ESG Boomerangs on BlackRock
http://www.americanthinker.com/articles/2022/11/esg_boomerangs_on_blackrock.html
November 6, 2022
One persistent myth in today’s materialistic society is that money rules everything. Those wishing to understand why people act the way they do are told to “follow the money.” The lust for power and wealth trumps everything.
However, there are more important things than money -- even on Wall Street. Some liberal businessmen and investment management firms often sacrifice profits to promote their leftist ideological causes.
The case of the BlackRock index fund is one example of misplaced ideological motives. The company has used its financial muscle to browbeat others into toeing ecological, social and governance (diversity) lines. However, BlackRock is now getting a taste of its own medicine. It is paying the penalty for insisting that others bow before the gods of “woke” culture.
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BlackRock’s energetic focus on ESG investing is affecting its bottom line. The index fund’s performance is deteriorating, and risks are accumulating. In the face of this situation, UBS Wealth Management recently downgraded ratings for BlackRock (NYSE: BLK) by now listing it as a “Neutral” recommendation rather than a “Buy.” The bank also cut the target stock price to $585 from $700.
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Investors are also taking note and divesting from BlackRock. They properly see this “degrowth” mania as suicidal to their interests and those of the nation. At a time of increased energy needs, for example, it makes no sense to use other people’s money to serve ideologies hell-bent on starving energy companies of capital.
Republican officials are withdrawing state pensions and other funds from BlackRock. They say that index fund firms should maximize, not weaponize, investments. States say they can no longer put their assets in ESG funds when BlackRock targets industries that provide them with massive influxes of tax revenue. They want out.
Louisiana Treasurer John Schroder, for example, announced that the state is withdrawing approximately $800 million from BlackRock funds within three months. He says ESG’s green positions clash with the state’s booming energy industry. BlackRock is actively engaged in destroying Louisiana’s economy.
Likewise, South Carolina is joining Louisiana by divesting its nearly $200 million in BlackRock holdings. South Carolina Treasurer Curtis Loftis called upon all states to “resist the pressure to simply fall into line with their leftist worldview.”
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(Article does continue. Entire article is at the link. Zim.)
Go 'Woke' Go 'Broke'.
Mad Poet Strikes Again.
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