Monday Night Football: What Did That Bank of America ‘Dump Dominion’ Protest Mean?

November 2, 2015 11:13 pm Last Updated: November 3, 2015 10:16 am

Protesters during Monday Night Football dropped a banner against Bank of America during the Indianapolis Colts-Carolina Panthers game on Nov. 2. The game was held at Bank of America Stadium. Dominion is apparently referring to Dominion Resources, according to the protesters’ website, dumpdominion.com.

Two men were seen on the broadcast with the banner.

The two repelled down from the top deck during the game.

According to BuzzFeed News, the two are from Cove Point and are “calling on Bank of America” and other lenders to stop funding Dominion.

They issued a press release on their website and it reads:

In protest of Bank of America’s role in financing the planned liquefied natural gas (LNG) export facility in Cove Point, Maryland, activists from We Are Cove Point have suspended themselves from the upper deck of Bank of America Stadium during the Monday Night Football game between the Charlotte Panthers and the Indianapolis Colts. They dropped a banner that reads, “BoA: Dump Dominion, WeAreCovePoint.org,” that was seen by the stadium audience of more than 70,000 people.

Bank of America (NYSE: BAC) has played a major role in financing Dominion Resources (NYSE: D) and its $3.8 billion LNG export facility at Cove Point through Dominion Midstream (NYSE: DM). Bank of America is part of a consortium of banks that is lending Dominion up to $4 billion to finance several planned gas infrastructure projects. In June 2013, Bank of America also underwrote $275 million to contribute to the capital expense of the Dominion Cove Point facility. We Are Cove Point activists are now calling on Bank of America and other lending institutions to stop financing Dominion.

Since oil and gas prices have plummeted, industry experts have increasingly seen LNG export facilities as bad investments, and the financial sector has been inexplicably propping up the gas industry. As recently as August, a report from Bank of America itself warned that plummeting crude oil prices have hurt the prospects of LNG export projects. President and CEO Zin Smati of Engie’s GDF Suez Energy North America said, “You cannot ship gas from the United States anymore. … Nobody really is making money from LNG now. Certainly, we are not.”