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Blackrock faces scrutiny from 19 state AGs over ESG investments
Posted on 8/17/22 at 10:45 am
Posted on 8/17/22 at 10:45 am
LINK
quote:
Nineteen state attorneys general led by Arizona AG Mark Brnovich wrote to the Securities and Exchange Commission asking the agency to look into BlackRock’s ties to China and whether or not it was prioritizing its fiduciary responsibility to investors.
The letter highlighted that the investing giant headed by billionaire Larry Fink, which has $10 trillion in assets under management, invests in and does business with Chinese companies that often flout environmental concerns even as it pushes for US companies to embrace net-zero carb emissions.
quote:
Based on the facts currently available to us, BlackRock appears to use the hard-earned money of our states’ citizens to circumvent the best possible return on investment, as well as their vote,” the AGs said in their letter.
6
Posted on 8/17/22 at 10:53 am to DiogenesLamp
SEC won’t do shite
Posted on 8/17/22 at 10:56 am to DiogenesLamp
Trump was unveiling the curtain on this at the start of Covid and giving us insight into how China gets the financial benefit of "developing country" with the World Trade platforms, World Health etc. Basically the US pays 10 times what China pays and China benefits exponentially on the payouts. Throw in ESG arbitrary self-inflicted crap and then follow the political dollar from the Swamp. No wonder even the Blackrocks collaborated with China and Dems to get DJT out.
Posted on 8/17/22 at 11:01 am to Jack Carter
quote:
SEC won’t do shite
That doesn't matter. The recent pushback in the past couple months is very much real, and it's starting to have an effect.
Posted on 8/17/22 at 11:07 am to DiogenesLamp
They're a cancer. Buying up everything in my town.
Posted on 8/17/22 at 11:08 am to DiogenesLamp
Blackrock owns the SEC. All of these watchdog agencies are bought and paid for.
Posted on 8/17/22 at 11:12 am to DiogenesLamp
quote:
$10 trillion in assets under management
just for context, that's more than the combined GDP of every country in the world except the US and China
Posted on 8/17/22 at 11:14 am to DiogenesLamp
One company should not control this much influence. It’s bullshite.
Posted on 8/17/22 at 11:14 am to Lou Pai
quote:
quote:
SEC won’t do shite
That doesn't matter. The recent pushback in the past couple months is very much real, and it's starting to have an effect.
Agreed. This whole throwing up our hands 'Well, there's nothing we can do!' mentality is so terribly self-defeating.
Posted on 8/17/22 at 11:20 am to jcaz
quote:
One company should not control this much influence. It’s bullshite.
And it becomes too big to fail. Which is utter bullshite. If you leave your money with BlackRock or Vanguard, then you should accept all the risk of doing so.
Posted on 8/17/22 at 11:23 am to Y.A. Tittle
quote:It's infuriating. Bunch of defeatist pussies.
This whole throwing up our hands 'Well, there's nothing we can do!' mentality is so terribly self-defeating.
Posted on 8/17/22 at 11:48 am to Y.A. Tittle
DeSantis, Abbott, et al have very real power if they choose to wield it effectively. In fact, DeSantis basically declared war on ESG recently and it's already having an effect.
It's not just Blackrock either, it's all over the map in terms of financial institutions whose sheeplike decision makers have followed the herd. Pension plans for these states represent real money for people like Blackrock and Vanguard, and also if financial institutions (banks, insurance companies) wish to do business in these states, they better get in line.
Vivek Ramaswamy did an interview on the Daily Morning's news podcast this AM that discusses how a legal opinion from Daniel Cameron (AG of KY), while it doesn't have any real teeth, sends another message that institutions have no choice but to take seriously. Interview starts at 9:33
The pushback is real. Conservatives just need to learn how to fight.
It's not just Blackrock either, it's all over the map in terms of financial institutions whose sheeplike decision makers have followed the herd. Pension plans for these states represent real money for people like Blackrock and Vanguard, and also if financial institutions (banks, insurance companies) wish to do business in these states, they better get in line.
Vivek Ramaswamy did an interview on the Daily Morning's news podcast this AM that discusses how a legal opinion from Daniel Cameron (AG of KY), while it doesn't have any real teeth, sends another message that institutions have no choice but to take seriously. Interview starts at 9:33
The pushback is real. Conservatives just need to learn how to fight.
This post was edited on 8/17/22 at 11:50 am
Posted on 8/17/22 at 12:13 pm to Lou Pai
I have a friend who works in a fairly large regional bank in the southeast and he told me that E.S.G. standards are being pushed by the federal regulators. This really gives the banks no choice as they have no leverage and not complying with the standards could impact their access to capital.
Although there are some companies that have adopted this voluntarily others are being forced to do so through the Feds regulatory mechanism.
Although there are some companies that have adopted this voluntarily others are being forced to do so through the Feds regulatory mechanism.
Posted on 8/17/22 at 12:17 pm to Jack Carter
But AG’s of states can
Posted on 8/17/22 at 12:19 pm to Nosevens
(no message)
This post was edited on 8/29/22 at 11:27 am
Posted on 8/17/22 at 12:21 pm to SquatchDawg
quote:
I have a friend who works in a fairly large regional bank in the southeast and he told me that E.S.G. standards are being pushed by the federal regulators. This really gives the banks no choice as they have no leverage and not complying with the standards could impact their access to capital.
This is 100% correct. Companies are being given an ESG score to their names and it effects their credit rating and interest rate on their debt they issue. Mutual Funds, ETF’s, and Stocks are receiving these scores (you can see most of them on morningstar) and it does have an influence in the wealth management world.
Posted on 8/17/22 at 12:24 pm to Y.A. Tittle
quote:Well said. ESG became a thing at corporations because the Left CONSTANTLY badgers board members and CEOs with threats of proxy votes, PR actions, and all sorts of stuff.
Agreed. This whole throwing up our hands 'Well, there's nothing we can do!' mentality is so terribly self-defeating.
Ironically, the Right wants AGs and the SEC to "do something". Relying on big government to solve your problems will never work. Even the the wokeheads have realized that, and now go to corporate boards directly to get their agenda implemented.
Posted on 8/17/22 at 7:21 pm to Taxing Authority
CIN
quote:
(CNN)As soon as next week, Florida pension fund managers could be barred from considering the social impact of their financial decisions as Gov. Ron DeSantis opens a new front in his anti-"woke" crusade, this time focused on Wall Street and corporate CEOs.
In new draft rules posted Monday on the website of the agency that oversees Florida's pension fund, state investment managers can weigh only the risk or return of an investment when directing the state's $200 billion in assets. The directive is DeSantis' initial salvo against what he has called "ideological corporate power," and it follows efforts by other GOP state leaders that are targeting companies that venture into the political arena.
quote:
DeSantis has criticized financial institutions and corporate executives for considering factors like systemic racism and economic inequality when making business decisions, a practice known as environmental, social and governance, or ESG, investing. In an episode of Glenn Beck's online show posted Saturday on YouTube, DeSantis told the conservative commentator that he expected the new rules to "make a big splash" when they pass.
"We're a big pension system," DeSantis said, "and some of these businesses are going to have to choose between going down the ESG rabbit hole or being able to be invested with the state of Florida."
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