Posted on 10/21/2021 3:28:35 PM PDT by Pining_4_TX
Asset managers like BlackRock are pushing to create ESG 401(k) funds in part because they can charge higher fees. According to Morningstar, the asset-weighted average expense ratio of U.S. "sustainable" funds was 0.61% in 2020 compared to 0.41% for all open-ended mutual and exchange-traded funds and 0.12% for passive funds. This difference can reduce retirement savings by tens of thousands of dollars over a few decades.
(snip)
All of this amounts to a backdoor rewrite of Erisa, one of the better laws of the last 50 years. Progressives are moving across the Biden administration to steer private capital to implement an agenda they can’t pass through Congress. Your savings will be conscripted to advance the progressive agenda, whether you like it or not.
(Excerpt) Read more at foxbusiness.com ...
This isn't the first time I've seen Black Rock mentioned in some evil leftist scheme.
10% for the Big Guy.
You just had to make me angrier, didn’t you? ;-)
I just rolled over my 401k to an IRA.
ESG? Ethanol, smokes and guns? Is that like investing in the things the BATF hates?
This ESG horse sh#t is coming, like it or not.
“An important Trump Labor rule last fall reinforced that the Employee Retirement Income Security Act (Erisa) requires retirement plan fiduciaries to act “solely in the interest” of participants.
“The Biden DOL plans to scrap the Trump rule while putting retirement sponsors and asset managers on notice that they have a fiduciary duty to include ESG (environmental, social and governance objectives) in investment decisions.”
I invested part of my IRA in an ETF that specializes in investing in companies with conservative values..
I also look to invest in companies with lousy ESG ratings on purpose.
I hate these people. They are determined to ruin our country and make us all poor.
Show me the profanity
Your thesis would be correct in a free market.
That disappeared a long time ago.
Big gov decides the winners and losers now.
Yours is specifically included in Jim’s post. Line #3.
Bastille day.
If the name is not familiar, look it up.
It is most probably the only solution with any chance of working. When you deal with slime, you flush it.
The Mattress Bank will be busy again.
Honestly, this is not the first time I've heard about this and Black Rock is not alone. When I pull up research on any equity, I see ESG scores listed for them in research reports these days.
This is a result of progressive brainwashing in our educational system where Millennials and Zoomers want to make sure their money is going to politically-correct companies.
There is also a social media score given to companies based upon positive or negative mentions on FB/Twitter.
And to be fair, you have funds like Ave Maria Funds where you make sure their investments don't support equities that go against the beliefs stated in the funds prospectus (in the case of Ave Maria, you'd be looking at not investing in companies that support things like abortion, embryonic stem cell research, etc., etc.)
It won’t stop there. How long before they just TAKE what they want from retirement accounts? My thoughts about these people cannot be put in print.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
