Posted on 01/17/2023 6:46:30 PM PST by Golden Eagle
On Tuesday, Florida Governor Ron DeSantis fired another shot across the bow of the “woke” funding scheme known as ESG (Environment, Social, Corporate Governance) in the Sunshine State. DeSantis and the trustees of the State Board of Administration (SBA) approved measures to protect Florida investments by insisting that all state investors focus solely on maximizing the highest rate of return — and eschew the leftist ESG agenda.
DeSantis and Florida CFO Jimmy Patronis have already taken measures to remove all state ties with any ESG funding. Late last year, Patronis announced that Florida was divesting from ESG funding, specifically from investment-management company BlackRock, to the tune of over $2 billion dollars. Several other states, including Kentucky, Louisiana, and Arizona, have announced similar measures to rid their state of investing based upon “woke” principles.
In a press release, DeSantis blasted purveyors of ESG, whom he claims are using the public’s money to achieve left-wing political goals — an end run around the democratic process.
(Excerpt) Read more at thenewamerican.com ...
Yes!
Good for him!
Ron continues to impress. America is watching.
Will someone please outline President Trump’s position on ESG, and the measures he took against it while in office? Maybe we should ask Ivanna and her husband.
Crickets???
Yeah, thought so.
Ivanka, sorry.
Amen!!
ESG = Corporate Fiduciary Negligence
A good message for Davos where the Blackrock CEO is on the scene.
Great news. More states are doing this as well.
Blackrock has had $1.5 trillion in assets leave.
They went from $10 trillion to $8.5 trillion they manage.
I really hate these know nothings that think they are smarter then everyone.
Biden’s ESG Investment Rules Threaten Your Retirement Savings
https://townhall.com/columnists/stephenmoore/2023/01/17/bidens-esg-investment-rules-threaten-your-retirement-savings-n2618358
Excerpts:
The administration is pushing environmental, social and governance investing, which allows retirement fund managers to select stocks of companies based on their positions on social and environmental issues.
Put simply, retirement savings will be used as leverage to force companies to reduce their carbon emissions and establish racial and gender quotas and other social justice fads completely unrelated to securing a high return on workers’ lifetime savings.
For example, to reduce greenhouse gases, money managers have divested in traditional oil and gas companies such as Exxon or Chevron. How has that worked out so far? Last year, these were two of the highest-performing stocks.
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Terrence Keeley, a former executive at BlackRock, blew the whistle on this scam in the Wall Street Journal by noting that since 2017, when the ESG fad took hold, these funds have had an annual rate of return of 6.3% — versus 8.9% for the stock market as a whole. Investors lost 2.6% per year on their retirement funds. There goes the down payment on that retirement home in Arizona or Florida.
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Bravo to Vanguard for pulling out of the ESG scam. If you’ve invested your money with BlackRock or State Street, you might want to ask why they haven’t done the same.
He made the US energy independent for the first time in decades. You not knowing that is embarrassing.
Thx for formatting!!
It was the carets < > I used around a word that messed things up.
ESG is a killer
By the way, do you have any Secret Classified Files in your Corvette? 🤓
Q: Gov, why haven’t you secured Florida’s elections?
So by this action he could cause what funds are invested to produce diminishing returns. And perhaps those funds are part of the state retirement system for example. The funds thus under perform and could possibly affect future retirement plans for state employees. The state fund managers job should be to maximize returns...not virtue signal which is what this is.
Just another example of a not well thought out response...but it does garner headlines and convinces people he’s “doing something”.
Florida’s elections have been secured a lot more than the ones Trump has failed to secure. Of course you don’t care about all those.
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