Enviros File SEC Complaint Over Keystone Pipeline

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On Monday, Senate Republicans formally announced that they are introducing legislation that would force the approval of the Keystone XL pipeline with or without the consent of the Obama administration. Unless that bill passes, however, the project remains on hold indefinitely. That has created some interesting business questions for TransCanada, the company that wants to build the pipeline.

Now environmental activists are upping the pressure on their foe. Last week, Greenpeace sent a letter (PDF) to Mary Schapiro, the chair of the Securities and Exchange Commission, requesting an SEC investigation into whether TransCanada has been misleading investors about the income it could receive from the pipeline project. In the January 26 letter, Phil Radford, the executive director of Greenpeace, accused TransCanada of violating the SEC’s “Employment of Manipulative and Deceptive Practices” rule, arguing that that the company misled investors in its filings and public statements by exaggerating both the number of jobs that the pipeline would create and the amount of money it would bring in.

TransCanada’s most recent disclosure projects that Keystone pipeline complex will contribute $1.7 billion in earned income when it becomes fully operational. That amount would represent 26 percent the company’s projected earnings in 2015. But with the project on hold indefinitely, those sorts of revenues seem out of reach.

Meanwhile, Corbin Hiar reports at iWatch News that TransCanada spent nearly half a million dollars lobbying for the pipeline last year.

TransCanada plans to reapply for approval in the future. Inside Climate has a good rundown of the company’s options going forward. But as Greenpeace’s Radford notes in his letter, failing to win approval for the pipeline will “significantly impact the company’s future earnings and share price.”

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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