also, can you supply links to documentation on any/all of the above?
    Thank you.

  3. with liberals + Bidens election fraud will come chrustshews predicted communist Gulag-
    corporative-fashist system for the american traitors dancing to the tunes of rothschild-
    rockefellers : COMMUNIST GULAG FEMA for the people + CAPITALISM FOR ELITE !

Leave a Reply