Posted on 10/07/2022 2:31:57 PM PDT by Twotone
Louisiana State Treasurer John Schroder announced his state will divest funds from the multi-trillion dollar investment firm, BlackRock, due to environmental, social and governance (ESG) policies some claim boycott the oil, gas and coal industries.
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Schroder said in a letter sent Wednesday to BlackRock CEO Larry Fink.
To avoid losing state money “to the detriment of our citizens,” the Louisiana Treasury will gradually divest funds from the financial firm, Schroder wrote. The Louisiana Treasury divested $560 million from BlackRock as of Wednesday.
“Once complete, this divestment will reflect $794 million no longer entangled in BlackRock money market funds, mutual funds or exchange-traded funds (ETFs) holdings,” according to the letter. (RELATED: Wall Street Does Damage Control After GOP Targets Woke Capital)
The letter took direct aim at ESG, an investing practice that penalizes industries believed to be harming the environment, but ESG’s environmental considerations are often made at the expense of other fiduciary duties. Investment firms that use ESG investing practices often refer to “stakeholder capitalism,” as BlackRock does on its website.
“At BlackRock, sustainable investing spans a range of strategies that combine traditional investment approaches with ESG insights to seek to deliver both financial and sustainable outcomes,” the firm’s site states.
(Excerpt) Read more at dailycaller.com ...
OK for Louisiana but what about Brian Kemp in Georgia I think BK has his nose up corporate hiney.
I’ve been noticing Black Rock commercials in KC.
FINALLY!!!
I wonder if BlackRock uses private jets. Or tolerates customers that do.
Well done Louisiana!
Louisiana State Treasurer John Schroder did well.
The deepstate will send them a billion dollars of laundered tax payer money to make up for it.
FINALLY! Kick their Chinese Commie-loving ASSES!
Jon is probably going to run for governor. He’s a good guy, but Ron Landry will be hard to beat.
Good, and I hope for more of this.
Cute plastic dinosaurs and sea-shell brands aside, Oil is abiotic, not the product of long decayed biological matter.
So let’s stop calling is “Fossil fuel”, it is another renewable.
Black rock commies more states should follow
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