Posted on 10/19/2022 10:00:24 AM PDT by gattaca
The asset management company BlackRock, which has been widely criticized for promoting multiple far-left concepts in the world of business, has seen its stock downgraded due to ongoing backlash.
According to The Daily Wire, UBS analyst Brennan Hawken downgraded the company last week due to its support for Environmental, Social, and Corporate Governance (ESG) policies. The target stock price was reduced from $700 to just $585, resulting in a one percent drop in BlackRock shares on Tuesday.
“We are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm’s ESG positioning,” Hawken said in a statement, noting that the company could see a further loss of business and greater regulatory scrutiny if it does not change its course.
The move comes after multiple state governments have actively begun divesting hundreds of millions of dollars away from BlackRock due to its support for left-wing causes and programs. South Carolina State Treasurer Curtis Loftis (R-S.C.) announced recently that the state would be pulling $200 million from BlackRock due to its “leftist worldview,” which Loftis said will only serve to “undermine” its fiduciary responsibilities.
Louisiana similarly announced the divestment of $794 million from the company, while Texas pulled funds from BlackRock and nine other companies due to their refusal to work with companies that use fossil fuels, a move which was determined to be in violation of state law.
BlackRock addressed some of the criticisms in a recent letter to multiple state attorneys general, claiming that the company was assuming a “forward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial outcomes.” At a recent panel, BlackRock CEO Larry Fink, alongside former President Bill Clinton, claimed that “climate risk is investment risk,” and thus efforts to force companies towards so-called green energy alternatives is necessary for business.
Brennan Hawken did not kill himself.
Good!😀
There was a story posted yesterday on Blackrock. (I think Blackrock)
It said, in the last line, that their stock is down 40% this year.
Wondering, which firms went heavy into US real estate?...
Blackrock is one of the big investment firms that has been buying up single family homes and turning them into rentals as if they are apartments. This is new and it is a factor making it harder for individuals to find houses that they can afford to buy.
Yes, that’s what I was alluding to. My bad for not clarifying.
My guess is ultimately we will see legislation prohibiting the practice. It affects people all across the political spectrum and there will be the rare bipartisan support to come up with something.
It should be. For the people that will yell at me, the US has never, and will never, be a free market.
They’re also probably renting to dirtballs that will ruin neighborhoods and school districts.
Wilmington DE is in New Castle County.
NCC has the greatest number of private schools per capita in the US.
It’s where the Bidens went and Dr. Oz.
Even that crazy eyed chick from Parks and Recreation.
“You will own nothing..........”
ESG investment strategy depends on Democrats retaining Congress. It depends on Congress and regulatory agencies crushing politically incorrect industries.
I hope they go bankrupt, Meta too.
This is part of that philosophy. It’s the investment world’s version of communism. In both cases those not in the elite are unable to own a home.
“ESG investment strategy depends on Democrats retaining Congress.”
Not really. This comes from a group of woke capitalists, especially ones who control stock owned by huge pension funds. They can impose it on companies without any input from Congress.
A Rope and a Tall tree. That will begin to fix this nonsense.
Yep!
“They’re also probably renting to dirtballs that will ruin neighborhoods and school districts.”
That kind of policy was being enforced by HUD when Obama took office and may not have changed.
HUD is another of the Administrative State agencies that should be disbanded before it ruins every neighborhood.
But when the GOP had self described “bleeding-heart conservatives” like Jack Kemp running agencies you not only don’t get rid of bad government, you get more of it. When Kemp ran HUD he prosecuted Costa Mesa for trying to ban illegal aliens from living in taxpayer supported housing.
There’s a whole bunch of agencies that need to be dissolved.
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