This is the largest-scale fiduciary breach in the 21st century: Ramaswamy

FoxBusiness ^ | May 25, 2022 | FoxBusiness

[Jess Kitting]

Strive co-founder and executive chairman Vivek Ramaswamy talks ESG and stakeholder capitalism on 'Fox Business Tonight.'

See video at link

Synopsis: Ramaswamy exposes asset manager companies' (such as Vanguard, Black Rock, State Street) penchant for advancing a "woke" agenda in their boardrooms, often contrary to the will of shareholders who give them money.

[cgbg]

Good post—the “woke” crowd is raw evil.

[Leaning Right]

Let’s say I own 100O shares of General Electric. That gives me 1000 votes when it comes to voting for GE’s board of directors. Fair enough. That’s the way it should be.

Now let’s say I have $1000 under management by Black Rock (money is a better “counter” than shares when it comes to mutual funds). That should give me 1000 votes when it comes to voting for Black Rock‘s board of directors. But it doesn’t. I have no say in the matter.

All I can do is transfer my money out of Black Rock. That’s an option, to be sure. But I would argue instead that I should have the same voting power there as I have with GE.

[fruser1]

If you want to vote in blackrock, you’d need to have some of their shares (BLK).

Having an account with them is not any different than hiring someone to do another job or purchase a product.

That’s why buying a GE appliance doesn’t convey any voting rights but owning some stock does.

[Leaning Right]

> That’s why buying a GE appliance doesn’t convey any voting rights but owning some stock does. <

Interestingly enough, my trusty old GE washing machine has been voting in every GE board election since 1958.

Just kidding, of course. You made a very good point.

[wardamneagle]

The largest scale of fiduciary duty in the 21st century ?

Bigger than the Wells Fargo crap?

[Mr. Jeeves]

“But that new, blue-haired, tattooed, nose-ringed Director of Diversity was so loud! We had to do something to shut her up!” :)

[sauropod]

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