Posted on 03/29/2024 8:59:14 AM PDT by bitt
'Investment companies will not push their political agenda on Mississippians,' says Michael Watson
The state of Mississippi has issued a cease and desist order to trillion-dollar asset manager BlackRock, alleging the firm has committed fraud by misleading investors through its climate policies.
Late on Tuesday, Mississippi Secretary of State Michael Watson's office delivered the order and a notice of intent to impose an administrative penalty — which could amount to a first-of-its-kind multimillion-dollar fine — against BlackRock, an action targeting so-called environmental, social and governance (ESG) investing. Watson claims BlackRock has repeatedly misled Mississippi investors pertaining to its broader ESG agenda.
"Investment companies will not push their political agenda on Mississippians, especially through fraudulent and deceptive means," Watson said in a statement shared with FOX Business. "All citizens should have the opportunity to make informed and educated decisions when investing their hard-earned money. If not, our office will hold these bad actors accountable."
In the order delivered to BlackRock, Watson takes aim at the firm related to its handling of non-ESG funds it manages. While BlackRock states those exchange-traded funds (ETF) and bond ETFs do not "seek to follow a sustainable, impact or ESG investment strategy," Watson argues those representations are false or misleading because they run contrary to BlackRock’s public ESG commitments.
(Excerpt) Read more at foxbusiness.com ...
P
Excellent. Red States individually and especially collectively have the power to push back on even the likes of Blackrock, Vanguard, etc.
Mississippi is to be applauded for taking on Blackrock, and ESG.
WOKE culture, and wise investment strategy, are completely at odds with one another.
Yet another product of a bankrupt educational system in U.S. universities.
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