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- Hugh MacMillansenior researcher at Food & Water Watch. He’s the author of the recent investigation, “Who’s Banking on the Dakota Access Pipeline?”
Over 1,000 people representing more than 100 tribes are gathered along the Cannonball River by the Standing Rock Sioux Reservation to resist the construction of the $3.8 billion Dakota Access pipeline. It’s been described as the largest unification of Native American tribes in decades. On September 3, the Dakota Access pipeline company attacked Native Americans with dogs and pepper spray as they resisted the construction of the $3.8 billion pipeline on a sacred tribal burial site. Saturday was also the first day of a two-week call for actions against the financial institutions that are bankrolling the $3.8 billion Dakota Access pipeline project. A new investigation has revealed that more than two dozen major banks and financial institutions are helping finance the Dakota Access pipeline. The investigation was published by the research outlet LittleSis. It details how Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo, JPMorgan Chase and other financial institutions have, combined, extended a $3.75 billion credit line to Energy Transfer Partners, the parent company of Dakota Access. For more, we speak with the author of this investigation, Hugh MacMillan, a senior researcher with Food & Water Watch.
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StorySep 06, 2016Standing Rock Sioux Chairman Calls for Investigation of Dog Attacks on Native American ProtestersTranscript
AMY GOODMAN: This is Democracy Now! Well, Saturday was also the first day of a two-week call for actions against the financial institutions that are bankrolling the $3.8 billion Dakota Access pipeline project. A new investigation has revealed more than two dozen major banks and financial institutions are helping finance the Dakota Access pipeline, the investigation published by the research outlet LittleSis. It details how Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo, JPMorgan Chase and other financial institutions have, combined, extended a $3.75 billion credit line to Energy Transfer Partners, the parent company of Dakota Access.
For more, we’re joined by the author of the investigation, Hugh MacMillan, a senior researcher with Food & Water Watch.
Hugh, you only have a minute here; we’ll continue the conversation after the show and post it. But tell us what is most significant to understand. What companies and banks are responsible for this project?
HUGH MACMILLAN: Well, there’s too many to list in a minute, that’s for sure. It’s 30-plus, all told, on the order of 10 billion, that is backing the Energy Transfer family of companies. And really, this is a slice of the much larger fracking pie for these banks. These banks have succeeded in equating energy security in this country—in, more precisely, North America—with widespread fracking. And this action—you know, I think we can look forward to a history that is kind to the Sioux in helping us question whether that’s a good idea.
AMY GOODMAN: Can you explain who owns the Dakota Access pipeline company and Energy Transfer Partners?
HUGH MACMILLAN: Yes. So, behind this pipeline is—it’s a joint venture of joint ventures. It’s typically opaque. You have—the key players are a Energy Transfer family of companies. You have Marathon, you have Phillips 66, and you have Enbridge. Enbridge and Marathon both—both bought in just a month ago for $2 billion.
AMY GOODMAN: And the banks?
HUGH MACMILLAN: Well, the banks have set aside some $7.75 billion for the Energy Transfer family of companies. And through work with Rainforest Action Network, we also know that $2.5 billion has been provided specifically for this pipeline by some 17 different banks.
AMY GOODMAN: Hugh MacMillan—we’re going to have to leave it there; we’ll post the rest online—of Food & Water Watch. Special thanks to Laura Gottesdiener, John Hamilton and Denis Moynihan.
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Go to Part 2: New Investigation Names Wall Street Banks Behind $3.8 Billion Dakota Access Pipeline
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