Last year, he famously wrote an open letter threatening to push for the removal of board members of companies BlackRock invests in if they refuse to toe the progressive line on climate change. 1’ goal in ‘woke’ investing: Huge ESG-funds haul Larry Fink is a “woke” investor, writes Charles Gasparino. And he hasn’t been bashful in deploying BlackRock’s clout to advance Democratic economic causes in ways that happen to support its bottom line. His firm runs money for individuals, businesses and governments across the globe, also managing the Fed’s massive portfolio of debt off and on since the 2008 financial crisis.įink is a billionaire, and his success enabled him to become a key player in the Democratic Party. What’s different here is how big of a role people associated with Larry Fink’s BlackRock have taken in formulating national ESG policy, and how much the company stands to profit from it with barely a peep from that aforementioned gotcha crowd.įor those who don’t know Fink, he’s one of the most fascinating, powerful and woke figures on Wall Street. Lucas Jackson/File Photo/REUTERSĪgain, the revolving door is nothing new big business is always looking for ways to shape government policy in ways that serve its self-interest.
BlackRock holds large chunks of shares in many big companies. To make room for these new ESG offerings, the best-performing funds will take a back seat to funds that adhere to the woke mandates. The Biden Labor Department is now proposing a new rule that would force companies and their 401(k) sponsors to include investments that adhere to ESG standards. The Treasury Department’s Financial Stability Oversight Council recently identified “climate change as an emerging and increasing threat to US financial stability.” Now that he’s president, Biden’s Securities and Exchange Commission is no longer intent on merely protecting small investors from financial fraud it now wants to reverse climate change by imposing ESG standards on all public companies that mandate disclosure of their carbon footprint.Ĭorporate governance used to focus on what companies can do to deliver profits over the long haul. Since his days on the campaign trail, Joe Biden has made no secret that he wants much more government in the economy. The revolving door between Washington and Wall Street always stirs passionate objections from progressive good-governance groups - except, it appears, when it involves corporate wokeism.įor proof, all you need to do is unpack the Biden administration’s so-called Environmental Social Governance agenda and its ties to BlackRock, the world’s biggest money-management company headed by Larry Fink, which manages more than $9 trillion in assets.īlackRock has been an active cheerleader for White House policy toward ESG - the practice of prodding industries to enact climate-control measures and adopt other lefty shibboleths such as board diversity as part of their business models - and profit from it without attracting much attention from the usual suspects. Listen to the whistle: Insider Peiter Zatko imperils TwitterĪ woke mouse trap: Activist targets Disney Wall Street's most coddled generation is in for a rude office-return awakening Cruel winter ahead for Wall Street as pandemic debts come dueīiden's reality bites! Uglier downturn seen
0 kommentar(er)
