"Since 2000, hundreds of foreign investors have sued more than half of the world’s countries, claiming damages for a wide range of government actions that they say have threatened their profits" (The Guardian 2015).
RecentlyTransCanada filed 2 lawsuits against the US because Obama killed the Keystone Pipeline. Philip Morris has sued a number of countries, including Uruguay, for monetary compensation due to government measures that discourage smoking & impact the company's profits.
What do you think about these companies' actions & their rights through international trade agreements to sue?
The TPP which Obama is pushing through in the upcoming lame duck session will make those lawsuits look like child's play. What is even worse is that the mediators will be corporate appointed stooges who have no promise of impartiality as a judge would hearing the case. Guess who wins? The pay offs and being worked out now with Congress.
Fifteen years ago, a minor niche within the legal business, hundreds of foreign investors have sued more than half of the world’s countries, claiming damages for a wide range of government actions that they say have threatened their profits.
The International Centre for the Settlement of Investment Disputes (ICSID) and similar venues in London, Paris, Hong Kong, the Hague, et al is where a foreign investor can force a government to change its laws to please the investor as opposed to the investor complying with the laws they find in the country. The sums awarded in damages are so vast that investment funds have taken notice: corporations’ claims against states are now seen as assets that can be invested in or used as leverage to secure multimillion-dollar loans. - https://www.theguardian.com/business/20 … ttip-icsid
ICSID registered 80 cases during the first 34 years of its existence, from 1966 to 2000. In the 14 years since then, it has registered 418, including nearly 200 cases currently in arbitration. In the last decade, the number of cases involving oil, gas, and mining companies has dramatically increased. Today, close to half of cases pending before ICSID tribunals are related to natural resource disputes. There is no appeal process at ICSID, only an annulment process through which the procedural legitimacy of the tribunal can be questioned. Governments and companies alike in recent years have begun urging ICSID to create an appellate process.- https://www.beaconreader.com/climate-co … ental-laws
So why do countries accept trade deals with this blatantly pro-corporate mechanism? The argument goes that without this provision, there would be a serious lack of foreign investment. There may be some truth to this, but other cases show that it is quite exaggerated. Brazil, for example, has never agreed to a trade deal with ISDS provision, and they continue to receive plenty of foreign investment. Private corporations should not have the option of suing a nation whenever they feel like a rule or law has effected their profit rate. This is simply a part of doing business; an inherent aspect of capitalism. Investing is never risk-free; there are natural, social, and political changes that could always hurt an investment. More importantly, when a company’s product is hurting people or the environment, government has the right and obligation to stop it. - http://www.dailykos.com/story/2015/2/11 … For-Profit
15 cases as respondent state
138 cases as home state
https://icsid.worldbank.org/apps/ICSIaD … fault.aspx
http://www.uncitral.org/uncitral/en/unc … rules.html
Tell your Congressional representatives: by visiting https://act.350.org/sign/congress-tpp/
I oppose the Trans-Pacific Partnership because it is a threat to our climate and our democracy. Vote NO on Fast Track legislation that would allow this bad deal to move forward.
Thanks for your wonderful response, especially the links.
You're welcome. Didn't really research it until your post. Sometimes I need a kick in the side of the head to start thinking about what really pisses me off in this world - other than Crumpton
Did you watch Bernie's talk this past week? https://www.youtube.com/watch?v=d3LC8kYe0QM
As always, he is inspiring as he tries to work, and motivate others to work, within the system.
by Don W3 years ago
In many of the threads in the politics forum, the government seems to be the target for a lot of people's frustration. Why isn't the focus on the corporations that have steadily usurped influence away from ordinary...
by rhamson16 months ago
"All we know (based on leaks) is (1) it establishes an independent tribunal that can force nations to pay global corporations any lost profits due to that nation’s health, safety, environmental, labor, or...
by Josak3 years ago
One of the greatest criticisms leveled at socialist and perceived socialist nations is their high taxes, usually reinforced with the example of France and it's high tax rates under a newly elected socialist...
by My Esoteric20 months ago
47 conservative Republican Senators signed a letter to Iran intended to undercut Presidential foreign policy. This breaks over 200 years of precedent, and probably violates the separation of Powers part of the...
by KK Trainor5 years ago
Texas executed Humberto Leal yesterday evening. Leal murdered a 16 year old girl after raping and brutalizing her and bashing her head in with a huge chunk of asphalt. He was kind enough to leave a stick with a nail on...
by Julianna8 years ago
Any ideas as Americans on how we should take back our Country? How much money did we borrow from China? Why are we borrowing at all? Outsourcing is horrible especially when it takes from the U.S. Citizens how do we as a...
Copyright © 2016 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.