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Thursday, January 11, 2018
Council Member Rafael Salamanca, Jr - New Chair of the Land Use Committee
Council Member Andy King to Host Open House and Winter Coat Giveaway For 12th District Constituents
City Council Member Andy King will hold a community “meet and greet” and free winter coat giveaway at his 12th District offices at 940 East Gun Hill Road on Monday, Jan. 15, from 1 to 3 p.m.
Joining Council Member King will be his staff and representatives from local groups who will be available to answer community questions.
The open house also celebrates the observance of the birthday of the slain civil rights leader Rev. Dr. Martin Luther King Jr.
“It’s only fitting that on the day of the Rev. Dr. Martin Luther King Jr.’s actual birthday that we open up our house as Dr. King had opened up his heart and gave his life to improve the lives of others. That true commitment to service is what we strive for in the 12th District,” said Council Member King.
Unfortunately, far too many Bronx residents are unable to afford a warm winter jacket or coat this winter season. To help, Council Member King will distribute free coats to the neediest residents in the Bronx on Monday.
This event is free and open to the public.
Wednesday, January 10, 2018
Akayed Ullah Indicted On Terrorism And Explosives Charges In Connection With The Detonation Of A Bomb In New York City
Dana J. Boente, the Acting Assistant Attorney General for National Security, and Geoffrey S. Berman, the U.S. Attorney for the Southern District of New York, announced that a grand jury in the Southern District of New York has returned a six-count indictment (the “Indictment”) against AKAYED ULLAH in connection with ULLAH’s detonation and attempted detonation of a bomb in a subway station near the New York Port Authority Bus Terminal in New York City on December 11, 2017. The Indictment charges ULLAH with one count of providing and attempting to provide material support to the Islamic State of Iraq and al-Sham (“ISIS”), one count of using and attempting to use a weapon of mass destruction, one count of bombing and attempting to bomb a place of public use and a public transportation system, one count of destruction and attempted destruction of property by means of fire or explosives, one count of conducting and attempting to conduct a terrorist attack against a mass transportation system, and one count of using a destructive device during and in furtherance of a crime of violence. The case has been assigned to the Honorable Richard J. Sullivan.
ULLAH was initially arrested on a Complaint and presented before the Honorable Katharine H. Parker on December 13, 2017. ULLAH was ordered detained and has been in federal custody since his arrest. He will be arraigned before Judge Sullivan on January 11, 2018, at 3:00 p.m.
U.S. Attorney Geoffrey S. Berman said: “Less than one month ago, during the holiday rush hour, Akayed Ullah allegedly detonated a bomb in a major transit hub of New York City. In selecting this time and place, Ullah’s alleged purpose in the Port Authority bombing was painfully clear: to inflict as much damage as possible, and to strike fear into the hearts of New Yorkers in the name of ISIS. Ullah’s alleged plot failed, and he is now charged with federal terrorism offenses and facing life behind bars.”
Acting Assistant Attorney General Boente said: “As alleged in the indictment Akayed Ullah constructed a pipe bomb and detonated it in a mass transit hub in the heart of New York City to terrorize as many people as possible and to bring ISIS-inspired violence to American soil. Thanks to the tremendous efforts of the law enforcement community, the defendant was safely apprehended at the scene of the attack that injured three people, and will now be held accountable to the fullest extent of the law. The National Security Division remains steadfast in its mission to pursue justice against those who seek to harm our country and our citizens in the name of terrorism.”
As alleged in the Indictment and the Complaint:[1]
Islamic State of Iraq and Al-Sham
ISIS is a foreign terrorist organization based in the Middle East and Africa whose publicly stated purpose is the establishment of an Islamic state or caliphate based in the Middle East and Africa that encompasses all Muslims worldwide. ISIS has pursued the objective of an Islamic state through, among other things, killing and deliberate targeting of civilians, mass executions, persecution of individuals and communities on the basis of their religion, nationality, or ethnicity, kidnapping of civilians, forced displacement of Shia communities and minority groups, killing and maiming of children, rape, and other forms of sexual violence. ISIS has recruited thousands of foreign fighters from across the globe to assist with its efforts to expand its so-called caliphate in Iraq, Syria, and other locations in Africa and the Middle East, and has leveraged technology to spread its violent extremist ideology and for incitement to commit terrorist acts.
The December 11, 2017 Attack
On December 11, 2017, at approximately 7:20 a.m., AKAYED ULLAH detonated an improvised explosive device (“IED”) detonated inside a subway terminal (the “Subway Terminal”) in or around the New York Port Authority Bus Terminal located at West 42nd Street and Eighth Avenue in New York, New York (the “December 11 Attack”). Shortly after the blast, members of the Port Authority of New York and New Jersey Police Department (“PAPD”) located ULLAH lying on the ground in the vicinity of the explosion. Surveillance footage captured ULLAH walking through the Subway Terminal immediately prior to the explosion, and then falling to the ground after the explosion. ULLAH was subsequently taken into custody by law enforcement. During the course of ULLAH’s arrest, law enforcement officers located on his person and in the surrounding area what appeared to be the components of an exploded pipe bomb (the “Pipe Bomb”). Specifically, law enforcement located, among other items, (i) a nine-volt battery inside ULLAH’s pants pocket; (ii) wires connected to the battery and running underneath ULLAH’s jacket; (iii) two plastic zip ties underneath ULLAH’s jacket; (iv) several fragments of a metal pipe, including pieces of a metal end cap, on the ground; (v) the remnants of what appeared to be a Christmas tree lightbulb attached to wires; and (vi) pieces of what appear to be plastic zip ties, among other items.After ULLAH was taken into custody, he was transferred to Bellevue Hospital, where he made statements to law enforcement officers after waiving his Miranda rights.
During that interview, ULLAH stated, among other things, the following:
ULLAH constructed the Pipe Bomb and carried out the December 11 Attack. ULLAH was inspired by ISIS to carry out the December 11 Attack, and stated, among other things, “I did it for the Islamic State.”
ULLAH constructed the Pipe Bomb at his residence in Brooklyn (“the Residence”).
The Pipe Bomb was composed of a metal pipe, which ULLAH filled with explosive material that he created. ULLAH used Christmas tree lights, wires, and a nine-volt battery as a trigger to detonate the Pipe Bomb. ULLAH filled the Pipe Bomb with metal screws, which he believed would cause maximum damage. ULLAH used zip ties to secure the Pipe Bomb to his body.
ULLAH carried out the December 11 Attack in part because of the United States Government’s policies in, among other places, the Middle East. One of ULLAH’s goals in carrying out the December 11 Attack was to terrorize as many people as possible. He chose to carry out the attack on a work day because he believed that there would be more people.
ULLAH’s radicalization began in at least approximately 2014. ULLAH viewed pro-ISIS materials online, including a video instructing, in substance, that if supporters of ISIS were unable to travel overseas to join ISIS, they should carry out attacks in their homelands. He began researching how to build IEDs on the Internet approximately one year prior to the attack.
On the morning of December 11, 2017, shortly before carrying out the attack, ULLAH posted a statement on his Facebook account referring to the President of the United States, stating, in substance, “Trump you failed to protect your nation.” ULLAH also posted a statement that he believed would be understood by members and supporters of ISIS to convey that ULLAH carried out the attack in the name of ISIS.
Items Recovered from ULLAH’s Residence
On December 11, 2017, law enforcement agents conducted a search of the Residence pursuant to a judicially authorized search warrant. Law enforcement agents recovered, among other items, (i) multiple pieces of metal pipes; (ii) pieces of wire and fragments of what appear to be Christmas tree lights; (iii) multiple screws consistent with the screws recovered at the scene of the December 11 Attack; and (iv) a passport in ULLAH’s name with multiple handwritten notations, including: “O AMERICA, DIE IN YOUR RAGE.”
If convicted of the charges in the Indictment, potential maximum sentences could include: (i) 20 years in prison for providing and attempting to provide material support and resources to a designated foreign terrorist organization, namely, ISIS; (ii) life in prison for using and attempting to use a weapon of mass destruction; (iii) life in prison for bombing and attempting to bomb a place of public use and a public transportation system; (iv) 20 years in prison (maximum) and a mandatory minimum sentence of five years for destruction and attempted destruction of property by means of fire or explosives; (v) life in prison for conducting and attempting to conduct a terrorist attack against a mass transportation system; and (vi) a consecutive sentence of 30 years in prison (to life) for using a destructive device during and in furtherance of a crime of violence. The potential sentences are all related to Ullah’s detonation and attempted detonation of an explosive device in New York City.
The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Mr. Boente and Mr. Berman praised the outstanding investigative efforts of the FBI, the NYPD, the Department of Homeland Security, Homeland Security Investigations (“HSI”), and the PAPD. ULLAH’s arrest and indictment are the result of the close cooperative efforts of the U.S. Attorney’s Office for the Southern District of New York, the FBI’s Joint Terrorism Task Force – which consists of law enforcement officers of the FBI, NYPD, HSI, PAPD, and other agencies – and the U.S. Department of Justice’s National Security Division.
The prosecution is being handled by the Terrorism and International Narcotics Unit. Assistant U.S. Attorneys Shawn G. Crowley, Rebekah Donaleski, and George D. Turner are in charge of the prosecution, with assistance from Trial Attorney Jerome J. Teresinski of the Counterterrorism Section of the Justice Department’s National Security Division.
The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
[1] As the introductory phrase signifies, the entirety of the texts of the Indictment and the Complaint, and the descriptions of the Indictment and the Complaint set forth herein, constitute only allegations, and every fact described should be treated as an allegation.
Members And Associates Of Genovese Crime Family Charged In Manhattan Federal Court With Racketeering Conspiracy And Related Offenses
Geoffrey S. Berman, the United States Attorney for the Southern District of New York, William F. Sweeney Jr., Assistant Director-in-Charge of the New York Division of the Federal Bureau of Investigation (“FBI”), and James P. O’Neill, the Commissioner of the New York City Police Department (“NYPD”), announced the unsealing today of an Indictment charging VINCENT ESPOSITO, STEVEN ARENA, FRANK GIOVINCO, FRANK COGNETTA, and VINCENT D’ACUNTO, JR., each a member or associate of the Genovese Organized Crime Family of La Cosa Nostra, with racketeering conspiracy and related offenses arising out of a multi-year investigation. COGNETTA was arrested on January 8, 2018, and charged by criminal complaint. The remaining defendants were arrested this morning and are expected to be presented before U.S. Magistrate Judge Barbara C. Moses later today. The case has been assigned to United States District Judge Victor Marrero.
The following allegations are based on the Indictment and other documents filed in Manhattan federal court[1]:
La Cosa Nostra, also known as the “Mob” or the “Mafia,” operates through entities known as “Families.” One of the Families operating in the New York City area is the Genovese Crime Family. From 2001 to 2017, ESPOSITO, ARENA, GIOVINCO, COGNETTA, and D’ACUNTO, along with other members and associates of the Genovese Crime Family, committed a wide range of crimes, including multiple acts of extortion, honest services fraud, and bribery. In particular, and as charged in the Indictment, ESPOSITO conspired with ARENA and D’ACUNTO to extort annual cash payments from an officer at a labor union by threatening the officer with violence and the loss of the officer’s job. COGNETTA, himself a labor union officer, engaged in multiple schemes to defraud his union of his honest services by, among other things, soliciting and accepting bribes and steering union benefit plans into investments in exchange for kickbacks.
Set forth below is a chart containing the names, ages, residences, charges, and maximum penalties for the defendants. The maximum potential sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Mr. Berman praised the outstanding investigative work of the FBI, the NYPD, the U.S. Department of Labor’s Office of Inspector General and Office of Labor-Management Standards, and the Special Agents of the United States Attorney’s Office for the Southern District of New York.
The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
DEFENDANT
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AGE
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CHARGES
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MAXIMUM PENALTY
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VINCENT ESPOSITO
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50
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RICO Conspiracy; Extortion Conspiracy
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40 years in prison
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STEVEN ARENA
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60
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RICO Conspiracy; Extortion Conspiracy
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40 years in prison
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FRANK GIOVINCO
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50
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RICO Conspiracy
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20 years in prison
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FRANK COGNETTA
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42
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RICO Conspiracy; Six Counts of Honest Services Fraud; Two Counts of Bribery in Connection with Employee Benefit Plans
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126 years in prison
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VINCENT D’ACUNTO, JR.
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49
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RICO Conspiracy; Extortion Conspiracy
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40 years in prison
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[1] As the introductory phase signifies, the entirety of the text of the Indictment, and the description of the Indictment set forth herein, constitute only allegations, and every fact described should be treated as an allegation.
LATIN KING SENTENCED TO 25 YEARS TO LIFE IN PRISON FOR KILLING MAN TO SEND MESSAGE TO RIVAL DRUG DEALER
Defendant Couldn’t Find Target So Shot His Friend Who Happened to Be Sitting on Stoop
Bronx District Attorney Darcel D. Clark today announced that a Latin King has been
sentenced to 25 years to life in prison for killing a Bronx man who he happened upon as he
sought to shoot a rival drug dealer in 2013. The defendant shot the dealer’s 21-year-old friend,
to send a message to the dealer to leave his block.
District Attorney Clark said, “The defendant callously shot dead a young man who
happened to be sitting on a stoop, as a horrific way to send a message. This sentence sends the
message that anyone who commits such acts of violence could face life behind bars.”
District Attorney Clark said the defendant, Jason DeJesus, 31, of 3662 Bronx Boulevard,
was sentenced today to 25 years to life in prison by Bronx Supreme Court Justice Robert Neary.
He was convicted of second-degree Murder and second-degree Criminal Possession of a
Weapon on November 3, 2017 after a two-month trial.
District Attorney Clark said a co-defendant Hector Rodriguez, 39, of 2240 Ryer Avenue,
who was convicted of first-degree Manslaughter and Criminal Facilitation on November 8,
2017, will be sentenced on January 17, 2018.
According to the investigation, at about 11 p.m. on May 20, 2013, Marcos Cabral, 21, was
found lying outside 287 East 162nd Street near Morris Avenue in Melrose with two fatal
gunshot wounds. He was pronounced dead at the scene.
According to the investigation, Rodriguez, a First-Crown Latin King, was told by another
gang member, Edwin Colon, that Colon was having trouble on East 162nd Street and Morris
Avenue with a marijuana dealer who was selling there, and the gang had to push back.
DeJesus, Rodriguez and Colon went to the block and DeJesus fired five shots at Cabral,
who was eating Chinese takeout food on the stoop.
Colon pleaded guilty to Criminal Possession of a Weapon on October 12, 2017 and will
be sentenced to 11 years in prison.
District Attorney Clark thanked Detective Al Crawford of the 44th Precinct Detective
Squad and the Bronx Homicide Task Force for their work on the case.
BROOKLYN ASSEMBLYWOMAN INDICTED FOR MULTIPLE FRAUD SCHEMES AND OBSTRUCTING JUSTICE
Pamela Harris Defrauded Government Agencies out of Tens of Thousands of
Dollars and Tampered with Witnesses
An 11-count indictment was unsealed today in federal court in Brooklyn, New
York, charging Pamela Harris, a New York State Assemblywoman representing Bay Ridge,
Coney Island, Dyker Heights and other nearby communities, with two counts of wire fraud, one
count of conspiracy to commit wire fraud, four counts of making false statements, two counts of
bankruptcy fraud, one count of witness tampering and one count of conspiracy to obstruct
justice. Harris’s arraignment on the indictment is scheduled for this afternoon before United
States Magistrate Judge Ramon E. Reyes, Jr
Richard P. Donoghue, United States Attorney for the Eastern District of New
York, William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation,
New York Field Office (FBI), and Mark G. Peters, Commissioner, New York City Department
of Investigation (DOI), announced the charges.
“As alleged in the indictment, the defendant defrauded government agencies out
of tens of thousands of dollars in public funds and tried to fraudulently obtain even more,” stated
United States Attorney Donoghue. “She conducted her schemes victimizing the federal and New
York City governments, and then obstructed a federal investigation into her crimes while a
sitting New York State Assemblywoman. When she learned that law enforcement was
investigating her various fraud schemes, she pressured witnesses to lie to the FBI and cover them
up. This Office and our law enforcement partners are committed to ensuring that those who
serve the public are held accountable under the law to the same extent as the people they are
privileged to serve.”
“Both before and during her tenure as a public servant, as alleged,
Assemblywoman Pamela Harris went to great lengths to defraud local and federal agencies out
of thousands of dollars,” stated FBI Assistant Director-in-Charge Sweeney. “In fact, at a time
when many residents in her district were dealing with the horrific aftermath of Hurricane Sandy,
Harris was busy brewing a storm of her own, one that resulted in her receiving significant
payouts by the very federal agency charged with helping those truly in need. As if these
allegations weren’t enough, Harris allegedly obstructed a federal investigation into the matters at
hand, asking others to lie on her behalf, as alleged. These types of crimes threaten the financial
stability of our local and federal governments, but when a public official is involved, even more
is at risk. Today we are proud to put an end to this inexcusable scheme.”
“The brazen corruption charged as a result of this investigation tramples on the
very definition of a public servant,” stated DOI Commissioner Peters. “This elected official
exploited the public she was elected to serve by stealing from City and federal programs and then
concealing the fraud with false statements and asking witnesses to obstruct the investigation,
according to the indictment. DOI thanks the United States Attorney’s Office for the Eastern
District of New York and the FBI for their partnership in working together to expose the array of
wrongdoing charged in this indictment.”
As alleged in the indictment, between 2012 and 2016, the defendant defrauded
various government agencies, including the New York City Council (“NYC Council”), New
York City Department of Youth and Community Development (“DYCD”), Federal Emergency
Management Agency (“FEMA”), United States Department of Housing and Urban Development
(“HUD”), the New York City Build it Back Program (“NYC Build it Back Program”) and United
States Bankruptcy Court for the Eastern District of New York (“U.S. Bankruptcy Court”).
NYC Council / DYCD Fraud Scheme
Between August 2014 and July 2015, the defendant, who was at the time the
Executive Director of a not-for-profit organization located in Brooklyn, defrauded the NYC
Council of nearly $23,000 in discretionary funding by falsely claiming that the not-for-profit
would use the funds to rent a studio space. As part of her scheme, the defendant submitted to
DYCD—the government entity responsible for administering and disbursing the NYC Council’s
discretionary funds—a forged lease agreement. Once the not-for-profit received the funding, the
defendant diverted the funds to her personal checking account and used the money to pay for
personal expenses.
The following year, between approximately July 2015 and January 2017, the
defendant committed a nearly identical scheme—this time as a sitting Assemblywoman. The
defendant again defrauded the NYC Council by claiming that funds would be spent on rental
space. In fact, when the not-for-profit received the discretionary funding, the defendant diverted
the funds—this time, $11,400—for her personal use..
FEMA Fraud Scheme.
Between 2012 and 2014, the defendant defrauded FEMA out of nearly $25,000
by falsely claiming to FEMA she had been forced out of her residence by Hurricane Sandy. The
defendant represented to FEMA that her Coney Island residence was so damaged by Hurricane Sandy that she had to move to a temporary residence in Staten Island after the storm. In
furtherance of the scheme, the defendant submitted to FEMA fake lease agreements that she had
purportedly entered into with the landlord of the Staten Island residence, as well as bogus rent
payment receipts. In reality, the defendant continued to live at her Coney Island residence and
pocketed the FEMA payments for herself.
HUD/Build it Back Fraud Scheme
In 2016, while she was a sitting New York State Assemblywoman, the defendant
repeated the same misrepresentations and submitted the same fake documents to the NYC Build
it Back Program in order to obtain additional financial assistance. She also made other false
claims in order to persuade Build it Back to pay for substantial construction to her home.
Bankruptcy Fraud Scheme.
In November 2013, the defendant filed for Chapter 13 bankruptcy protection in
the United States Bankruptcy Court in Brooklyn. The defendant, who at the time of her filing
was receiving $1,550 each month from FEMA based on the misrepresentations described above,
told the Bankruptcy Trustee that she was receiving $1,200 a month in financial assistance from
the same landlord that she told FEMA she was paying $1,550 a month in rent. Neither statement
was true.
Obstruction of Justice and Witness Tampering.
Finally, between March 2017 and May 2017, after the defendant became aware of
the grand jury’s investigation into her various fraud schemes, she instructed witnesses to lie to
FBI agents conducting the grand jury investigation, which the witnesses did.
The charges in the indictment are merely allegations, and the defendant is
presumed innocent unless and until proven guilty. If convicted, the defendant faces a maximum
sentence of 30 years’ imprisonment on one of the charges relating to making false statements to
FEMA; a maximum sentence of 20 years’ imprisonment on each of the wire fraud conspiracy,
wire fraud, witness tampering, or obstruction of justice conspiracy charges; and a maximum
sentence of five years of imprisonment on each of the bankruptcy fraud or other false statements
charges.
The Defendant:
PAMELA HARRIS
Age: 57
Brooklyn New York
E.D.N.Y. Docket No. 18-CR-11 (JBW)
Bronx Chamber of Commerce - Bronx Heritage Awards Request for Nominations
Bronx Heritage Awards
Request for Nominations
Showcase Your
Company/Organization
and or Make Nominations
Members and Friends of the Bronx Chamber of Commerce are requested to nominate up to six people, companies or organizations to receive Special Recognition and Distinguished Awards at the 2018 Bronx Heritage Awards and Veterans Award Luncheons.
To process your nominations, please forward name, contact information and biography up to 150 words for each nominee as soon as possible for the upcoming 2018 Awards Luncheons:
Black Heritage Awards Luncheon
Thursday, February 22, 2018 12:00 - 3:00 pm
Tosca Marquee
Irish Heritage Awards Luncheon
Thursday, March 15, 2018 12:00 - 3:00 pm
Rambling House
Hispanic Heritage Awards Luncheon
Thursday, September 27, 2018 12:00 - 3:00 pm
Havana Cafe
Italian Heritage Awards Luncheon
Thursday, October 18, 2018 12:00 - 3:00 pm
F&J Pine Restaurant
Veteran's Awards Luncheon
Thursday, November 15, 2018 12:00 - 3:00 pm
Maestro's Caterers
Please email your 2018 Bronx Heritage Award nominations to Nunzio Del Greco, President and CEO, at Nunzio@bronxchamber.org
Founded 1894, the Bronx Chamber of Commerce is one of the most influential, professional, successful organizations and voice for over 30,000 businesses in Bronx County. Professionals and companies are drawn to the successful companies and active members affiliated with The Bronx Chamber of Commerce. Membership includes businesses ranging from large corporations, Cultural Institutions, Universities and Colleges, Hospitals and Medical Centers, non-profits, and mid-sized to small companies.
Helping you grow your Bronx Business is our Goal!
Nunzio Del Greco
President and CEO
Bronx Chamber of Commerce
President and CEO
Bronx Chamber of Commerce
"The Network for Business Success"
1200 Waters Place, Suite 106
Bronx, NY 10461
718-828-3900
Nunzio@bronxchamber.org
1200 Waters Place, Suite 106
Bronx, NY 10461
718-828-3900
Nunzio@bronxchamber.org
"You never know where your next big deal is going to come from"!
CLIMATE ACTION: MAYOR, COMPTROLLER, TRUSTEES ANNOUNCE FIRST-IN-THE-NATION GOAL TO DIVEST FROM FOSSIL FUELS
City also filing suit against five largest fossil fuel companies, seeking damages to help protect city from climate change
Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the City’s $189 Billion pension funds today announced a goal to divest City funds from fossil fuel reserve owners within five years, which would make New York City the first major US pension plan to do so. In a first-in-the-nation step towards the goal of divestment, the Mayor and Comptroller will submit a joint resolution to pension fund trustees to begin analyzing ways to divest from fossil fuel owners in a responsible way that is fully consistent with fiduciary obligations. In total, the City’s five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies. The City’s move is among the most significant divestment efforts in the world to date.
"New York City is standing up for future generations by becoming the first major US city to divest our pension funds from fossil fuels,” said Mayor de Blasio. “At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits. As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.”
“This is a first-in-the-nation step to protect our future and our planet – for this generation and the next. Safeguarding the retirement of our city’s police officers, teachers, firefighters and city workers is our top priority, and we believe that their financial future is linked to the sustainability of the planet. Our announcement sends a message to the world that a brighter economy rests on being green,” Comptroller Stringer said. “It’s complex, it will take time, and there are going to be many steps. But we’re breaking new ground, and we are committed to forging a path forward while remaining laser-focused on our role as fiduciaries to the Systems and beneficiaries we serve.”
The Mayor also announced that the City has filed a lawsuit against the five largest investor-owned fossil fuel companies as measured by their contributions to global warming. The City will be seeking damages from BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell for the billions of dollars the City will spend to protect New Yorkers from the effects of climate change. This includes damages to pay for harm that we’ve already seen and damages that are necessary to address harm we expect to happen over the course of this century.
New York City’s lawsuit seeks to recover the billions needed to fund climate change resiliency measures that the City needs to implement to protect the City, its property, and its residents from the ongoing and increasingly severe impacts of climate change. This includes physical infrastructure, like coastal protections, upgraded water and sewer infrastructure, and heat mitigation, but also public health campaigns, for example to help protect residents from the effects of extreme heat. To recover from past harm and prepare for future events, New York City is already executing an over $20 billion resiliency program to protect New Yorkers and build resilience against rising seas, more powerful storms, and hotter temperatures.
Recently uncovered documents make it clear that the fossil fuel industry was well aware of the effects that burning fossil fuels would have on the planet’s atmosphere and the expected impacts of climate change as far back as at least the 1980s. Nonetheless, they deliberately engaged in a campaign of deception and denial about global warming and its impacts, even while profiting from the sale of fossil fuels and protecting their own assets from the effects of rising seas and a changing climate. More than half of the greenhouse gas pollution from the fossil fuel industry has occurred since 1988, according to a recent analysis. Sea levels have risen about one foot since 1900 with much of that rise due to climate change, the most powerful storms are becoming more frequent, and flooding is becoming more frequent and intense.
Climate change is perhaps the toughest challenge New York City will face in the coming decades. Sandy taught us how destructive weather events exacerbated by climate change can be. Rising sea levels, increasing temperatures and precipitation, and the likelihood of more frequent and intense flooding threaten our neighborhoods and infrastructure while exacerbating many underlying social inequities. To adapt to these threats, the City is implementing an over $20 billion program to ensure our neighborhoods, economy, and public services will be ready to withstand and emerge stronger from the impacts of climate change. These investments are known to be just the first step in making the City prepared for the impacts of climate change, and more will continue to be needed over the course of the century. The City’s resiliency programs and projects are a shift in the way we live now and how we must develop and implement tools that will make our City more resilient against future risks.
The first step is for the trustees at each fund to instruct the Office of the City Comptroller’s Bureau of Asset Management (BAM) to commission an analysis of the proposed divestment and advise the trustees as to the anticipated impact on the risk and return characteristics of the portfolio. The trustees will also seek legal opinion as to whether carrying out the divestment would be consistent with trustees fiduciary duties to beneficiaries. Assuming a positive legal opinion, the trustees would then instruct BAM to carry out the divestment with specified steps and timelines. In the case of this divestment, transactions would likely be carried out in stages in order to reduce transaction and implementation costs.