Posted on 08/26/2022 5:42:35 AM PDT by MtnClimber
The state of Texas announced new restrictions on at least 10 finance firms that have declared an opposition to oil and other fossil fuels, since such a stance could “undermine” the Texas economy that depends heavily on such fuel sources.
The Daily Caller reports that the restrictions, announced by the Texas Comptroller of Public Accounts Glenn Hegar, will prevent the companies in question from entering into most contracts with entities at the state or local level. The new policy is the result of a law passed in 2021 that requires the state government to limit its ties with anti-oil companies. As a result, the government requested information from over 100 companies to determine their stances on fossil fuels.
The ten companies that currently fall under this new ban are: BlackRock Inc.,
UBS Group AG, BNP Paribas SA, Credit Suisse Group AG, Danske Bank A/S, Jupiter Fund Management Plc, Nordea Bank ABP, Schroders Plc, Svenska Handelsbanken, and Swedbank AB. BlackRock in particular has come under heavy scrutiny in recent years due to its extreme emphasis on so-called “environmental, social, and governance investing” (ESG), a new international practice that sees companies receive a certain score based on how much they invest in green energy, racial and diversity-based quotas, and other far-left practices.
Hager said that the list of newly-banned companies will serve to “create some clarity for Texans whose tax dollars may be working to directly undermine our state’s economic health.”
“A diverse energy portfolio is necessary for Texas to meet our future energy needs, and a vibrant Texas oil and gas industry is a stabilizing force in today’s economic and geopolitical environment,” Hegar said in a statement. “My greatest concern is the false narrative that has been created by the environmental crusaders in Washington, D.C., and Wall Street that our economy can completely transition away from fossil fuels, when, in fact, they will be part of our everyday life into the foreseeable future.”
In response, BlackRock released a statement accusing Hegar of “politicizing state pension funds,” and declaring that the decision is “not a fact-based judgment.”
“BlackRock does not boycott fossil fuels – investing over $100 billion in Texas energy companies on behalf of our clients proves that,” the company added. “Elected and appointed public officials have a duty to act in the best interests of the people the[y] serve.”
It seems that Texas left off Vanguard and State Street. Both are big pushers of ESG scoring being forced on companies by the Securities and Exchange Commission.
I wish many of the states would follow. These corporations are flat out disgusting undermining our values and pretending to care about “ Mother Earth” while actively destroying it.
Just to think until a decade or two ago, Republicans were the strongest supporters of these corporate capitalists, and the Dems hated them with a passion. Old time Dem Marxists like Bella Abzug would be stunned to see the role reversal.
Great link Pollard... Thank you.
I’m stunned. Unfortunately these corporations have been actively undermining our country.
Excellent. We need a lot more of this. We need an alliance of red states to adopt similar laws.
Push ESG? Against oil or gas or guns or any other legal product?
Then you will not be eligible to do business with any state entities.
Sign it Texas, Florida, Georgia, Alabama, Mississippi, Louisiana, Oklahoma, Arkansas, Tennessee, Kentucky, South Carolina, North Carolina, Missouri, Indiana, Ohio, Iowa, West Virginia, Nebraska Utah, Wyoming, Kansas, Montana, Idaho, Arizona, North Dakota, Alaska, South Dakota, maybe Wisconin, maybe Pennsylvania.
That would end a lot of this crap REAL fast.
Not just doing business with the state, but operating in that state at all. State Corporation Commissions have the legal power to deny a corporation from operating in their state at all.
“These folks aren’t policymakers,” Moore was quoted as saying. He continued: What if the shape of society that BlackRock wants is not what we want, what West Virginia wants, what other states want, what probably most Americans want? People aren’t voting for this at the ballot box. They’re using their massive amount of corporate power and capital to coercively push their views of the world onto the rest of us.”
What Moore apparently doesn’t fully realize, however, is that BlackRock’s brazen financial and social governance is not a mere isolated act of outlawry, but rather is fully consistent with the core plan of private central banks (and their spawn in the corporate world) since their inception. That plan is to sack the nation state and its subdivisions by owning the debt and, from there, eventually commandeering the entire financial infrastructure. The social and political ramifications are beyond immense. Whenever nations are saddled with private central banks that issue every currency unit in the form of interest-bearing debt, the stage is set for the dissolution of nation states. The first order of remedial business would be to undo this state of affairs, lest the financial overlords continue ruling national governments—which, in turn, institute tyranny on behalf of their creditors. UK Column will keep readers abreast of any response that BlackRock may issue to this stinging inquiry into its practices.
Private Governance and the "Power of Twelve": In this forthcoming brief podcast (to be embedded on the current page), Mark Anderson expounds on the concerns of 19 American Attorneys General (chief law officers of states) who wrote to BlackRock CEO Larry Fink over concerns that the world's top index-fund management companies are becoming too powerful and engineering the world according to a a global agenda and not for the best possible investment returns for US pensions. Out of this analysis emerges serious concerns that "Twelve Emperors"—funds including BlackRock, State Street and Vanguard—could soon rule the world in several key ways, as warned of by Harvard's John Coates and even the Financial Times.
Looking better, but they should be sued into oblivion for intentionally failing their fiduciary duty. Larry Fink should be arrested for trying to steal a tent from another homeless person.
Now they just need to do the same to any corporation that Blackrock hold shares in.
Where did Blackrock get the $10 trillion in assets?
They started in 1988. https://en.wikipedia.org/wiki/BlackRock
I figure corruption.
BlackRock Solutions was retained by the U. S. Treasury Department in May 2009[26] to manage (i.e. analyze, unwind, and price) the toxic mortgage assets that were owned by Bear Stearns, AIG, Inc., Freddie Mac, Morgan Stanley, and other financial firms that were affected in the 2008 financial crisis.
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