Posted on 11/06/2022 3:59:39 AM PST by MtnClimber
Conservative state governments are recognizing that ESG investment funds are bad business.
One persistent myth in today’s materialistic society is that money rules everything. Those wishing to understand why people act the way they do are told to “follow the money.” The lust for power and wealth trumps everything.
However, there are more important things than money -- even on Wall Street. Some liberal businessmen and investment management firms often sacrifice profits to promote their leftist ideological causes.
The case of the BlackRock index fund is one example of misplaced ideological motives. The company has used its financial muscle to browbeat others into toeing ecological, social and governance (diversity) lines. However, BlackRock is now getting a taste of its own medicine. It is paying the penalty for insisting that others bow before the gods of “woke” culture.
Introducing the ESG Rating System
BlackRock is a major player in the latest Wall Street craze of using a rating system to decide who receives its massive supply of investment dollars. This new social credit scheme evaluates investment possibilities based on their compliance with environmental, social and governance (ESG) targets. A state (e.g., Utah), county, city, or company with a negative ESG rating can see itself choked off credit or investment capital.
On January 15, 2020, BlackRock founder and CEO Larry Fink sent a letter to CEOs saying that he will use its power to ensure “every government, company, and shareholder must confront climate change.”
The plight of these targeted companies is made worse by investment managers at index funds like BlackRock, who control vast numbers of shares. They can use the ESG ratings against corporate boards by promoting shareholder resolutions to force management to advance liberal social causes, eco-climate standards, and diversity employment goals. ESG eco-activists especially target fossil-fuel companies
(Excerpt) Read more at americanthinker.com ...
Larry Fink has an appropriate name. He sucks up to China while trying to destroy our domestic energy production. He is a true traitor to the country that made him wealthy, and he has shown that he cannot be trusted with any level of power over other people.
The problem isn’t just BlackRock, though, is it...
How dare you!!!
Ye is right, another one of my fellow Jews running America down.
Fink sold out to Beijing and Davos.
BlackRock has been used to lead the Great Reset which aims to turn free citizens into serfs:
https://newtube.app/user/Hostage/aZXdOqd
Blow me, Rat Fink…and the rest of your rotted enemy of the Republic cucks.
Diversity in certain things is much overrated. Wrongly applied diversity is counterproductive.
In economics, there are only a very few roads that lead to growth and prosperity, and every one of them leads through some form of capitalism. In social associations, there are the paths that lead to personal growth, to a benign situation, or to highly toxic environments. In governance, the range is from various forms of command-and-control, to a structured and limited form, and in complete degeneration, anarchy, collapse of all efforts to establish order and some kind of predictability.
Trying to apply the ESG formula to daily transactions in the marketplace is trying to force conformity onto a paradigm that is not capable of staying within strictures and arbitrary rules. In the give-and-take of business negotiations, sometimes rather large exceptions and allowances have to be made, determined by constraints of time, available resources and willingness to negotiate.
The ESG framework does not make room for these exceptions and allowances.
They are communism, not just bad business.
Red states need to do more than merely divest in Blackrock. They need to actively punish Banks and Hedge Funds which engage in ESG practices.
They can even do this without legislation a la Governor Cuomo in New York. ie “if you don’t do what we want - dump ESG - you are going to have all kinds of problems in our state. You are going to suddenly finding yourself getting audited up the wazoo. You will then find yourself getting sanctioned and fined on a constant basis in this state, and your executives are going to find themselves getting hauled before legislative committees and bank licenses in our state are even going to be on the chopping block. OR....you can toe the line. Your choice.”
Get 15-20 states doing that to them and they’ll have no choice but to drop the ESG crap right away whether they like it or not.
“The problem isn’t just BlackRock”
Nope. Vanguard is right up there, too.
They have three funds that appear to be 100% ESG. Other funds have ESG companies sprinkled in them. Hard to find a fund that’s “pure”.
Strive Asset Management is something were looking at.
She looks like someone whose grandparents were all Waffen SS.
State Street, too...
She does have that “get into der boxcar - schnell!” Look to her.
Aside from election fraud, the turn away from companies fiduciary responsibilities to its share holders in favor of political agenda is probably the most dangerous thing to modern civilization and will lead to economic chaos.
Thanks. Will check it out.
One of the best, and very recent, Globull Gloaming protest fiascos was the idiots gluing themselves to the floor of a VW shop. The very smart VW staff simply ignored the wackos, and at closing time they....closed. They turned everything off, including the heat, and just left. The little, angry darlings (I say angry because, as Rush reminded us often, they are constantly angry) did not plan their evening and night very well. Unless they brought s solvent for the glue, the bathroom visits would have to wait until someone could, would come to help. I suppose they could just man-up and pull themselves away from the floor, but I cannot imagine the usual type of protestor having the guts and fortitude to do it.
Also, while Kalifornia is attempting to mandate EVs, get rid of the internal combustion engine, and perform an outright elimination of natural gas usage, people like Obambi are installing thousands of gallons of natural gas storage tanks. In one of Obambi’s east coast compounds he recently installed two 1,000 gallon tanks, and another 500 gallon tank. The tanks will cost at least $75,000 to fill, and I believe Soros and the Chicoms will be happy to assist with the bill. As we witnessed over and over during the Plandemic, liberals love to sow fear while doing the exact opposite of what they preach. They state over and over that the rising oceans will consume the coastal cities and towns, while they themselves purchase massive mansions ON THE BEACH. We have more natural gas than Saudi Arabia, but here at home Kalifornia is trying to ban it. I remember so clearly the TV commercials touting ‘cook with gas’ as the best method for any kitchen. Now, Kalifornia has banned natural gas in any new construction. Kalifornia cannot meet the electric power needs of its residents today; yet, somehow, in a few short years, everyone will be expected to have an EV, and electric stove top / oven. I can just see the Pelousy Klan stormtroopers invading private land and excavating any private natural gas tanks (while Obambi, Pelousy, and whoever else, bask in the warmth or cool, that NG provides).
money is just a symbol of power
the goal of esg is power
a one world government without those nasty elections
the elite have elected themselves masters of the universe
and we are forced to bow down to their superior “intellect” and “virtue”
Blackrock is definitely leading the charge to push companies to make inroads in ESG in the US. Europe has already been taken largely over by ESG crazies. US is about 3-4 years away. It’s one of the reasons I’m considering dropping out of public company and go to a smaller private company.
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