Obscure Court System Doles Out Billions in Public Money to Private Interests

[marmar]

Obscure Court System Doles Out Billions in Public Money to Private Interests
It largely evolved to constrain national pushes for social and environmental regulation.

ARTHUR NESLEN


More than $100 billion of public money has been awarded to private investors in investor-state dispute settlement (ISDS) courts, according to the most comprehensive analysis yet.

The controversial arbitration system which allows corporations to sue governments for compensation over decisions they argue affect their profits is largely carried out behind closed doors, with some judgments kept secret. But, according to a global ISDS tracker which launches today, $114 billion has so far been paid out of the public purse to investors—about as much as rich nations provided in climate aid in 2022.

Fossil fuel companies have been by far the biggest beneficiaries of the corporate panels, raking in $80.2 billion since 1998, according to the site. If current trends continue, at least another $48 billion will be disbursed to settle cases currently under litigation, the research finds.

Lucía Bárcena of the Transnational Institute, one of the three groups that created the tracker, said: “Much like the British government paid slaveholders around [$9 trillion] in today’s money for ending slavery, the ISDS mechanism continues a system where corporate perpetrators get paid for finally doing the right thing, or at least for stopping with doing the wrong thing. This money should be spent on reparations for the innocent victims of global heating not handed out to the corporations responsible for causing it.” .............(more)

https://www.motherjones.com/environment/2024/06/isds-investor-state-court-billions-private-corporations/

[bucolic_frolic]

1. When do I get mine? Heck I'd even take a loan I have to payback. /nt

[bringthePaine]

2. another oil $lick from under-regulated a$$holes

[KS Toronado]

3. Last sentence says it all

"This money should be spent on reparations for the innocent victims of global heating not handed out to the
corporations responsible for causing it.”

Guess us innocent victims need to start hiring & paying lobbyists.

[Farmer-Rick]

4. This is a direct result of "Free" Trade agreements

Notice they use the word agreement in order to by-pass the word treaty. Because treaties must have 2/3 majority vote of the Senate in the US.

Though admittedly a lot of both party senators saw nothing wrong with giving away our sovereignty in this extra special deals for the filthy-rich. You know "free" markets for you but not for them.

We screamed about these nonjudicial courts with friendly corporate lawyers turned judges when we tried to stop these "free" trade agreements. We said this would happen.

And we warned that citizens and union groups would never get fair hearings in these very sketchy stacked tribunals.

But they went ahead with them anyway. And so now the filthy-rich funnel our tax dollars into their pockets thru their corporate wealth collection tools. All the while they monopolize our markets and destroying competition.

Free Trade agreements were a win win for our corporate masters. It's one of the reasons Trump and Brexit won. The little guy knew he was getting a raw deal in these free trade giveaways to the already filthy-rich. It's what fuels their hatred of the US.

I'm surprised Trump pushed tariffs because this is considered unfair according to these tribunals and arbitration clauses in these agreements. I guess he's fine with doling out our tax dollars despite him being the cause for them.

[GiqueCee]

5. Nice planet ya got here...

... be a shame if sumpthin' was to happen to it.

Yet another instance of corporate swine* hijacking a Mafia business model of extortion. Pay us for NOT poisoning your progeny with our toxic products. And remember, our profits are more important than your lives.

Welcome to corporate America. We hope you brought your wallet.

* Apologies to Sus domesticus everywhere for the disparaging comparison.

[Passages]

6. Just when you might think you have read the worst, there is more depravity.