Free Republic

The NYC Partnership threw a party — but no one really showed up. A who’s who of the New York City business community were no shows for a Tuesday meet and greet session with socialist democratic mayoral nominee Zohran Mamdani. The list of New York City-based CEOs that declined the Partnership’s invitation includes Jamie Dimon, the nation’s top banker and chief of JP Morgan, the nations largest bank; Steve Schwarzman, the CEO of private equity powerhouse Blackstone; Brian Moynihan, the head of Bank of America, the nations second largest bank; Larry Fink, the CEO of Blackrock, the worlds largest asset...

Despite having called Bitcoin BTC +0.59% an "immature asset class" that is inappropriate for long-term investors, Vanguard Group has become the largest shareholder in Strategy, according to a report from Bloomberg. Through its funds, the $10-trillion money manager owns 20 million Strategy shares or 8% of the outstanding common stock, according to a Bloomberg chart. Vanguard most likely passed Capital Group Cos. to become the top shareholder of Strategy shares during the fourth quarter, the report said. Strategy (ticker MSTR), formerly known as MicroStrategy, has become a proxy bet for Bitcoin as the company's chief business proposition has been acquiring...

BlackRock, a U.S. investment firm, suspended work on a multibillion-dollar Ukraine recovery fund following U.S. President Donald Trump's election victory, prompting France to work on a replacement, Bloomberg reported on July 5.The plan nearly secured the initial support of institutions backed by the governments of Germany, Italy, and Poland, people familiar with the matter told Bloomberg.Kyiv has sought to secure investment in Ukraine's reconstruction as Russia's war continues to destroy infrastructure across the country.BlackRock halted its search for institutional investors in January, causing the planned funding that sought to secure $500 million from governments, development grants, and investment banks, and...

The suit alleges a coordinated effort to block medical care for those exposed to toxic chemicals. Also named are Vanguard, Mercy Health, and Quest Diagnostics, with the CDC accused of instructing healthcare providers not to test for dioxins or other hazardous substances. Plaintiffs claim this led to widespread misdiagnoses, delayed treatment, and that a letter was circulated telling providers to dismiss patient health concerns. ...

Brief represents the first time the Trump administration has weighed in on green investing issues.. The Federal Trade Commission is throwing its weight behind a high-profile federal lawsuit led by 12 Republican-led states accusing three of the world's largest asset managers—BlackRock, State Street, and Vanguard—of artificially constricting the coal market in violation of U.S. antitrust laws, the Washington Free Beacon has learned. The filing in the case is a remarkable move that represents the first time the Trump administration has waded directly into an issue or case related to environmental, social, and governance (ESG) policies. Led by powerful asset managers...

BERLIN (AP) — Members of Germany's biggest opposition party, the center-right Christian Democratic Union of former Chancellor Angela Merkel, have chosen prominent conservative Friedrich Merz as its new leader, the party said Friday. Merz's election with a strong mandate appears to mark at least a symbolic break with the Merkel era. Making his third run for the CDU's top post, he took 62.1% support in a ballot of the party's membership to beat two centrist contenders. A party convention next month will have to sign off officially on the membership vote, but that should only be a formality. Armin Laschet,...

Larry Fink, the CEO of BlackRock Inc., warned policymakers in New York City on Monday that crime, cleanliness and a shortage of quality schools have significantly undermined the city’s attractiveness to businesses. “The city is on the verge of losing a lot of companies,” the 72-year-old Fink said during a candid conversation hosted by the Economic Club of New York on Monday. “I don’t believe the city has the vitality that it did before.” ... Fink, who first arrived in New York during the rough-and-tumble 1970s when it was plagued by an economic crisis and widespread urban decay, expressed deep...

China has held up the $23 billion sale of dozens of ports worldwide — including two key ports in the Panama Canal — to a group led by US investing giant BlackRock after President Trump expressed concern about Beijing’s sway over the strategic shipping lanes. On March 4, CK Hutchison, a Hong Kong-based conglomerate controlled by 96-year-old billionaire Li Ka-shing, announced plans to sell 43 port facilities globally — including critical ports at both ends of the Panama Canal and near the Suez Canal — for approximately $22.8 billion. But China’s State Administration for Market Regulation unexpectedly initiated an investigation...

ExxonMobil's gay problem The world's largest oil company is under fire for refusing to specifically prohibit discrimination against gays in its employment policy. NEW YORK (FORTUNE) - Does ExxonMobil have a problem with gay people? While much of corporate America has embraced gay rights - by promising not to discriminate against gay workers and offering domestic partner benefits - the world's largest oil company has steadfastly resisted pressures to become more gay-friendly. ExxonMobil has been boycotted by gay rights groups, peppered with angry phone calls, criticized in gay-oriented consumer guides and pressured by shareholder resolutions - all to no avail....

Trump’s Blackrock deal is far from over. Generations of sending American jobs, tech, and manufacturing to China was equivalent to feeding wild tigers near the local kindergarten. And now jungles are full of tigers used to getting their way. I made the tiger photograph in the wilds of India. I made the video below in the wilds of Darien Gap. At an Embera village called Bajo Chiquito. Notice the Georgia Bulldogs tattoo. Maybe this guy is going to Georgia. And the man to his right. Wearing the cross. As many do. And the nice watch. After crossing through Darien Gap....

The ports surrounding the Panama Canal are about to come under American ownership. American asset management giant BlackRock (BLK) and a group of investors have agreed to buy ports on both sides of the Panama Canal from owner CK Hutchinson Holdings for nearly $23 billion, the Hong Kong-based firm announced Tuesday.

A BlackRock-led consortium has agreed a $22.8 billion deal to buy two major Panama Canal ports owned by a Hong Kong-based conglomerate following intense pressure from US President Donald Trump over alleged Chinese interference in the critical trade route. The sale is a victory for Trump, the Financial Times noted. The president had repeatedly suggested the US could take the Canal back, citing national security concerns: The waterway is controlled by Panama, but the ports at either end are privately owned. This deal brings two at either entry to the Canal under US ownership. The BlackRock-led group will acquire a...

DOGE: David Lebryk controlled the computerized payment system responsible for $6 trillion in Treasury payments before he refused to give Trump's DOGE team access to the system. His manager was a Nigerian immigrant appointed by Biden. He quit two weeks ago. ... Obama hired him ... Adeyemo was an Obama insider. He was Director of the National Economic Council under Obama AND he was a Sr Advisor at BlackRock - Very Convenient for them. We’re going to find out how MUCH the Treasury Department stole from the American taxpayers now. People are going to prison. ... Biden really did try...

DEI: LA Mayor Karen Bass is hiring an ‘outside consultant’ to rebuild the Pacific Palisades in a more equitable and environmentally sustainable way. She intends to award the contract without authorization from the property owners. ... CORRUPTION: California updated the law to allow Mayors like Karen Bass to take contributions from contractors and consultants to the city if they are award via competitive bid starting on Jan 1, 2025. This exemption is significant because it means that vendors winning contracts through competitive bids can still donate to political campaigns of officials overseeing the contract process—potentially leaving room for continued influence...

‘A lot of companies got way out over their skis on this, but the law hasn’t changed,’ Tennessee Attorney General Jonathan Skrmetti said.. After years of applying the progressive environmental, social, and governance (ESG) ideological framework to their corporations, executives appear to now be realizing that these programs could be driving their companies into a legal and financial wall. The past year has seen a growing list of Fortune 500 companies announcing that they are dropping race- and gender-based programs for their employees and pulling out of global net zero climate clubs. Companies that have announced they are canceling or...

Retail giant swats back at a conservative activist group ... In a steady parade of companies retreating from their diversity efforts, Costco Wholesale is standing out by holding fast. Ahead of its annual meeting next week, the warehouse retailer has urged its shareholders to reject a proposal .... Major companies from McDonald’s to Meta Platforms have faced pressure to reconsider diversity, equity and inclusion policies. That pressure has been amplified by anti-DEI boycott threats and ... In Costco’s case, a conservative activist group is pushing the company to compile a report on the risks posed by its initiatives. “It’s clear...

The Big Three used the power they derive from investing other people’s money to force compliance with a radical political goal. A recent House Judiciary Committee report details how America’s largest financial institutions, colluding with climate activists, imposed radical environmental policies on the American economy, subverting both our self-government and free markets. It focuses on the successful effort to insert climate activist directors on the board of energy giant ExxonMobil. According to the report, there is “substantial evidence of a ‘climate cartel’ of financial institutions” including the “Big Three” asset managers (BlackRock, State Street, and Vanguard), several massive state pension...

A federal judge in Texas ruled against American Airlines after the company centered employee retirement plans on environmental, social, and governance factors, also known as ESG. U.S. District Judge Reed O’Connor concluded on Jan. 10 that American Airlines failed to exercise its fiduciary duty to make investment decisions for retirement accounts based on the best interests of the beneficiaries, according to a report from Reuters. O’Connor added that American Airlines had inappropriate ties to BlackRock, the asset management behemoth which has long been a leading advocate for the ESG investing movement. ... The evidence made clear that [American’s] incestuous relationship...

Senator Richard Blumenthal (D-CT) made it clear Tuesday that he does not believe Pete Hegseth is qualified to lead the Pentagon as Secretary of Defense. Hegseth appeared before the Senate Armed Services committee for the first step in his confirmation hearing. The former Fox News personality called himself a “change agent” during his opening statements to the committee, saying, “it's time to give someone with dust on his boots the helm period.” Hegseth is a former member of the Army National Guard but allegations of sexual assault, excessive drinking and controversial views on women in combat have marred his nomination...

ESG investments tend to underperform traditional funds by approximately 10 percent, the judge observed.A district court has ruled that American Airlines failed to prioritize the financial interests of its employees’ retirement funds by enabling fund managers to pursue environmental, social, and governance (ESG) investments.The judgment came as part of a 2023 lawsuit filed against American Airlines and the company’s Employee Benefits Committee. The class action alleges that the defendants violated their duty of loyalty under the Employee Retirement Income Security Act, which states that fiduciaries managing retirement investments must act in the best financial interest of the participants.The defendants are...