Goldman Sachs Divests from Northwest Coal Terminal
by Ansel Herz
on Wed, Jan 8, 2014 at 4:28 PM
Just like that, Goldman Sachs is out of the coal business. Today the banking giant sold off its 49% stake in the parent company of SSA Marine, which wants to build a dirty coal export terminal at Cherry Point near Bellingham.
Environmental coalition Power Past Coal is claiming victory, hot in the heels of a successful campaign that elected a critical-of-coal majority onto the Whatcom County Council (um, proud disclosure: My little brother worked on that campaign). The Sightline Institute's Eric de Place calls Goldman bailing "a signal that the smart money on Wall Street doesn’t think very highly of the firm."
Even if that's true, Mexican magnate Fernando Chico Pardo appears to have no such qualms about the coal project. SSA Marine says he took up the slack left by Goldman and added "substantial new capital injection," without saying how much.
Here in Seattle, Mayor Mike McGinn spoke on Monday at a "strategy session" with student activists trying to get the University of Washington to divest from coal. He Instagrammed the photo below the jump with the caption: "The great kids planning the UW divestment campaign. Coal is not a responsible investment!"