ABOUT TD BANK GROUP
TD Bank Group (TD) is a giant global network of financial institutions owned by
Toronto-Dominion Bank. This conglomerate includes TD Bank, one of the ten
largest banks in the U.S.*
INVESTMENTS IN THE DAKOTA ACCESS PIPELINE
TD is one of 17 huge banks that have loaned Dakota Access LLC $2.5 billion to build the 1,100 mile pipeline,**
which will carry fracked oil from the Bakken formation in North Dakota. Hundreds of people, mostly Native
Americans, have occupied an encampment for months to block construction of the pipeline under the Missouri
River, the source of water for the Standing Rock Sioux tribe, and to protect cultural and sacred sites. Unarmed
and peaceful “water protectors” have been attacked by private security and militarized police with dogs, pepper
spray, tear gas and rubber bullets.
INVESTMENTS IN KEYSTONE XL & ENERGY EAST TAR SANDS PIPELINES
If Donald Trump and Rex Tillerson have their way, TransCanada will build the Keystone XL pipeline. TD Asset
Management and Toronto-Dominion Bank together owned almost $1.7 billion in TransCanada stock as of
September, 2016,*** making TD the second largest shareholder in the company that would build Keystone XL.
TransCanada also has plans to build the $15.7 billion Energy East pipeline to transport tar sands crude oil
more than 2800 miles from Alberta to New Brunswick****. Much of the pipeline will not be new but rather a re-use
of a gas pipeline that was built more than 40 years ago using thinner steel than modern oil pipelines.
Keystone XL is designed to carry 830,000 barrels of crude per day, while Energy East would carry 1.1 million
barrels per day. During the debate over Keystone XL, James Hansen, at the time NASA’s top climate scientist,
famously wrote in the New York Times that if these “dirtiest of fuels” are fully exploited, “it will be game over for
INVESTMENTS IN VERMONT’S FRACKED GAS PIPELINE
TD, as an owner of TransCanada, has invested in pipelines to transport fracked gas across the continent from
Alberta to the Quebec/Vermont border and connecting to the Vermont Gas Systems pipeline system.
TD is also the third largest shareholder in Enbridge******, the operator of the longest crude oil and liquids pipeline
system in the world. Valued at $66 billion, Enbridge is an owner of Vermont Gas Systems through its 28%
ownership stake in Québec energy giant GazMétro. Vermont Gas Systems is wholly owned by GazMétro,
which also owns 100% of Green Mountain Power.
WHAT YOU CAN DO
If you’re a TD depositor, consider putting your money in another bank.
Support the creation of a public bank for Vermont. Send this fact sheet to your legislators and ask them:
“Should our State pay hundreds of thousands of dollars each year to a bank that finances climatedestroying
infrastructure? Or should we consider forming a state bank that will make millions in revenue
and support a self-sufficient economy?” Ask them to support Legislation to Establish a Commission for a
Vermont State Bank, sponsored by Senator Pollina and Representative Cina.
*TD Corporate Profile, http://www.td.com/about-tdbfg/corporate-information/corporate-profile/profile.jsp
**“Who’s Banking on the Dakota Access Pipeline?”,Food & Water Watch, http://www.foodandwaterwatch.org/news/who%27s-banking-dakota-access-pipeline
***“Who owns Transcanada?” http://stockzoa.com/cusip/89353d107/ accessed 02-02-2017
****“Energy East Pipeline Project: A pipeline from West to East”, http://www.transcanada.com/energy-east-pipeline.html
*****“Game Over for the Planet”, New York Times, May 9, 2012, http://www.nytimes.com/2012/05/10/opinion/game-over-for-the-climate.html
******Enbridge Inc Institutional Ownership, Nasdaq, http://www.nasdaq.com/symbol/enb/institutional-holdings accessed 02-02-2017
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