Posted on 11/21/2021 7:09:59 PM PST by lasereye
The revolving door between Washington and Wall Street always stirs passionate objections from progressive good-governance groups — except, it appears, when it involves corporate wokeism.
For proof, all you need to do is unpack the Biden administration’s so-called Environmental Social Governance agenda and its ties to BlackRock, the world’s biggest money-management company headed by Larry Fink, which manages more than $9 trillion in assets.
BlackRock has been an active cheerleader for White House policy toward ESG — the practice of prodding industries to enact climate-control measures and adopt other lefty shibboleths such as board diversity as part of their business models — and profit from it without attracting much attention from the usual suspects.
The Biden Labor Department is now proposing a new rule that would force companies and their 401(k) sponsors to include investments that adhere to ESG standards. To make room for these new ESG offerings, the best-performing funds will take a back seat to funds that adhere to the woke mandates.
Fink is a billionaire, and his success enabled him to become a key player in the Democratic Party. And he hasn’t been bashful in deploying BlackRock’s clout to advance Democratic economic causes in ways that happen to support its bottom line.
More recently he has vowed to make ESG a centerpiece of BlackRock’s investing model. As Eleanor Terrett of Fox Business has reported, BlackRock now offers more than 150 mutual funds and exchange-traded funds that adhere to ESG standards — more than any other firm on Wall Street.
Fink, meanwhile, has some important help in advancing this profitable ESG investing model. As it turns out, the Biden administration is stocked with former BlackRock people who are doing the same on a national regulatory level.
(Excerpt) Read more at nypost.com ...
No matter how much money they waste and swindle us out of there will be no detectable difference in the climate.
Every Fink I’ve known has been a Fink. I’m sure there are good Finks out there but as yet I haven’t come across one.
a little bit of criticism creeps into BBC’s otherwise approving piece:
28 Sept: BBC: Green investing: How your savings can fight climate change
By Lucy Hooker
Another piece of recent research by French business school, Edhec, found “greenwashing” by funds claiming to be climate-friendly disguised the limited impact their investments were having.
It said money wasn’t flowing to companies that were improving their environmental record, while many that were deteriorating were still being funded.
One leading fund manager, BlackRock’s chief investment officer for sustainable investing, Tariq Fancy, left his job in frustration. He has denounced ESG investing as “sustain-a-babble” arguing it does more harm than good because people think they’re tackling climate change when they’re not.
Ultimately, though, these problems will have to be resolved, says Ben Caldecott, the Lombard Odier associate professor of sustainable finance at the University of Oxford, because shifting financial flows is an essential part of the decarbonisation process.
“There is no solution that doesn’t involve the financial sector changing rapidly. There is no transition without it,” he says...
In fact, how to mobilise private finance is high on the agenda at the COP26 meeting in Glasgow, taking place in November...
https://www.bbc.com/news/business-58544966
BlackRock is up to its ears in evil.
Forcing people to invest in things labeled “ESG” helps Blackrock, because it would drive investments to the funds that they manage. It doesn’t matter whether many of the companies that the funds invest in are actually doing much that is intended to alleviate “climate change”.
I knew a family that was OK.
Actually I have to thank lefties for helpfully labeling the funds run by foolish managers. I always remember to check those scores. Normally lefties try to hide their wrongdoing.
“BlackRock is up to its ears in evil.”
And they are up to their a$$es$ in the Biden Bunch’s BS.
OMG!
Fink not flint
ESG is a fraud. Yet another ideological scam that has already rotted academia and now infects business and government.
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