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Friday, October 2, 2009

Reader reaction to Exelon-U.S. Chamber rift

A number of readers reacted to Tuesday’s column about Exelon Corp. leaving the U.S. Chamber of Commerce over their differing views on climate-change legislation.

Some praised Exelon for its stance, while others saw only corporate self-interest in the move.

Mel Boyd, of Berwyn, said I should have noted that Exelon is the largest U.S. operator of nuclear power plants. Since nuclear power emits virtually no greenhouse gases, it stands to benefit from any legislation that limits carbon emissions.

He’s right. As the Chicago company says in its annual report, Exelon has a relatively small carbon footprint compared with other U.S. electric power companies.

Boyd, who’s not opposed to nuclear power, doesn’t mind that Exelon could benefit from a new clean energy law. Quite frankly, he hopes wind and solar power will also contribute. But he wants full disclosure on why businesses and other groups may support or oppose climate change legislation.

It’s not just power companies that are upset with the U.S. Chamber. On Wednesday, Nike Inc. said it resigned from the chamber’s board of directors, citing its climate change stance. “We believe that on the issue of climate change the Chamber has not represented the diversity of perspective held by the board of directors,” Nike said.

The footwear and apparel maker will remain a member of the U.S. Chamber.

Royal Price

Last Friday, Royal Bancshares of Pennsylvania Inc. said it would sell its Royal Asian Bank to a management-led group, but did not disclose a purchase price.

Always remember: What a company chooses not to disclose in a press release, it tends to reveal to the Securities and Exchange Commission. On Wednesday, the Narberth bank holding company included the sale price of $15.22 million in a Form 8-K.

The transaction is expected to close by the end of the year. Royal Asian has focused on the Korean American community with six branches in Philadelphia; Upper Darby; Flushing, N.Y.; and Fort Lee and Palisades Park, both in New Jersey.

As of June 30, Royal Asian had 26 employees, according to a filing with the Federal Deposit Insurance Corp.
Posted by Mike Armstrong @ 2:05 AM  Permalink | File Under: Energy, Utilities | 1 comment
Comments   
  • 0 like this / 0 don't   •   Posted 6:21 PM, 10/02/2009
    I applaud Exelon's move. Of course it is in their self-interest, but their self-interest may align better with the self-interest of average Americans than the U.S. Chamber of Commerce. The chamber has taken a position on climate change which doesn't represent the best interest of all business, let alone the country as a whole. High-profile defections will help lessen its influence.
    — PurduePhillyGuy


1 comments
About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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