Florida pulls $2 billion from BlackRock in largest anti-ESG divestment

Reuters via Yahoo ^ | December 1, 2022 | By Ross Kerber

[Oldeconomybuyer]

(Reuters) - Florida's Chief Financial Officer said on Thursday his department would pull $2 billion worth of its assets managed by BlackRock Inc, the biggest such divestment by a state opposed to the asset manager's environmental, social and corporate governance (ESG) policies.

While the move will hardly dent BlackRock's $8 trillion in assets, it underscores how the backlash among many Republican politicians, such as those in Florida, against ESG investing, which they see as promoting a "woke agenda" is gathering steam.

Republicans are set to assume control of the House of Representatives in January. This will allow them to hold hearings on ESG and grill the chief executives of BlackRock and other major assets managers about their ESG policies, and also pressure regulators to scrutinize them.

In a statement, Florida CFO Jimmy Patronis said the state's Treasury, which he oversees, would remove BlackRock as manager of about $600 million of short-term investments and have its custodian freeze $1.43 billion of long-term securities now with BlackRock, with an eye on reallocating the money to other money managers by the start of 2023.

Patronis accused BlackRock of focusing on ESG rather than higher returns for investors.

"Florida's Treasury Division is divesting from BlackRock because they have openly stated they've got other goals than producing returns," Patronis said in the statement provided by his office.

[july4thfreedomfoundation]

Time to break up Blackrock.

[montag813]

Smart move, especially before year's end in a terrible year for stocks. Write off the losses and invest with better, actually ethical funds next year, when the market is more likely to do better.

[Drew68]

But nope, just do it the typical DeSantis way, poorly-planned, zero execution…

Maybe he should’ve just tweeted about it instead.

Governor DeSantis really gets your blood pressure up, doesn’t he?

[entropy12]

My governor DeSantis rocks! Florida is such a nice state to live in now.

[EEGator]

I wonder how many FReepers, from multiple sides, will get banned in the next 2 years?...

[MadMax, the Grinning Reaper]

Might have to rename Black Rock to In the Red Block if this trend continues. Go for it.

I got rid of my Black Rock stock a Couple years ago. No regrets. Now run by a leftist prick.

[Drew68]

I wonder how many FReepers, from multiple sides, will get banned in the next 2 years?...

I had a post removed recently where I simply asked if the bumpstock ban was conservative and if the "Platinum Plan" of black reparations was MAGA?

I'd like to think it was done in error.

[EEGator]

I would like to think so.
Too many white people are afraid of asking legitimate questions, and stating “ugly” facts.
The truth is always the truth...

[StAnDeliver]

"Maybe he should’ve just tweeted about it instead. Governor DeSantis really gets your blood pressure up, doesn’t he?"

"I wonder how many FReepers, from multiple sides, will get banned in the next 2 years?..."

Well, I give that Ronlim about TexasGator time.

"Weeeeeep no more, my Ronlimmmm..." ZOT

[EEGator]

He was certainly a grumpy contrarian that loved to argue anything.
What did he say?

[Does so]

1) How would you discover that one of your posts was removed?

2) How about black reparations, but made in Blackrock stocks?

[justme4now]

That’s Key West.

[EEGator]

Thanks.