BlackRock CEO Larry Fink, whose company’s woke positions have alienated conservative states across the U.S., reportedly admitted that Florida GOP governor Ron DeSantis did damage to his firm when DeSantis pulled $2 billion in assets managed by BlackRock from the firm in 2022.
“In a conversation at the Aspen Ideas Festival on Sunday, Fink acknowledged that Florida Gov. Ron DeSantis’ decision to pull $2 billion in assets hurt his firm in 2022,” Axios <a href="https://www.axios.com/2023/06/26/larry-fink-ashamed-esg-weaponized-desantis" target="_blank" rel="noopener">reported</a> Sunday.
In early December 2022, Florida Chief Financial Officer Jimmy Patronis announced the pullback from BlackRock. The previous August, DeSantis joined the other trustees of Florida’s Board of Administration (SBA) to pass a resolution directing the state of Florida’s fund managers to invest state funds without considering the ideological agenda of the environmental, social, and corporate governance (ESG) movement.
“The tax dollars and proxy votes of the people of Florida will no longer be commandeered by Wall Street financial firms and used to implement policies through the board room that Floridians reject at the ballot box,” DeSantis <a href="https://www.flgov.com/2022/08/23/governor-ron-desantis-eliminates-esg-considerations-from-state-pension-investments/" target="_blank" rel="noopener">stated</a>. “We are reasserting the authority of republican governance over corporate dominance and we are prioritizing the financial security of the people of Florida over whimsical notions of a utopian tomorrow.”
BlackRock <a href="https://www.usatoday.com/story/money/2022/12/01/florida-desantis-blackrock-esg-woke/10812382002/" target="_blank" rel="noopener">attacked</a> DeSantis and his state in a statement saying, “As a fiduciary, everything we do is with the sole goal of driving returns for our clients. &#8230; We are disturbed by the emerging trend of political initiatives like this that sacrifice access to high-quality investments and thereby jeopardize returns, which will ultimately hurt Florida’s citizens.”
South Carolina, Louisiana, and Missouri also pulled funds from BlackRock in 2022. Louisiana State Treasurer John Schroder <a href="https://www.dailywire.com/news/south-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year" target="_blank" rel="noopener">said</a>, “In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana. I cannot support an institution that would deny our state the benefit of one of its most robust assets. Simply put, we cannot be party to the crippling of our own economy.”
Axios reported that Fink said he would not use the term “ESG” (environmental, social, and governance) in the future because it was being politically “weaponized.” Fink added, “I&#8217;m ashamed of being part of this conversation. When I write these [investment] letters, it was never meant to be a political statement. … They were written to identify long-term issues to our long-term investors.”
But when Axios pressed him on the issue, Fink reportedly reversed himself, declaring, “I never said I was ashamed. I&#8217;m not ashamed. I do believe in conscientious capitalism.”
In October 2022, BlackRock was downgraded by UBS analyst Brennan Hawken, which slashed the target stock price from $700 to $585, according to a <a href="https://www.barrons.com/articles/blackrock-stock-esg-downgrade-risks-51665504907" target="_blank" rel="noopener">report</a> from Barron’s. “We are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm’s ESG positioning,” Hawken stated.

Collage Maker-26-Jun-2023-11-15-AM-6100

Woke BlackRock CEO Admits DeSantis Hurt BlackRock When He Pulled $2 Billion In Funds

BlackRock

Larry Fink

Ron DeSantis

Wokeness

Independent journalist <a href="https://www.dailywire.com/topic/james-okeefe" target="_blank" rel="noopener">James O&#8217;Keefe</a> dropped a bombshell video on BlackRock Inc. — a prominent investment management and financial services firm — revealing just how broad the company&#8217;s impact might be.
A journalist working for the <a href="https://okeefemediagroup.com/breaking-blackrock-recruiter-who-decides-peoples-fate-says-war-is-good-for-business-while-spilling-info-on-asset-giant/" target="_blank" rel="noopener">O&#8217;Keefe Media Group</a> (OMG) spoke with BlackRock recruiter Serge Varlay — who told her that because of the vast sums of money the company controls in the global market, they can essentially &#8220;run the world.&#8221; He began with a caveat, noting that BlackRock did not necessarily want people to notice what they were doing.
&#8220;They don&#8217;t want to be in the news. They don&#8217;t want people to talk about them. They don’t want to be anywhere on the radar,&#8221; he said, and when the journalist asked him why, he paused. &#8220;I don&#8217;t know, but I suspect it&#8217;s because it&#8217;s easier to do things when people aren&#8217;t thinking about it.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BREAKING: <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw">@BlackRock</a> Recruiter Who “Decides People’s Fate” Spills Info on Company’s World Impact
“It’s not who the president is- it’s who’s controlling the wallet of the president”
“You got $10K? You can buy a senator&quot;
“War is real f***ing good for business” <a href="https://twitter.com/hashtag/BlackRockExposed?src=hash&amp;ref_src=twsrc%5Etfw">#BlackRockExposed</a> <a href="https://t.co/DZIy1DuZKF">pic.twitter.com/DZIy1DuZKF</a>
&mdash; James O&#39;Keefe (@JamesOKeefeIII) <a href="https://twitter.com/JamesOKeefeIII/status/1671262303319392259?ref_src=twsrc%5Etfw">June 20, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Varlay went on to explain that while BlackRock might be one of the biggest players, the asset management firm was not the only game in town.
&#8220;All of these financial institutions, they buy politicians,&#8221; he said. &#8220;You can take this big f*** ton of money and buy people … It’s not who is the president, it’s who is controlling the wallet of the president. You could buy your candidates. First, there is the senators, these guys are f***ing cheap. Got 10 grand? You can buy a senator. I’ll give you 500k right now &#8230; It doesn’t matter who wins, they’re in my pocket.&#8221;
In another segment of the video, Varlay discussed the ongoing war between Russia and Ukraine — but strictly from a financial perspective.
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&#8220;Ukraine is good for business, you know that right? Russia blows up Ukraine’s grain silos and the price of wheat is going to go mad up. The Ukrainian economy is tied very largely to the wheat market. The price of bread, literally everything goes up and down, this is fantastic if you’re trading,&#8221; Varlay continued, adding, &#8220;Volatility creates opportunity to make profit. War is real f***ing good for business. It&#8217;s exciting when s*** goes wrong, right?&#8221;
Varlay said several times that there were other financial institutions taking similar steps to &#8220;buy politicians&#8221; and influence the global markets, but that the sheer volume of capital that BlackRock was controlling made the company even more formidable.
&#8220;BlackRock manages $20 trillion. It&#8217;s incomprehensible numbers,&#8221; he said.

BlackRock Gets $146 Billion Of Fresh Cash After Market Rout

James O’Keefe Drops Bombshell Video On BlackRock: ‘You Got $10k? You Can Buy A Senator’

James O'Keefe Drops Bombshell Video On BlackRock: 'You Got $10k? You Can Buy A Senator'

Business

General

James O'Keefe

Money In Politics

Presidency

Senate

Corporations have allowed <a href="https://www.dailywire.com/news/ben-shapiro-what-intersectionality-jacob-airey" target="_blank" rel="noopener">intersectionality</a> to destroy their brands because of pressure to follow woke environmental, social, and corporate governance (ESG) guidance coming from investment giants like BlackRock, Daily Wire Editor Emeritus <a href="https://www.dailywire.com/author/ben-shapiro" target="_blank" rel="noopener">Ben Shapiro</a> said. 
Shapiro, a co-founder of The Daily Wire, said on his <a href="https://www.dailywire.com/episode/ep-1742-get-approved-for-testicle-removal-in-22-minutes-or-less-8" target="_blank" rel="noopener">Thursday podcast</a> that brands like Bud Light engaged in seemingly self-destructive marketing because of woke policies being pushed from above. The <a href="https://www.dailywire.com/news/another-hit-bud-light-manufacturer-settles-with-epa-over-alleged-environmental-violations" target="_blank" rel="noopener">financial woes of Anheuser-Busch</a> beer brand Bud Light followed a disastrous partnership with transgender-identifying activist Dylan Mulvaney. 
“And you wonder why brands decide to do this,” Shapiro said. “The answer, of course, as we&#8217;ve discussed, is because BlackRock, State Street, Vanguard, they all basically mandate their brands, engage in this sort of crap through environmental, social governance standards. And it&#8217;s only that which is forced corporations to engage in this sort of absolutely suicidal stupidity.&#8221;
Shapiro made the comments while discussing a new report that said that Bud Light sales had fallen 24% in the week ending on May 27, compared to the previous year. Sales of Bud Light have plummeted after it promoted a partnership with Mulvaney on April 1. The Mulvaney partnership earned the ire of many conservatives, many of who encouraged a boycott of the beer brand. 
“Bud Light had better reverse the decline soon if it hopes to retain shelf space at retailers, because if you walk into pretty much any grocery store in America that sells liquor, what you&#8217;ll see is that there&#8217;s a lot of Bud Light on the shelves,” Shapiro explained. “People just aren&#8217;t buying it. Meanwhile, Dylan Mulvaney is making bank.&#8221;
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Mulvaney has said in recent days that more corporations should partner with transgender-identifying individuals. 
&#8220;If a brand wants to work with me so bad, then they should work with other trans people, too. It&#8217;s not enough to just hire me, this white, skinny trans girl. I want all the dolls getting all the brand deals,” Mulvaney <a href="https://www.dailywire.com/news/dylan-mulvaney-urges-more-brands-to-partner-with-trans-people-even-after-bud-light-debacle" target="_blank" rel="noopener">told</a> the media outlet Them. 
Despite the Mulvaney backlash, Bud Light has <a href="https://www.dailywire.com/news/bud-light-to-sponsor-pride-parades-despite-ongoing-boycott" target="_blank" rel="noopener">continued to sponsor</a> Pride events around the country. 
Bud Light is <a href="https://archive.ph/6SSZF" target="_blank" rel="noopener">listed</a> as a sponsor on the <a href="https://www.cincinnatipride.org/our-sponsors.html">Cincinnati Pride Parade</a> website. Planned Parenthood and the Cincinnati Children’s Hospital, which <a href="https://www.cincinnatichildrens.org/service/a/adolescent-medicine/programs/transgender/faq" target="_blank" rel="noopener">medically transitions minors</a>, are both also listed. Meanwhile, in St. Louis, Missouri, where Anheuser-Busch is headquartered, the company is <a href="https://archive.ph/5xuUC" target="_blank" rel="noopener">listed</a> as the <a href="https://www.pridestl.org/sponsors" target="_blank" rel="noopener">presenting sponsor</a> of the St. Louis Pride Parade.

“Parade” Broadway Opening Night

Ben Shapiro Explains Why Corporate Brands Let Themselves Be Ruined By Intersectionality

Ben Shapiro

Bud Light

Dylan Mulvaney

Intersectionality

Seventeen <a href="https://www.dailywire.com/topic/republican-party" target="_blank" rel="noopener">Republican</a> attorneys general contended that <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> should be barred from investing in public <a href="http://dailywire.com/topic/energy" target="_blank" rel="noopener">utilities</a> because of the asset management company’s support of the environmental, social, and corporate governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>.
The complaint filed with the Federal Energy Regulation Commission and shared with The Daily Wire on Wednesday seeks to remove the firm’s blanket authorization to purchase large shares in utility companies. BlackRock has stated that the firm acts as a “passive” and “non-controlling investor” despite efforts to emphasize renewable power objectives among portfolio companies.
“Maybe BlackRock was a passive investor ten years ago, but today it’s an environmental activist,” the complaint said, referencing the firm’s membership in the Net Zero Asset Managers initiative and other moves to prompt portfolio companies toward eliminating carbon emissions. “Pursuant to its membership in several horizontal associations, BlackRock aims to pressure or force utility companies to phase out traditional energy investment.”
The move from the state attorneys general is among several from Republican officials concerned with the ESG movement, a philosophy that skeptics say mingles political causes with core business objectives in a manner that compromises or distracts from profitability. With respect to public utilities such as electricity, critics of the ESG movement assert that climate objectives artificially increase prices as firms distance themselves from fossil fuels.
“This is yet another example of radical leftists trying to circumvent the will of the American people in order to implement their draconian mandates,” Indiana Attorney General Todd Rokita, who initiated the complaint, said in a statement provided to The Daily Wire. “The restrictions these elitists are trying to impose on energy companies and utilities would never win approval at the ballot box. The public interest is served when investment companies build their business models on maximizing financial returns for clients. Conversely, the public interest is hijacked when these companies subjugate clients’ financial interests to leftist fever dreams.”
BlackRock CEO Larry Fink said in his most recent shareholder <a href="https://www.dailywire.com/news/climate-risk-is-investment-risk-blackrock-ceo-tells-corporate-america" target="_blank" rel="noopener">letter</a> that the company desires to “provide insights into how a changing climate” and the transition toward renewables may impact portfolios over time. BlackRock has taken “voting action on climate issues” against dozens of portfolio companies, according to an investment stewardship <a href="https://www.blackrock.com/corporate/literature/publication/our-commitment-to-sustainability-full-report.pdf" target="_blank" rel="noopener">report</a>.
Republican attorneys general filed a similar <a href="https://www.dailywire.com/news/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues" target="_blank" rel="noopener">motion</a> with the Federal Energy Regulatory Commission last year against asset management behemoth Vanguard, after which the firm ended its association with the Net Zero Asset Managers initiative. The company nevertheless told clients that the move “will not affect our commitment to helping our investors navigate the risks that climate change can pose to their long-term returns.”
BlackRock and Vanguard, along with fellow asset management firm State Street, maintain an <a href="https://www.dailywire.com/news/how-three-investment-firms-are-turning-companies-like-disney-woke-and-what-you-can-do-to-fight-back" target="_blank" rel="noopener">average</a> combined 20% stake in every Fortune 500 company.
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Even as the ESG movement is slated to become a prevalent issue in the upcoming presidential election, especially in the Republican primary contest, one recent <a href="https://www.dailywire.com/news/most-voters-still-do-not-know-what-esg-is-poll" target="_blank" rel="noopener">survey</a> from Harvard University’s Center for American Political Studies and The Harris Poll found that 64% of respondents have not heard of the investment philosophy, although most voters agreed that investors should consider maximizing returns above other objectives.

BlackRock Should Lose Permission To Invest In Utilities Because Of ESG Pushes, Republican AGs Say

Republican AGs Argue BlackRock Should Lose Permission To Invest In Utilities Because Of ESG Pushes

Climate Change

Energy

Politics

Republicans

The state of <a href="http://dailywire.com/topic/oklahoma" target="_blank" rel="noopener">Oklahoma</a> banned more than one dozen <a href="http://dailywire.com/topic/wall-street" target="_blank" rel="noopener">investment</a> and asset management <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">firms</a>, including <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> and <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a>, from conducting business with state government entities over alleged efforts to boycott <a href="http://dailywire.com/topic-oil-and-gas" target="_blank" rel="noopener">energy</a> companies.
Recently enacted legislation enabled Oklahoma Republican State Treasurer Todd Russ to create a list of firms deemed on Wednesday to be engaged in an energy company boycott, defined by the <a href="http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20ENR/hB/HB2034%20ENR.PDF" target="_blank" rel="noopener">law</a> as “refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize” fossil fuel companies “without an ordinary business purpose.” Companies from which state entities are now expected to divest funds also include Bank of America, State Street, and Climate First Bank.
&#8220;The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and helping drive economic growth. It is essential for us to work with financial institutions that are focused on free-market principles and not beholden to social goals that override their fiduciary duties,” Russ told The Daily Wire. “Our state&#8217;s financial partnerships should reflect our priorities and values, and it is our responsibility to partner with companies that share our vision for a strong and prosperous Oklahoma economy, and that includes our energy sector.”
The move from Oklahoma officials is the latest effort among conservative states to distance themselves from firms involved in the environmental, social, and corporate governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>, a philosophy that skeptics say mingles political causes with core business objectives in a manner that compromises or distracts from profitability.
Several firms supportive of the ESG movement have discouraged portfolio companies from involving themselves with initiatives that rely upon fossil fuels: BlackRock CEO Larry Fink said in his most recent annual <a href="https://www.dailywire.com/news/climate-risk-is-investment-risk-blackrock-ceo-tells-corporate-america" target="_blank" rel="noopener">letter</a> to investors that “climate risk” is an “investment risk,” while JPMorgan Chase CEO Jamie Dimon said in his annual shareholder <a href="https://www.dailywire.com/news/jpmorgan-chase-ceo-suggests-seizing-private-property-to-build-more-solar-farms" target="_blank" rel="noopener">letter</a> that the government should consider using eminent domain, the power to seize private land for public use, as one possible mechanism to accelerate the development of green energy resources.
State officials <a href="https://www.dailywire.com/news/states-have-pulled-nearly-12-billion-from-blackrock-this-year" target="_blank" rel="noopener">divested</a> some $12 billion from BlackRock last year, constituting a small fraction of the $9 trillion <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2023/Q1/BLK-1Q23-Earnings-Release.pdf" target="_blank" rel="noopener">managed</a> by the company even as broader market forces react against the ESG movement. The officials likewise recently called on the Federal Energy Regulatory Commission to prohibit Vanguard, another prominent asset management company, from purchasing shares in publicly traded utilities out of a concern that the firm’s climate activism would raise prices and decrease energy reliability across the nation. Vanguard subsequently <a href="https://www.dailywire.com/news/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues" target="_blank" rel="noopener">ceased</a> participation in the Net Zero Asset Managers initiative, under which companies <a href="https://www.netzeroassetmanagers.org/" target="_blank" rel="noopener">commit</a> to seeking “net zero greenhouse gas emissions by 2050 or sooner” using investment funds.
Increased economic tumult has heightened skepticism toward the ESG movement among some managers and investors. ESG funds <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">suffered</a> amid last year’s underperformance among technology firms, which ESG investors tend to favor because of their emphasis on corporate social responsibility, and overperformance among energy companies, which ESG managers tend to disdain because of their dislike for industries with heavy carbon emissions.
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Republican presidential candidates are expected to make the ESG movement a central issue in the upcoming primary election. One recent <a href="https://www.dailywire.com/news/most-voters-still-do-not-know-what-esg-is-poll" target="_blank" rel="noopener">survey</a> from Harvard University’s Center for American Political Studies and The Harris Poll found that 64% of respondents have not heard of the investment philosophy, even as most voters agreed that investors should consider returns above other objectives. 56% of respondents backed a <a href="https://www.dailywire.com/news/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money" target="_blank" rel="noopener">decision</a> from Texas lawmakers to blacklist “financial companies for allegedly using ESG considerations,” a policy that could force state pensions and other public entities to sell their shares.

Oklahoma Bans 13 Woke Financial Firms From Doing Business With State Government

Oklahoma Bans 13 Investment Firms From Doing Business With The State

Banks

JP Morgan

Oil and Gas

Oklahoma

Wall Street

<a href="http://dailywire.com/topic/blackrock?_gl=1*ujse20*_ga*NzUzNDA5ODIxLjE2NzkzMjkzNzM.*_ga_CZKR9ZYKJP*MTY4MTkxMTQ4NC4xMTUuMS4xNjgxOTEyODUzLjU5LjAuMA.." target="_blank" rel="noopener">BlackRock</a> was hit with a federal <a href="https://www.dailywire.com/topic/civil-rights" target="_blank" rel="noopener">civil rights</a> complaint on Tuesday in response to the asset management behemoth’s diversity, equity, and inclusion commitments, also known as <a href="https://www.dailywire.com/topic/diversity-equity-and-inclusion-dei" target="_blank" rel="noopener">DEI</a>.
America First Legal, a conservative advocacy organization launched by former Trump administration senior adviser Stephen Miller, filed the <a href="https://aflegal.org/wp-content/uploads/2023/04/EEOC-Blackrock-04182023.pdf" target="_blank" rel="noopener">complaint</a> with the Equal Employment Opportunity Commission, which is charged with enforcing civil rights laws against workplace discrimination. Attorneys cited programs seeking to increase the number of racial minorities and females in senior leadership at BlackRock.
BlackRock notes in one recent annual report that the company has committed to “cultivating diversity, equity, and inclusion” in the leadership team and overall workforce through “hiring, retention, promotion, and development practices” aligned with DEI principles rooted in “business priorities and long-term objectives.” The company has a “BlackRock Founders Scholarship” that may come with a $17,500 award for some students; the program, however, is meant only for applicants who are “Black or African American, Hispanic or Latino, Native American, LGBTQ+ or disabled.”
The firm’s website meanwhile commits BlackRock to grow the number of “women senior leaders,” as well as “double the number” of “Black senior leaders” and “Latinx senior leaders” while increasing the overall representation of both groups in the general workforce.
America First Legal contends that the programs violate Title VII of the Civil Rights Act of 1964, a statute that <a href="https://www.eeoc.gov/statutes/title-vii-civil-rights-act-1964" target="_blank" rel="noopener">penalizes</a> employers that “limit, segregate, or classify his employees or applicants for employment” in any way that could adversely affect them because of their “race, color, religion, sex, or national origin.”
“The practice of hiring based on skin color or sex is not only illegal but is un-American,” America First Legal Vice President and General Counsel Gene Hamilton said in a <a href="https://aflegal.org/america-first-legal-files-federal-civil-rights-complaint-against-blackrock-for-unlawful-and-racist-hiring-practices/" target="_blank" rel="noopener">statement</a>. “Corporate giants like BlackRock continually erode the American way of life in more ways than one. We are proud to stand against these unlawful practices and to fight to bring some measure of accountability.”
BlackRock has faced criticism over the firm’s support of the environmental, social, and corporate governance movement, also known as ESG. Skeptics of the movement contend that the philosophy intermixes political and social causes favored by executives, such as diversifying company leadership with respect to race or sex, in a manner that compromises or distracts from profitability.
The complaint against BlackRock from America First Legal comes one day after the group <a href="https://www.dailywire.com/news/bud-lights-parent-company-engages-in-racist-hiring-practices-federal-complaint-alleges" target="_blank" rel="noopener">submitted</a> a similar filing against Anheuser-Busch, the company which controls Bud Light. The brand has witnessed considerable backlash after executives partnered with self-identified transgender social media influencer Dylan Mulvaney, who chronicled his supposed &#8220;gender transition&#8221; on TikTok and subsequently landed <a href="https://www.dailywire.com/news/suds-skirts-and-sneakers-here-are-the-brands-that-have-sponsored-trans-activist-dylan-mulvaney" target="_blank" rel="noopener">countless</a> brand deals with leading companies.
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“Iconic American brands, like Anheuser-Busch, have become shells of their founders’ visions due to weak-kneed corporate leadership who routinely cave to idealogues whose thirst for an ever-changing notion of ‘social justice’ is relentless,” Hamilton said in another <a href="https://aflegal.org/america-first-legal-files-federal-civil-rights-complaint-against-anheuser-busch-for-illegal-racist-and-sexist-hiring-practices/" target="_blank" rel="noopener">statement</a>.
Similar civil rights complaints have been filed against universities in recent years over programs that discriminate with respect to race and sex. Mark Perry, an economics professor emeritus at the University of Michigan-Flint, has <a href="https://www.aei.org/carpe-diem/an-update-on-my-efforts-to-challenge-title-vi-and-title-ix-violations-in-higher-education-despite-new-resistance-from-bidens-office-for-civil-rights/" target="_blank" rel="noopener">filed</a> hundreds of federal Title IX and Title VI complaints in response to the academic programs, many of which have been successful.

BlackRock Hit With Federal Civil Rights Complaint Over Alleged Racist Hiring

BlackRock Slammed With Civil Rights Complaint Over Alleged Racist Hiring

Civil Rights

Courts

Diversity Equity and Inclusion (DEI)

This article is adapted from today’s Morning Wire Afternoon Update. To listen to the podcast version, click <a href="https://www.dailywire.com/podcasts/morning-wire" target="_blank" rel="noopener">here</a>.
Pence To Comply With J6 Subpoena
Former <a href="https://www.dailywire.com/news/pence-says-he-wont-appeal-ruling-requiring-him-to-testify-to-jan-6-grand-jury" target="_blank" rel="noopener">Vice President</a> Mike Pence will comply with a subpoena to testify about the events of January 6th. Daily Wire reporter Brandon Drey joined Afternoon Update with more:
<blockquote>DREY: A spokesman for Pence told Politico that he “will not appeal the Judge’s ruling and will comply with the subpoena as required by law.” Last month, a U.S. District Court ruled that Pence must comply with a grand jury subpoena issued by the investigation’s special counsel. Pence initially challenged the subpoena, citing constitutional protections relating to his role as president of the Senate. However, the judge’s ruling still requires Pence to answer questions about any illegal acts by Trump.</blockquote>
Indiana, Idaho Ban Sex-Change Surgeries And Puberty Blockers For Minors
This week, <a href="https://www.dailywire.com/news/indiana-and-idaho-ban-trans-treatments-for-minors" target="_blank" rel="noopener">Republican governors</a> in Indiana and Idaho signed bans on sex-change surgeries and puberty blockers for minors. Meanwhile, New Jersey Democratic Governor Phil Murphy signed an executive action that makes the Garden State a “<a href="https://twitter.com/TimMeadsUSA/status/1643704758102896642?s=20" target="_blank" rel="noopener">safe-haven</a>” for such procedures.
Idaho Bans Minors Traveling For Abortion Without Parental Consent
Also in Idaho, Republican Governor Brad Little <a href="https://www.pbs.org/newshour/politics/idaho-governor-signs-ban-on-abortion-trafficking#:~:text=BOISE%2C%20Idaho%20(AP)%20%E2%80%94,an%20abortion%20without%20parental%20consent." target="_blank" rel="noopener">signed a law banning individuals</a> from traveling with a minor to another state for an abortion, or helping a minor obtain an abortion-inducing drug, without permission from parents. Violating this law is punishable by up to five years in prison.
RFK, Jr. Runs For President
Robert F. Kennedy Jr., the nephew of the late President John F. Kennedy, <a href="https://www.dailywire.com/news/robert-f-kennedy-jr-files-to-run-for-president-in-2024" target="_blank" rel="noopener">filed to run for the presidency in 2024 on Wednesday</a> as a Democrat. Kennedy is the son of Robert F. Kennedy, the former U.S. attorney general and U.S. senator assassinated in 1968 while running for president. RFK, Jr. has earned a reputation as an environmental lawyer and a best-selling author, but in recent years has garnered attention for his stance against vaccines. He is up against best-selling author Marianne Williamson, who declared her candidacy last month, and, presumably, President Joe Biden. 

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French Protestors Storm BlackRock Over Retirement Age
French activists <a href="https://www.dailywire.com/news/activists-storm-blackrock-headquarters-in-paris-amid-pension-reform-protests" target="_blank" rel="noopener">stormed</a> the Paris offices of financial giant BlackRock on Thursday amid ongoing protests against the nation’s recent pension reforms.
Citizens have been protesting for nearly two weeks after French President Emmanuel Macron overrode a provision in the nation’s constitution to advance a bill through Parliament that raised the retirement age from 62 to 64. Labor unions and other entities have organized nationwide strikes and protests in response to the move — which came amid concerns about the state retirement fund’s looming insolvency. Demonstrators briefly entered the historic Le Centorial building in central Paris and lit firecrackers as they chanted anti-government slogans. The aggressive protests over have led to police using tear gas in their attempts to mitigate more violent demonstrations. The town hall of Bordeaux was set ablaze at the outset of the protests last month.
To listen to the audio version of this podcast, <a href="https://podcasts.apple.com/us/podcast/morning-wire/id1576594336" target="_blank" rel="noopener">click here</a>. And for more in-depth discussion of the biggest stories of the day, listen to the latest full episode of Morning Wire every morning.

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Thursday Afternoon Update: Pence To Comply With J6 Subpoena, GOP States Protect Kids, RFK Jr. For President

2024 Election

France

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Indiana

Kennedy Family

Mike Pence

Morning Wire

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Robert F. Kennedy Jr.

<a href="http://dailywire.com/topic/france" target="_blank" rel="noopener">French</a> activists stormed the <a href="http://dailywire.com/topic/paris" target="_blank" rel="noopener">Paris</a> offices of financial giant <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> on Thursday amid ongoing protests against the nation’s recent pension reforms.
Citizens have been protesting for nearly two weeks after French President <a href="https://www.dailywire.com/topic/emmanuel-macron" target="_blank" rel="noopener">Emmanuel Macron</a> overrode a provision of the nation’s constitution to advance a bill through Parliament that raised the retirement age from 62 to 64. Labor <a href="http://dailywire.com/topic/labor-unions" target="_blank" rel="noopener">unions</a> and other entities have organized nationwide strikes and protests in response to the move, which came amid concerns about the state retirement fund’s looming insolvency.
Demonstrators briefly entered the historic Le Centorial building in central Paris, where BlackRock has a third-floor office, and lit firecrackers as they chanted slogans. BlackRock is one of the world&#8217;s largest retirement and pension management companies.
&#8220;The government wants to throw away pensions, it wants to force people to fund their own retirement with private pension funds, but what we know is that only the rich will be able to benefit from such a setup,&#8221; Françoise Onic, a teacher, said in an <a href="https://www.reuters.com/world/europe/pension-reform-protesters-briefly-invade-paris-blackrock-building-2023-04-06/" target="_blank" rel="noopener">interview</a> with Reuters.
The outlet added that the protesters remained in the building for roughly half an hour, leaving smoke from the firecrackers hanging in the air inside the atrium.
Dozens of people, some of whom were representatives of labor unions, entered the ground floor of the building.
“The meaning of this action is quite simple,” Jerome Schmitt, a union spokesman, said in an <a href="https://www.cnn.com/2023/04/06/business/blackrock-office-stormed-paris-protests/index.html" target="_blank" rel="noopener">interview</a> with CNN affiliate BFM-TV. “We went to the headquarters of BlackRock to tell them: the money of workers, for our pensions, they are taking it.”
BlackRock has faced criticism in the United States over the firm’s support of the environmental, social, and corporate governance movement, also known as ESG, which is more widely accepted in Western European nations such as France. Skeptics of the movement contend that the investment philosophy intermixes political and social causes, such as decreasing carbon emissions or diversifying company leadership with respect to race or sex, in a manner that compromises or distracts from profitability.
The aggressive protests over the past several days have led to police deploying tear gas and otherwise seeking to mitigate more violent demonstrations. The town hall of Bordeaux was set ablaze at the outset of the protests last month, according to a <a href="https://www.bbc.com/news/world-europe-65057249" target="_blank" rel="noopener">report</a> from BBC News.
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The pension reforms increased the retirement age for workers in more labor-intensive sectors from 57 to 59 years old. Sanitation workers therefore went on strike, causing several tons of trash to accumulate in the streets of Paris, according to a <a href="https://apnews.com/article/paris-macron-trash-retirement-france-unions-5e2488aee3675d5c2335243101b48a4c" target="_blank" rel="noopener">report</a> from The Associated Press. The French Constitutional Council will issue a ruling on the validity of the reforms next week.
Several developed nations face overburdened pension systems as birth rates fall and more individuals enter retirement age. The United Nations recently <a href="https://www.dailywire.com/news/united-nations-alerts-policymakers-to-brace-for-an-aging-population" target="_blank" rel="noopener">called</a> upon governments to increase retirement ages while investing in healthcare and education that permit older people to be more self-reliant and economically productive.
“Based on current global trends, future cohorts of working-age and older persons are likely to be healthier and better educated, and therefore more productive, compared to earlier cohorts,” a report from the organization said. “Eliminating age-related discrimination and barriers to formal employment are other critical measures for older persons to make continued contributions.”

French Unions Renew Strikes to Push Macron Into Pension U-Turn

Activists Storm BlackRock Headquarters In Paris Amid Pension Reform Protests

BlackRock Headquarters In Paris Stormed Amid Pension Reform Protests

Economy

Emmanuel Macron

Labor Unions

Paris

Riots

World

<a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> CEO Larry Fink told investors on Wednesday that the asset management company views <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate change</a> as a risk to portfolio companies.
BlackRock maintains an average 20% stake in every Fortune 500 company alongside rival asset management firms State Street and Vanguard. Fink claimed in his annual <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter" target="_blank" rel="noopener">letter</a> to investors that he desires to take a “long-term view of what will impact returns” and contended that firms should seriously account for the impact of climate change.
“For years now, we have viewed climate risk as an investment risk. That’s still the case,” he wrote. “Anyone can see the impact of climate change in the natural disasters in California or Florida, in Pakistan, across Europe and Australia, and in many other places around the world. There’s more flooding, more wildfires, and more intense storms. In fact, it’s hard to find a part of our ecology, or our economy, that’s not affected. Finance is not immune to these changes.”
BlackRock is a leading proponent of the environmental, social, and corporate governance movement, also known as ESG, which critics say mingles political and social causes, such as decreasing carbon emissions and achieving racial diversity in a manner that compromises or distracts from profitability. Fink insisted that BlackRock respects client choices with respect to climate investments, citing proxy <a href="https://www.dailywire.com/news/blackrock-makes-major-change-after-backlash-against-woke-investing" target="_blank" rel="noopener">voting rights</a> the company recently extended to large investors.
He added that the “transition to a low-carbon economy is top of mind for many of our clients” but claimed that “as minority shareholders, it’s not our place to be telling companies what to do.” BlackRock has nevertheless taken “voting action on climate issues” against dozens of portfolio companies, according to an investment stewardship <a href="https://www.blackrock.com/corporate/literature/publication/our-commitment-to-sustainability-full-report.pdf" target="_blank" rel="noopener">report</a>, while one small ESG firm recently <a href="https://www.dailywire.com/news/activist-investors-are-seizing-companies-to-push-social-justice-measures" target="_blank" rel="noopener">gained</a> three board seats at ExxonMobil with the aid of BlackRock, Vanguard, and State Street.
Fink added that BlackRock desires to “provide insights into how a changing climate and the transition may affect portfolios” over time. “These clients track the transition to lower carbon emissions just as they track any other driver of investment risk,” he remarked. “They want our help to understand the likely future paths of carbon emissions, how government policy will impact these paths, and what that means in terms of investment risks and opportunities. It is not the role of an asset manager like BlackRock to engineer a particular outcome in the economy, and we don’t know the ultimate path and timing of the transition.”
BlackRock’s assets under management declined from $10.0 trillion in the fourth quarter of 2021 to $8.6 trillion in the fourth quarter of 2022, according to the firm’s most recent <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2022/Q4/BLK-4Q22-Earnings-Release.pdf" target="_blank" rel="noopener">earnings report</a>. The company, therefore, <a href="https://www.dailywire.com/news/blackrock-introduces-first-mass-layoff-in-years-after-losing-1-5-trillion" target="_blank" rel="noopener">dismissed</a> several hundred workers and paused most new hires.
Skeptics of the ESG movement say the recent <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">poor performance</a> of ESG funds over the past year discredits the investment approach. Technology stocks, which score highly in ESG ratings due to the underlying companies’ involvement in social issues, have fallen behind outsized profitability from energy stocks, which rank poorly due to worries regarding carbon emissions.
Fink has meanwhile <a href="https://www.dailywire.com/news/blackrocks-larry-fink-says-esg-opponents-are-trying-to-demonize-the-movement-after-elon-musk-calls-it-satanic" target="_blank" rel="noopener">rebuked</a> skepticism toward ESG voiced by some business leaders and conservative lawmakers. “Let’s be clear, the narrative is ugly, the narrative is creating this huge polarization,” he said at the World Economic Forum earlier this year. “We are doing everything we can to change the narrative.”

FRANCE-POLITICS-ENVIRONMENT-CLIMATECHANGE

‘Climate Risk’ Is ‘Investment Risk,’ BlackRock CEO Tells Corporate America

BlackRock CEO: 'Climate Risk' Is 'Investment Risk'

Stock Market

Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) accepted more donations in the last election cycle from <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> and individuals affiliated with the firm than any other member of Congress.
The connection between the lawmaker and the asset management company was <a href="https://twitter.com/ExposingBiden/status/1631035233788129282" target="_blank" rel="noopener">noted</a> by the American Accountability Foundation, a non-profit government oversight and research organization, after Schumer rebuked efforts to <a href="https://www.dailywire.com/news/house-and-senate-send-rebuke-of-bidens-esg-agenda-to-his-desk" target="_blank" rel="noopener">scrap</a> a Labor Department rule that would allow retirement fiduciaries to allocate funds in accordance with the environmental, social, and corporate governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>. Both the House and Senate passed a resolution opposed to the rule, which President Joe Biden is expected to veto.
BlackRock is a leading proponent of the ESG movement, which critics say mingles political and social causes such as decreasing carbon emissions and achieving racial diversity in a manner that compromises or distracts from profitability. Schumer nevertheless accepted $103,950 from individuals associated with BlackRock and $10,000 from a political action committee controlled by the company, according to <a href="https://www.opensecrets.org/orgs/recipients?id=D000021872&amp;cycle=2022" target="_blank" rel="noopener">data</a> compiled by OpenSecrets.
“ESG opponents are trying to turn it into a dirty acronym, deploying attacks they&#8217;ve used for elements of a so-called woke agenda,” Schumer <a href="https://twitter.com/SenSchumer/status/1630969596785065989" target="_blank" rel="noopener">said</a> on social media this week as the resolution moved through Congress. “They call ESG wokeness. They call it a cult. They call it an incursion into free markets. I say ESG is just common sense.”
Candidates from both parties benefit from BlackRock money, with Republicans getting $639,000 and Democrats getting $453,000 in the most recent midterm election cycle. Sen. Lisa Murkowski (R-AK) and Sen. Raphael Warnock (D-GA) were the second and third-largest individual recipients of funds from BlackRock and individuals associated with BlackRock.
A previous Labor Department <a href="https://www.dol.gov/newsroom/releases/ebsa/ebsa20201030" target="_blank" rel="noopener">rule</a> established by the Trump administration prohibited retirement fund managers from “selecting investments based on non-pecuniary considerations” and required them to “base investment decisions on financial factors” alone. Under the new rule from the Biden administration, which <a href="https://www.dailywire.com/news/trump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule" target="_blank" rel="noopener">reverses</a> the prohibition on ESG investments for retirement fiduciaries, investment managers are allowed to weigh “the economic effects of climate change and other ESG considerations” as long as they are relevant to a risk-and-return analysis.
Members of the House voted 216-204 in favor of a resolution to scrap the rule, while members of the Senate approved the resolution 50-46. Sen. Jon Tester (D-MT), Sen. Joe Manchin (D-WV), and Rep. Jared Golden (D-ME) voted with Republicans to advance the measure, which was introduced by Sen. Mike Braun (R-IN) and Rep. Andy Biggs (R-AZ).
Schumer meanwhile contended in an <a href="https://www.wsj.com/articles/republicans-ought-to-be-all-for-esg-environment-climate-investment-fiduciary-retirement-free-market-5d3faecc" target="_blank" rel="noopener">opinion piece</a> for the Wall Street Journal that Republicans are inconsistent with their own principles by opposing the new rule. “Republicans talk about their love of the free market, small government and letting the private sector do its work,” he wrote. “But their obsession with eliminating ESG would do the opposite, forcing their own views down the throats of every company and investor. Republicans would prevent investors from adapting to the future, for their own good and the good of the country.”
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Schumer also asserted that ESG investments “minimize risk and maximize their clients’ returns” and are used by “America’s most successful asset managers and financial institutions.” The claim occurs after ESG funds <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">suffered</a> amid last year’s underperformance in the technology sector, which ESG managers tend to favor because of their emphasis on corporate social responsibility, and overperformance in the energy sector, which ESG managers tend to shirk because of their avoidance of industries with heavy carbon emissions.
BlackRock’s assets under management declined from $10 trillion in the fourth quarter of 2021 to $8.6 trillion in the fourth quarter of 2022, according to the firm’s most recent <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2022/Q4/BLK-4Q22-Earnings-Release.pdf" target="_blank" rel="noopener">earnings report</a>. Executives <a href="https://www.dailywire.com/news/blackrock-introduces-first-mass-layoff-in-years-after-losing-1-5-trillion" target="_blank" rel="noopener">introduced</a> the first mass layoffs at BlackRock in four years.

Chuck Schumer

Here’s The Lawmaker Who Accepts More BlackRock Money Than Any Other Member Of Congress

Schumer Accepts More BlackRock Money Than Any Other Lawmaker

Congress

<a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> CEO Larry Fink denounced criticism of the <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a> movement and expressed skepticism toward <a href="http://dailywire.com/topic/supply-chain" target="_blank" rel="noopener">supply chain</a> resiliency efforts at the <a href="http://dailywire.com/topic/world-economic-forum" target="_blank" rel="noopener">World Economic Forum</a>.
During an <a href="https://www.bloomberg.com/news/articles/2023-01-17/blackrock-s-fink-says-esg-narrative-has-become-ugly-personal?leadSource=uverify%20wall" target="_blank" rel="noopener">interview</a> on Tuesday in Davos, Switzerland, the asset management company executive remarked that disputes concerning environmental, social, and corporate governance investing have created significant controversy.
“I’m taking this very seriously,” he told Bloomberg News. “We are trying to address the misconceptions. It’s hard because it’s not business anymore, they’re doing it in a personal way. And for the first time in my professional career, attacks are now personal. They’re trying to demonize the issues.”
The reference to critics&#8217; attempts to “demonize” the ESG movement comes days after Elon Musk <a href="https://www.dailywire.com/news/elon-musk-the-s-in-esg-stands-for-satanic" target="_blank" rel="noopener">quipped</a> on social media that “the S in ESG stands for Satanic.” The billionaire entrepreneur formerly called the philosophy a “scam” that has been “weaponized by phony social justice warriors.”
Fink traveled to Switzerland for the conference days after his company <a href="https://www.dailywire.com/news/blackrock-introduces-first-mass-layoff-in-years-after-losing-1-5-trillion" target="_blank" rel="noopener">announced</a> plans to dismiss hundreds of employees following a $1.5 trillion loss in assets over the past year. BlackRock has witnessed extensive criticism from opponents of the ESG movement who argue that the investment philosophy compromises profit maximization for left-wing causes such as climate change and racial equity.
“Let’s be clear, the narrative is ugly, the narrative is creating this huge polarization,” Fink continued. “We are doing everything we can to change the narrative.”
Republican state treasurers have <a href="https://www.dailywire.com/news/states-have-pulled-nearly-12-billion-from-blackrock-this-year" target="_blank" rel="noopener">pulled</a> some $12 billion from BlackRock over the past year, citing unnecessary risks to investments and vendettas against their fossil fuel sectors. The divestments constitute a fraction of the $8 trillion managed by the company but reflect broader market hesitancy toward ESG funds after a year of <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">lackluster</a> stock market performance.
Fink was among hundreds of corporate leaders who attended the World Economic Forum, an advocate of increased cooperation between public and private actors to enact policy agendas. He advanced the philosophy as he spoke on a <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023/sessions/relaunching-trade-growth-and-investment" target="_blank" rel="noopener">panel</a> about the future of global trade.
Fink asserted that private corporations should assume the role of battling climate change through investments as policymakers contend with the increased national debt.
“I believe there’s a greater need for governments to be working with the private sector, especially in the areas of infrastructure and decarbonization, because on the back of less fiscal flexibility, the need for private capital is greater than ever before,” he commented. “And the private capital is there, as long as they believe over the horizon of the investment the returns can be achieved.”
World Economic Forum President Børge Brende, the host of the panel, lauded the Bipartisan Infrastructure Law and the Inflation Reduction Act as two measures advanced by the Biden administration to bankroll renewable energy initiatives. Fink said he is “very optimistic” about the future of decarbonization in the United States.
The executive also argued that global trade fragmentation is occurring because countries are increasingly concerned about “national security” concerning their semiconductor and energy sectors.
“That phrase is being abused repeatedly, obviously for reasons like the war in Ukraine, but fragmentation is one of the causes of inflation,” he contended. “Now the idea with most corporations is creating resiliency. Resiliency means more inflation.”
Some have asserted, on the other hand, that heightened <a href="https://www.dailywire.com/news/chinese-manufacturing-is-quickly-collapsing" target="_blank" rel="noopener">global supply chain</a> interdependence in recent years increased the risk of worldwide economic fallout. Supply chains continue to see disruptions after government lockdowns, particularly in China and other Asian nations, prevented consumer and industrial goods from reaching advanced economies.

Collage Maker-18-Jan-2023-01.35-PM

BlackRock’s Larry Fink Says ESG Opponents Are Trying To ‘Demonize’ The Movement After Elon Musk Calls It ‘Satanic’

BlackRock CEO Larry Fink Hits Back At ESG Criticism During World Economic Forum

Supply Chain

World Economic Forum

<a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> plans to dismiss some 500 workers as the asset management company seeks to contend with heavy losses.
The company’s assets under management declined from $9.5 trillion in the third quarter of 2021 to $8.0 trillion in the third quarter of 2022, according to the firm’s most recent <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2022/Q3/BLK-3Q22-Earnings-Release.pdf" target="_blank" rel="noopener">earnings report</a>. The reduction in headcount, which represents less than 3% of the BlackRock workforce, occurs after one of the <a href="https://www.dailywire.com/news/stocks-had-their-worst-year-since-2008-after-biden-boasted-about-their-performance" target="_blank" rel="noopener">worst years</a> for the stock market in history and similar <a href="http://dailywire.com/topic/unemployment" target="_blank" rel="noopener">layoffs</a> in other industries.
&#8220;Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,&#8221; BlackRock&#8217;s CEO Larry Fink and President Rob Kapito wrote in a <a href="https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1" target="_blank" rel="noopener">message</a> to employees seen by Business Insider. A source told the outlet that managers were recently told to gather lists of employees who could be selected for layoffs.
The mass layoffs, which are the first for the company since 2019, follow a slowdown in hiring that took effect at BlackRock. The firm paused most hirings at the end of last year.
BlackRock saw a 21% year-over-year decrease in operating income and a 15% year-over-year decrease in revenue as of the third quarter. Bloomberg analyst Marc Rubenstein commented in a <a href="https://www.bloomberg.com/opinion/articles/2022-07-20/how-blackrock-lost-1-7-trillion-in-six-months" target="_blank" rel="noopener">report</a> that the asset management company set the record for the largest sum ever lost by a single firm over six months.
“The first half of 2022 brought an investment environment that we have not seen in decades,” Fink said in a second-quarter <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2022/Q2/BLK-2Q22-Earnings-Release.pdf" target="_blank" rel="noopener">earnings report</a>. “Investors are simultaneously navigating high inflation, rising rates, and the worst start to the year for both stocks and bonds in half a century.”
The losses come amid BlackRock executives’ promulgation of the environmental, social, and corporate governance movement, also known as ESG, by which managers <a href="https://www.dailywire.com/news/blackrock-executive-grilled-by-texas-lawmakers-over-esg-and-climate-agendas" target="_blank" rel="noopener">commit</a> themselves to pursue green energy, appointing minorities to serve as managers, or otherwise blending profitability with activism. BlackRock has taken “voting action on climate issues” against dozens of portfolio firms, according to a company stewardship <a href="https://www.blackrock.com/corporate/literature/publication/our-commitment-to-sustainability-full-report.pdf" target="_blank" rel="noopener">report</a>.
Critics say the recent <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">poor performance</a> of ESG funds discredits the movement.
“This is just the beginning. As more and more clients, including state pension funds, realize that BlackRock has been misusing the assets entrusted to them to push a radical political agenda, the more the company will suffer,” Consumers’ Research Executive Director Will Hild said about the BlackRock dismissals in remarks provided to The Daily Wire.
Several state governments <a href="https://www.dailywire.com/news/states-have-pulled-nearly-12-billion-from-blackrock-this-year" target="_blank" rel="noopener">divested</a> some $12 billion from BlackRock last year, representing a fraction of the company’s total assets. ESG investments have suffered over the past year as technology stocks, which score highly in ESG ratings due to the underlying companies’ involvement in social issues, fall behind outsized profitability from energy stocks, which rank poorly due to worries regarding carbon emissions.
Technology companies dismissed more than 90,000 workers last year, according to a <a href="https://news.crunchbase.com/startups/tech-layoffs-2022/" target="_blank" rel="noopener">report</a> from CrunchBase, which included both small ventures and <a href="https://www.dailywire.com/news/recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs" target="_blank" rel="noopener">established firms</a> such as Amazon, Microsoft, and Tesla. Some investors have criticized technology companies for rapidly expanding payrolls, calling for a reduction in headcount to match <a href="https://www.dailywire.com/news/economists-predict-whether-2023-will-see-a-recession" target="_blank" rel="noopener">dismal market forecasts</a>.

BlackRock Introduces First Mass Layoff In Years After Losing $1.5 Trillion

BlackRock To Slash 500 Jobs After Losing $1.5 Trillion

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