Posted on 10/05/2022 8:20:41 PM PDT by ameribbean expat
Louisiana Treasurer John Schroder penned a letter to BlackRock CEO Larry Fink, explaining the state would liquidate all BlackRock investments within three months and, over a period of time, divest nearly $800 million from the bank's money market funds, mutual funds or exchange-traded funds. The state treasurer blasted Fink's pursuit of so-called environmental, social and governance (ESG) standards that promote green energy over traditional fossil fuels.
"Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy," Schroder wrote to Fink in the letter first obtained by FOX Business.
"This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector. In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana," he continued. "I cannot support an institution that would deny our state the benefit of one of its most robust assets."
(Excerpt) Read more at foxbusiness.com ...
I wonder which ESG-friendly firm they will turn? Vanguard is just as bad. Maybe E. F. Hutton.
I hope Florida follows.
Larry Fink..
Another insanely rich fool who thinks he’s immortal.
Good news out of Baton Rouge.
PING!
Mr. Fink’s response to Louisiana: “F*** you. Don’t let the door hit you on the way out.”
I think there are 25 to 30 other states looking to do the same thing.
A fitting last name.
Good. I hope more of this happens
Louisiana needs to invest in DRLL stock.
https://finance.yahoo.com/news/anti-woke-issuer-plans-more-190000187.html
bravo. more States to follow, hopefully. so important.
5 Oct: CNBC: Profits over politics: the case for anti-ESG ETFs
by Kevin Schmidt
“Our perspective is that U.S. energy companies should be focused on drilling on fracking, on doing whatever allows them to be most successful over the long run,” Vivek Ramaswamy, executive chair of Strive Asset Management, told Bob Pisani on CNBC’s ‘ETF Edge’ on Monday.
Strive has launched two ETFs to push back against “woke capitalism” in the industry. The Strive 500 ETF (STRV) tracks 500 of the largest U.S. publicly traded companies. The U.S. Energy ETF (DRLL) tracks the XLE energy ETF, with Exxon Mobil (XOM), Chevron (CVX) and Conoco Phillips (COP) comprising the top holdings.
“We’ve already engaged with 10 publicly traded energy companies,” Ramaswamy said. “And that’s what I think we need more of in the boardroom: more open debate representing a more diverse set of perspectives than we heard in the boardrooms of these companies over the last several years.”...
https://www.cnbc.com/2022/10/05/profits-over-politics-the-case-for-anti-esg-etfs.html
Vivek’s companies may be small now, but they could grow very quickly once States realise what a scam ESG is.
Excellent. More states need to do the same. Ideally, states shouldn’t have pension funds. I don’t even like the idea of 401k’s. Same goes for businesses. People should take personal responsibility for their investments. That’s not done by using, or worse yet, being forced to use some proxy. When some of these underfunded state pension plans go belly up, don’t come to me as a taxpayer to bail you out. These fools that are employed by government don’t build anything. They simply get in the way of those that do. Their career choice is their choice. They need to live with the consequences of never doing jack shit with their lives.
btw individuals need to tell their pension funds not to invest their savings in ESG rubbish as well.
So very stupid.
You divest with no warning, then send the letter.
Otherwise the Fink screams ‘no, no, not the Briar patch’ hedges and makes lots of money on the deal.
Every Red State needs to do this!
I wonder if BlackRock uses private jets.
There are other major financial institutions doing the same as Blackrock. Hit all of them.
Loosing roughly 1 billion $$$ in one lump sum is not trivial. That will remove several billion $$$ from the pot of funds available for them to invest in via loans, etc.
This is outside my specialty but the idea is that for each $1 invested into Blackrock, they can loan out or invest say $5. Money managers have been and should be fired for loosing a client far smaller than this.
This will hit Blackrock partners (including the managing partner) right in the pocketbook. The states listed as considering similar divestment probably total towards several hundred billion $$$. That would create a big ouch.
My opinions.
signal.
Does a bear $hit in the woods? A Master of the Universe can't possibly be expected to travel with the commoners on commercial.
Good to see some much needed pushback at the control freak nazis that want to dictate every aspect of our lives.
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