Posted on 12/02/2022 1:13:17 PM PST by Tolerance Sucks Rocks
Another state on Thursday announced that it would begin divesting its assets currently managed by investment giant BlackRock, accusing it of “[leaning] heavily into Environmental, Social, and Governance standards.”
“As Florida’s chief financial officer, it’s my responsibility to get the best returns possible for taxpayers. The more effective we are in investing dollars to generate a return, the more effective we’ll be in funding priorities like schools, hospitals, and roads,” Jimmy Patronis, Florida’s chief financial officer, said in a press release.
The divestment will involve “$2 billion worth of assets,” according to the statement.
“As major banking institutions and economists predict a recession in the coming year, and as the Fed increases interest rates to combat the inflation crisis, I need partners within the financial services industry who are as committed to the bottom line as we are—and I don’t trust BlackRock’s ability to deliver,” said Patronis, who was reelected to the position on Nov. 8.
In the same statement, Patronis referenced BlackRock’s chief executive officer, Larry Fink, and a letter Fink sent to other chief executive officers in January.
“BlackRock CEO Larry Fink is on a campaign to change the world. In an open letter to CEOs, he’s championed ‘stakeholder capitalism’ and believes that ‘capitalism has the power to shape society,’” Patronis said.
“To meet this end, the asset management company has leaned heavily into Environmental, Social, and Governance standards—known as ESG—to help police who should, and who should not, gain access to capital,” he added.
(Excerpt) Read more at dailysignal.com ...
PING!
ESG = Corporate Fiduciary Negligence
Blackrock has also been investing large sums ($120B) in the residential real estate market. Much of this investment during a bubble. And now we have rising interest rates, falling real estate prices and inflation. I’d be divesting from Blackrock too...
Louisiana did the other day as well.
And never trust a company run by a Fink.
Blackrock is about to get its arse handed to it in the real estate crash.
So states can invest taxpayers' funds in private companies?
I didn't know that.
Sounds like a risky game and a recipe for corruption.
Here's an idea: Why not invest taxpayer dollars in things that will really help people in the state--or here's a better idea--if there is so much money left over, refund the taxes and let citizens invest them themselves.
I have no sympathy for Blackrock. They were part of the craze of buying up homes and renting them, possibly as part of the Great Reset (You vill own nuttingk undt you vill be heppy!).
You make too much sense, and as a result, you will never succeed in politics.
Darn. Just when I was think of running for guv'nor.
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