The investor who inspired the 2015 movie &#8220;The Big Short&#8221; said on Tuesday that he believed President Donald Trump could win the tariff wars — if cooler heads prevail.
Steve Eisman made an appearance on CNBC to promote his new podcast, &#8220;The Eisman Playbook,&#8221; and he weighed in on the market turmoil that followed Trump&#8217;s announcement from nearly a week earlier of implementing tariffs around the globe.
WATCH:
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Despite the tariff-driven uncertainty causing wild dips in the market, Eisman said that it was all about the politics — and if the political side of things resolved, so too would its reflection in the market. As for the economics experts who have panned the Trump plan, Eisman said the primary reason for that was the fact that he was willing to disrupt the status quo in a way that most presidents had not.
&#8220;Everybody of our social class took Econ 101, and we were all taught the same thing: Trade good, tariffs bad, trade war terrible. And that was drummed into everybody&#8217;s heads so hard, with such force that it&#8217;s a paradigm — now you have a President of the United States who doesn’t seem to accept that paradigm, and people find that extremely jarring,&#8221; Eisman said.
&#8220;If reasonable heads prevail, Trump will get pretty much what he wants,&#8221; Eisman predicted, adding that overall, the United States would likely &#8220;suffer the least&#8221; impact from the current turmoil.
&#8220;If countries were rational, countries like Canada and Mexico would basically be coming to the United States and beg – &#8216;We’ll do what you want&#8217; – of the 35%, Mexico and Canada have of their GDP from exports, 25 points of that 35 percent is just exports to the United States,&#8221; Eisman explained, arguing that those countries were aware of their economic limitations and would most likely respond accordingly. &#8220;Those two countries hold no cards. Now, Europe is not much better, and so I think if everyone is rational, they’ll lower their barriers.&#8221;
Eisman did offer one caveat, however, saying, &#8220;Now that doesn’t mean everybody’s rational. There’s politics, some of the politicians might be afraid if we give in we’re going to lose our jobs, that’s the wild card.&#8221;
Eisman concluded by pointing out that, jarring or not, Trump was only doing what he had promised he would do if elected to a second term.
&#8220;You can agree with President Trump, or you can disagree with him,&#8221; Eisman declared. &#8220;He is one of the few politicians in my lifetime who does exactly what he says he’s going to do.&#8221;

US-BUSINESS-EISMAN

‘The Big Short’ Investor Says Trump Will Win Tariff Wars If Cooler Heads Prevail

'The Big Short' Investor Says If Cooler Heads Prevail, Trump Will Win Tariff Wars

CNBC

Economy

Investors

Politics

Tariffs

The State Financial Officers Foundation announced on Tuesday a new effort, joined by <a href="https://www.dailywire.com/topic/utah" target="_blank" rel="noopener">Utah</a> Treasurer Marlo Oaks (R), to push back on the use of pension funds to back leftist political causes.
The foundation launched the <a href="https://publicfiduciary.net" target="_blank" rel="noopener">Public Fiduciary Network</a>, chaired by Oaks, to raise awareness about the use of public pension funds to push politicized Environmental, Social, and Governance (ESG) initiatives. According to the group, there are about 5,000 state and local pension funds across the United States that control trillions of dollars in assets.
“Our goal is to provide education and resources for to them to understand the scope of the problem in the financial industry, the level of politicization of these funds, and to understand very clear ways that they can protect the fiduciary duty with respect to how they’re managing and overseeing these pension funds,” Noah Wall, the executive director of the State Financial Officers Foundation, said at a press conference in Florida.
Oaks, who will be the network&#8217;s national chair, said that teaching individuals on state and local pension boards about the efforts of some asset managers to back certain agendas was a “critical issue” because of the “politicization of our capital markets.”
The Republican said that pension fund managers needed to go back to the traditional understanding of fiduciary responsibility where political agendas do not impact investment strategies.
Earlier this month, a report from the American Accountability Foundation showed that Oklahoma public official retirement funds were being used to push decarbonization, racial audits, and pro-abortion policies. The report identified at least 216 ESG-tinged proposals that were backed using public retirement funds.
When asked by The Daily Wire if there would be a specific area of geographic focus for the network, Wall said they hoped to recruit partners at every level across the country.
“It’s a 50 state issue,” he said. “We’ll be working on recruiting members on states from around the country. It’s not a red state or blue state problem. This is a national issue. We’re going be recruiting everyone down to the county commissioners that oversee local pension boards.”
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State Financial Officer Foundation CEO Derek Kreifels said that raising awareness was especially needed because giant asset managers, like BlackRock, have stepped up their lobbying at the state and local level. Kreifels said BlackRock has sent mixed messages about its commitment to ESG investments, saying that its stance “depends on who&#8217;s in the room and who they’re talking to.”
In recent years, states have stepped up efforts to block state funds from going through asset managers that have targeted the oil and gas industry.

stack of one hundred dollars notes

New Effort Launched To Stop Use Of Public Pension Funds For Leftist Causes

Pensions

U.S.

Utah

<a href="https://www.dailywire.com/topic/west-virginia" target="_blank" rel="noopener">West Virginia</a> will no longer be investing money in Chinese-based companies through its higher education savings investment program, according to Republican State Treasurer Riley Moore.
Moore <a href="https://wvtreasury.com/About-The-Office/Press-Releases/ID/612/Treasurer-Moore-Announces-SMART529-Board-Votes-to-Drop-China-Investments-from-Select-Plan-Emerging-Markets-Portfolio" target="_blank" rel="noopener">announced</a> Wednesday that the state would be designating dollars from the investment program, known as SMART529, into a fund that wouldn’t back Chinese-based companies. The previous fund included investments in Chinese companies through an emerging markets fund.
“We have a fiduciary duty to act in the best financial interests of SMART529 plan participants, and we believe excluding Chinese emerging market investments from our Select Plan portfolio will help maximize returns while reducing exposure to the potential regulatory and geopolitical risks that come with investing in companies based in China,” Moore said. “I’m grateful to the Board members for carefully considering this recommendation to reduce exposure to these more risky Chinese investment options.”
Under the former investment plan, Chinese companies could be qualified for some of the $40 million SMART529 dollars that were invested in emerging markets. Moore said the decision to shift investments away from China came after a “lengthy period of study” showed that keeping investment in China was risky. He began looking at the move in late 2021.
“This decision is in the best long-term financial interests of those individuals who choose to invest in a SMART529 Select Plan and the children whose educational future benefits from these funds,” he said.
Moore had investment consultant company NEPC create a research report for him on potential risks from partnering with Chinese companies.
“China’s domestic policies can create periods of heightened volatility and it is possible that ongoing tensions could increase and negatively impact Chinese stocks,” NEPC told the West Virginia board that oversees the state&#8217;s college funding programs.
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State Armor, a group dedicated to fighting national security threats on the state level, praised the decision.
&#8220;Excluding Chinese investments will reduce American funding of our greatest adversary, and protect participants from China&#8217;s volatile economy,” said Michael Lucci, the group&#8217;s CEO. “More states should look to West Virginia&#8217;s example and examine their own investment portfolios.”
“State leaders must take immediate action to protect their education systems, which includes divesting from adversaries, reviewing and canceling gifts and contracts from adversaries, and generally cutting adversary government influence on American campuses,” Lucci added.

Chinese National Flag

Red State Takes New Step To Distance Itself From ‘Risky Chinese Investments’

Communist China

Education

West Virginia

Reports have claimed that the attempt by Disney to fend off a proxy move by conservative investor Nelson Peltz, a Trump supporter, may be successful, although critics have responded that the leak of such news may have been an effort by Disney to tip undecided institutions and shareholders to vote for the incumbent board.
Reuters <a href="https://www.reuters.com/business/media-telecom/disney-prevails-over-trian-board-fight-sources-say-2024-04-03/?taid=660cc64bd56cce000159377d&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noopener">reported</a> on Tuesday night that, according to ”sources,” Disney&#8217;s board of directors were “safely ahead&#8221; of Trian Fund Management&#8217;s two challengers, Nelson Peltz and former Disney CFO Jay Rasulo, and that “Blackwells Capital, another hedge fund that nominated three board director candidates at Disney, was also unsuccessful in its attempt.” Peltz had nominated himself and Rasulo to join Disney’s board of directors.
“Trian may still be able to claim a financial win at Disney, given that the company&#8217;s shares have gained nearly 50% since early October when Peltz said he was planning a fresh push for seats,” Reuters added.
In late March, Peltz — who first mounted a proxy fight with Disney in 2023, only to call it off when Disney CEO Bob Iger cut costs — spoke about Disney to the <a href="https://www.ft.com/content/0a182c97-6af7-42a6-ad9f-ae980562bb45" target="_blank" rel="noopener">Financial Times</a>, intimating that the company was too woke.
&#8220;They say we know nothing about the movie business — we don’t claim we do — but I don’t think they do, with five big losers in a row,&#8221; Pelz said, referencing recent Disney box office flops. &#8220;They’ve lost first place in animation, they’ve lost first place in features . . . Maybe it’s time to change management in those divisions. &#8230; People go to watch a movie to be entertained. They don’t go to get a message. &#8230; Why do I have to have a Marvel that’s all women? Not that I have anything against women, but why do I have to do that? Why can’t I have Marvels that are both? Why do I need an all-black cast?&#8221;
The leak about the Disney vote has been met with some heavy criticism and skepticism, including from billionaire investor Bill Ackman, who slammed the reports on X:
<blockquote>
There have been a few recent articles in the press about @Disney “winning” its proxy contest with Nelson Peltz based on early election returns that have been leaked to the media. We don&#8217;t have an investment in Disney, but I thought it useful to point out the inappropriateness of these leaks to the press. Only the company and its advisors have access to how shareholders have voted before the day of the annual meeting. My understanding is that it is illegal to release the outcome of the vote prior to it being finalized as it has the effect of manipulating the outcome. 
Here, the company and/or its advisors have leaked that Disney is winning the contest. It is really inappropriate that they have done so. And how does one know that it is Disney and/or its advisors that are the source of the leak?  If Peltz were “winning,” there would be no leaks to the press.  The reason why the progress of an election for directors must be kept confidential until the results are final is that leaking the results can affect the ultimate outcome.   
</blockquote>
Ackman continued:
<blockquote>
This is clearly a close election. Institutions don&#8217;t want to risk voting against the incumbent board if it is clear that the activist will lose. They want to be on the winning side of the election. Here, the company and/or its advisors have leaked the early results in order to tip more institutions and other shareholders to vote for the incumbent board, unfairly tipping the scale in the incumbent board&#8217;s favor. In other words, an institution may think: if Peltz is going to lose, it is not worth taking the risk of offending management by voting for him. &#8230;
I think highly of Nelson Peltz. I am sure he would be greatly additive as a member of the Disney board.  Ask yourself, why is the company fighting so hard to keep him off? The fact that the company leaked the early returns to the media is further evidence that an activist of Nelson&#8217;s caliber deserves to be on this board for all shareholders benefit. Based on my knowledge of Nelson&#8217;s capabilities and the dirty tricks implemented by the company and its advisors, I strongly recommend that shareholders vote for Nelson Peltz for the Disney board.  Institutions who have already voted still have time to change their vote.  It is time that we make an example of Disney here so that this bad practice does not continue to poison shareholder democracy.
</blockquote>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
There have been a few recent articles in the press about <a href="https://twitter.com/Disney?ref_src=twsrc%5Etfw">@Disney</a> &#39;winning&#39; its proxy contest with Nelson Peltz based on early election returns that have been leaked to the media. We don&#39;t have an investment in Disney, but I thought it useful to point out the inappropriateness of…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1775285586078707789?ref_src=twsrc%5Etfw">April 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;

Key Speakers At The FII Priority Summit

Claims Of Disney Winning Proxy Fight Against Pro-Trump Investor Get Slammed As ‘Dirty Tricks’

Disney

Nelson Peltz

Mississippi sent a cease-and-desist letter to <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> on Tuesday accusing the financial asset manager of misleading investors about its environmental, social, and governance policies and threatening to level a steep fine on the firm. 
The letter, from <a href="https://www.dailywire.com/topic/mississippi" target="_blank" rel="noopener">Mississippi</a> Secretary of State Michael Watson, <a href="https://www.sos.ms.gov/press/mississippi-secretary-state-issues-order-against-blackrock-alleged-securities-fraud-related" target="_blank" rel="noopener">says</a> that BlackRock may face a multimillion-dollar financial penalty if it does not comply with the state’s demands. BlackRock, which manages over $10 trillion in assets, has faced increasing scrutiny from Republican officials over its investing policies, especially in relation to its links to <a href="https://www.dailywire.com/news/financial-giants-pull-14-trillion-from-climate-group-that-pressures-companies-to-take-action-on-climate-change" target="_blank" rel="noopener">climate activist</a> groups. 
“BlackRock has made and continues to make untrue statements of material fact, and to omit material facts to make its statements not misleading, to investors and potential investors in Mississippi,” a copy of the <a href="https://dw-wp-production.imgix.net/2024/03/Final-CD-BR.pdf" target="_blank" rel="noopener">letter</a> obtained by The Daily Wire says. “These misrepresentations pertain to BlackRock’s provision of investment services, especially its involvement in pushing Environmental, Social, and Governance (‘ESG’) factors on portfolio companies. Additionally, many of BlackRock’s acts, practices, and courses of business operate or would operate as a fraud or deceit upon investors and potential investors in Mississippi.”
Watson said that the letter and notice of intent to impose administrative penalty was part of Mississippi&#8217;s efforts to go after politicized investment companies. 
“Investment companies will not push their political agenda on Mississippians, especially through fraudulent and deceptive means,” Watson said. “All citizens should have the opportunity to make informed and educated decisions when investing their hard-earned money. If not, our office will hold these bad actors accountable.”
The letter alleges that there are two categories of false and misleading statements made by BlackRock to investors. The first claims that while BlackRock says it doesn’t use all funds for ESG purposes it has already committed “to use all assets under management to advance the environmental agenda of reducing carbon emissions to ‘net zero.’”
The second category includes statements from BlackRock indicating that ESG-related investing brings positive financial results. Watson’s letter disputes this saying that is misleading “because the consideration of ESG factors does not provide an indication of better financial returns or current or future risk profiles.”
BlackRock has <a href="https://www.washingtonexaminer.com/policy/finance-and-economy/2941273/mississippi-slaps-blackrock-cease-and-desist-order-esg/" target="_blank" rel="noopener">responded</a> to the letter, saying that Mississippi&#8217;s allegations against it were untrue. 
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“Many policymakers and government officials have ideas on how we should invest our clients’ assets,” BlackRock said. “We are always bound to invest consistent with our clients’ choices, their best financial interests, and applicable law. Our only agenda is maximizing risk-adjusted returns for the funds our clients choose to invest in.”
BlackRock, headed up by CEO Larry Fink, has walked back from some of its climate commitments, but has still faced calls to fully abandon ESG policies. 
“Larry Fink and BlackRock continue to pretend that the only time they engage in ESG, it is with permission of the shareholders, but in reality, ESG policies have seeped into every facet of BlackRock&#8217;s asset management,” Will Hild of Consumers&#8217; Research said in a <a href="https://www.foxbusiness.com/politics/mississippi-hits-blackrock-with-cease-desist-threatens-massive-fine-over-esg-policies">statement</a> to FOX Business on Wednesday. “They&#8217;ve been lying to their customers, and states like Mississippi are not going to allow this to continue.”

Blackrock Posts 22 Percent Increase In Quarterly Profits

Mississippi May Issue BlackRock ‘Multimillion-Dollar’ Fine Over ESG Investing Policies

BlackRock

Climate Change

Mississippi

The <a href="https://www.dailywire.com/topic/texas" target="_blank" rel="noopener">Texas</a> Permanent School Fund (PSF) opted on Tuesday to terminate an $8.5 billion investment with <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> Inc., with one official citing the financial asset manager&#8217;s support of environmental, social, and governance (ESG) proposals.
State Board of Education Chairman Aaron Kinsey said in a <a href="https://twitter.com/AaronKinseyTX/status/1770090460935020835" target="_blank" rel="noopener">statement</a> that PSF&#8217;s &#8220;relationship with BlackRock was not in compliance&#8221; with <a href="https://www.texastribune.org/2021/05/03/texas-house-fossil-fuel-oil-divest/" target="_blank" rel="noopener">legislation</a> enacted in <a href="https://capitol.texas.gov/BillLookup/history.aspx?LegSess=87R&amp;Bill=SB13" target="_blank" rel="noopener">2021</a> that &#8220;prohibits state investment in companies like BlackRock that boycott energy companies.&#8221;
PSF &#8220;has a fiduciary duty to protect Texas schools by safeguarding and growing the approximately $1 billion in annual oil and gas royalties managed by the Texas General Land Office,&#8221; Kinsey said, adding that terminating BlackRock&#8217;s contract &#8220;ensures PSF’s full compliance with Texas law.&#8221;
BlackRock, which boasts trillions of dollars in assets, endured <a href="https://www.atr.org/esgradar/" target="_blank" rel="noopener">divestments</a> by other GOP-led states amid objections over its <a href="https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-engprinciples-global-summary.pdf" target="_blank" rel="noopener">push for ESG</a> that critics view as being part of a <a href="https://www.cnn.com/2024/03/17/politics/dark-money-fga-ashcroft-invs/index.html" target="_blank" rel="noopener">&#8220;woke&#8221; agenda</a>. But the company has <a href="https://www.axios.com/2023/08/23/esg-blackrock-shareholders" target="_blank" rel="noopener">pared back support</a> for ESG proposals while <a href="https://www.dailywire.com/news/blackrock-admits-its-bottom-line-could-be-hurt-by-esg-investing" target="_blank" rel="noopener">acknowledging</a> such investments could hurt its bottom line.
In a <a href="https://twitter.com/bradj_TX/status/1770120206750204008" target="_blank" rel="noopener">statement</a>, BlackRock said it is &#8220;helping millions of Texans invest and save for retirement.&#8221; It added, &#8220;On behalf of our clients, we&#8217;ve invested more than $300 billion in Texas-based companies, infrastructure and municipalities, including $125 billion invested in the energy sector, including a $550 million joint venture with Occidental. We recently hosted an energy summit in Houston designed to explore how to strengthen Texas’ power grid.&#8221;
A <a href="https://twitter.com/bradj_TX/status/1770120202614620344" target="_blank" rel="noopener">letter</a> that PSF sent to BlackRock, a copy of which was <a href="https://twitter.com/bradj_TX/status/1770120202614620344" target="_blank" rel="noopener">posted to X</a> by a reporter with The Texan, said the termination of the contract was effective on April 30 and noted requests for the company to &#8220;cooperate&#8221; in transitioning assets to a successor manager and work in &#8220;good faith&#8221; to determine and execute &#8220;the most efficient and cost-effective transition plan for the assets.&#8221;
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Kinsey said BlackRock’s &#8220;dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil &amp; gas economy and the very companies that generate revenues for our PSF. Texas and the PSF have worked hard to grow this fund to build Texas’ schools. BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans.&#8221;
He added, &#8220;Today represents a major step forward for the Texas PSF and our state as a whole. The PSF will not stand idle as our financial future is attacked by Wall Street. This bold action helps ensure our PSF remains in fact permanent and will continue to support bright futures and opportunities for generations of Texas students.&#8221;

Larry Fink

Texas Schools Fund Moves To Pull $8.5 Billion Contract With BlackRock

Texas Schools Fund Moves To Pull Out Of $8.5 Billion BlackRock Contract

finance

Texas

Republican officials continued their probe of <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> this week, saying that the financial giant has not been forthcoming about how climate activists are shaping its policies, according to a letter first obtained by The Daily Wire.
In a <a href="https://dw-wp-production.imgix.net/2024/02/Follow_up_letter_to_BlackRock_Directors_FINAL.pdf" target="_blank" rel="noopener">letter</a> to BlackRock on Tuesday, 15 Republican attorneys general led by Montana Attorney General Austin Knudsen, demanded more answers from BlackRock about its participation in climate organizations and what kind of environmental, social, and governance policies it has implemented. BlackRock, which has over $10 trillion in assets, has faced scrutiny from Republicans over accusations that it prioritizes leftist activism over customer benefit.
“I have serious concerns about BlackRock’s Environmental, Social, and Governance investments, their conflicting statements regarding ESG, and the potential conflicts of interest with independent fund directors,” Knudsen told The Daily Wire. “Mutual fund directors have a fiduciary obligation to their clients to make them as much money as possible, but BlackRock appears to be more concerned with pushing the woke, liberal agenda.”
The 18-page letter raises concerns about conflicting statements made by BlackRock on ESG, BlackRock’s participation in leftist climate groups, and conflicts of interests.
BlackRock recently <a href="https://www.dailywire.com/news/financial-giants-pull-14-trillion-from-climate-group-that-pressures-companies-to-take-action-on-climate-change" target="_blank" rel="noopener">stepped away</a> from the Climate Action 100+ organization, but remains in other groups like the Net Zero Asset Managers initiative, the United Nations Principles for Responsible Investment, and Ceres. BlackRock International, a subsidiary, is still part of the Climate Action organization.
Knudson told The Daily Wire that while BlackRock “took a step in the right direction by dropping out Climate Action 100+ earlier this month, it’s not enough.”
“BlackRock has made commitments to environmental activist groups that may conflict with the fiduciary duties it owes to clients, and we seek more information about how the independent directors have overseen this,” the letter says. “Further, BlackRock’s relationships with certain large institutional clients, especially state pension funds, may unduly influence BlackRock’s overall approach to engaging with companies in which it invests, including investments that have disclaimed any reliance or focus on ESG factors.”
The Republicans AGs also say that BlackRock has made misleading statements about the motivations behind its ESG policies. Some comments from BlackRock indicate that it believes that ESG policies provide financial benefit are undercut by other statements that sustainability criteria don’t help assess the potential risk or reward of a fund, the letter notes.
“BlackRock’s claims that its focus on climate and ESG is motivated by concern about financial return are also undermined by the performance of its ESG-managed funds, which lag behind the performance of non-ESG benchmarks while charging higher fees,” the letter said.
Additionally, the letter raises concerns about the independence of mutual fund directors at BlackRock and whether they can be directors on other corporations where BlackRock controls significant shares.
“From a conflict-of-interest perspective, there is a clear risk that service on a public company board creates a dynamic where the director will be hesitant to offend or anger BlackRock, when BlackRock manages, votes, and controls significant shares in that public company,” the letter says.
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In addition to Montana, Alabama, Arkansas, Georgia, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nebraska, South Carolina, South Dakota, Texas, Virginia, West Virginia, and Utah all signed on to the letter.
&#8220;Thanks to persistent efforts from Republican attorneys general to defeat the radical and illegal ESG movement, BlackRock and other investment firms have rightly withdrawn from certain environmental organizations committed to a foundational transformation of America&#8217;s energy and financial sectors,&#8221; Utah AG Sean Reyes told The Daily Wire. &#8220;Our coalition, however, still has concerns with BlackRock&#8217;s past and present actions involving the financial interests of our constituents. We will remain steadfast in holding BlackRock and others like it accountable by protecting the financial freedom of our people.&#8221;
The Republicans previously wrote to BlackRock in July voicing many of the same concerns and received a reply in August. They said that August&#8217;s reply did not sufficiently answer their questions or concerns about ESG investing. Tennessee <a href="https://www.dailywire.com/news/tennessee-attorney-general-sues-blackrock-for-misleading-investors-about-esg-agenda" target="_blank" rel="noopener">sued</a> BlackRock in December, saying that firm violated consumer protection laws by misleading consumers about its attempt to pursue left-wing social and environmental goals.

EXCLUSIVE: Republican Officials Demand Answers On BlackRock’s ‘Woke’ Climate Agenda

Business

Environmentalists

Montana

Social Issues

<a href="https://www.dailywire.com/news/great-at-killing-jobs-shark-tanks-kevin-oleary-rips-aoc-dems-on-cnn-airwaves" target="_blank" rel="noopener">&#8220;Shark Tank&#8221; investor Kevin O&#8217;Leary</a> said companies are paying close attention to <a href="https://www.dailywire.com/topic/target" target="_blank" rel="noopener">Target</a>&#8216;s &#8220;stunning&#8221; market plunge amid a &#8220;Pride&#8221; collection controversy.
&#8220;The future brings a complete change in the thinking of corporate America, particularly S&amp;P 500 public companies,&#8221; the chairman of O&#8217;Leary Ventures <a href="https://www.foxnews.com/media/targets-stunning-15b-collapse-warning-ceos-shark-tank-star" target="_blank" rel="noopener">told Fox News host Jesse Watters</a> on Monday.
&#8220;How this happened is being scrutinized by lots of other boards right now,&#8221; O&#8217;Leary said. &#8220;And it&#8217;s a discussion that&#8217;s going on every day with institutional investors.&#8221;
In recent weeks, Target lost around $13 billion in market value, a precipitous drop since <a href="https://www.bloomberg.com/news/articles/2023-06-02/target-sheds-14-billion-in-value-on-retail-woes-lgbtq-backlash" target="_blank" rel="noopener">reporting its earnings last month</a>, leaving its market cap <a href="https://www.foxbusiness.com/media/target-shares-plunge-2-market-cap-down-over-13-billion-amid-pride-backlash" target="_blank" rel="noopener">at around $60 billion</a>. Though some analysts say <a href="https://www.cnn.com/2023/06/02/business/target-stock-fact-check-lgbt-backlash/index.html" target="_blank" rel="noopener">broader economic conditions</a> are at play, the plunge coincides with a wave of backlash and calls for a boycott over Target&#8217;s Pride Month collection, which led the Minneapolis-based retailer to <a href="https://apnews.com/article/target-pride-collection-lgbtq-merchandise-backlash-cf4a19844579e6041c6938b13568e17c" target="_blank" rel="noopener">pull some of its LGBTQ+ merchandise</a>. JP Morgan even <a href="https://www.marketwatch.com/story/targets-stock-on-its-longest-losing-streak-in-23-years-downgraded-at-jpmorgan-18860151" target="_blank" rel="noopener">downgraded Target Corp.&#8217;s stock</a>, citing &#8220;consumer pressures and recent company controversies.&#8221;
O&#8217;Leary explained how the Target controversy shows companies are faced with the challenge of striking a delicate balance in showing &#8220;support of diversity in all the mandates that society is discussing openly&#8221; while also protecting the interests of its employees, customers, and shareholders.
&#8220;If you start to get too distant or too far away from the primary mandate, the market has proven itself to really, really punish you,&#8221; O&#8217;Leary said. &#8220;And it&#8217;s woken up all kinds of boards.&#8221;
As was the case with Target and Bud Light, which faced a boycott over its partnership with self-identified transgender social media influencer <a href="https://www.dailywire.com/topic/dylan-mulvaney" target="_blank" rel="noopener">Dylan Mulvaney</a>, companies are struggling to stay tuned into the mood of their customers, which can turn sour in a matter of hours, O&#8217;Leary contended.
&#8220;When you can&#8217;t control the message anymore through social media, which is clearly obvious, you better figure out what message you&#8217;re putting out before it ever gets out there,&#8221; O&#8217;Leary said.
<a href="https://onelink.to/dwapp" target="_blank" rel="noopener noreferrer" aria-describedby="sk-tooltip-9096" data-saferedirecturl="https://www.google.com/url?q=https://onelink.to/dwapp&amp;source=gmail&amp;ust=1685885459858000&amp;usg=AOvVaw0AFvCLn4CIt7S8nPLjhrIg">CLICK HERE TO GET THE DAILYWIRE+ APP</a>
O&#8217;Leary pointed to social media in particular as an area of focus, suggesting companies need to add a committee to advise boards on viral trends. He also predicted that diversity officers will remain a fixture.
&#8220;I don&#8217;t think you&#8217;re going to find a lot of people saying, &#8216;Oh, let&#8217;s not have diversity officers.&#8217; I think that boat sailed. But what they do with their budgets now really matter, and the risks they&#8217;re putting the company into because of the power of uncontrolled social media is obviously measurable,&#8221; O&#8217;Leary said. &#8220;When you lose $11 billion of market cap, there&#8217;re a lot of unhappy cowboys out there. They&#8217;re called your investors.&#8221;

Kevin O’Leary

‘Shark Tank’ Star: Target’s Collapse Amid ‘Pride’ Controversy Is Wake-Up Call For Corporate America

'Shark Tank' Investor Says Target's Stock Collapse Amid 'Pride' Controversy Is A Wake-Up Call For Corporate America

Target

Wokeness

Americans are significantly more skeptical about <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrency</a> following severe disruptions in the digital asset market, according to a <a href="https://www.momentive.ai/en/blog/cnbc-your-money-nov-2022/" target="_blank" rel="noopener">poll </a>from CNBC and Momentive.
The survey, taken from the end of November to the beginning of December, showed that roughly 60% of Americans see the risk of cryptocurrency investments as “high,” marking an increase from 45% in August of last year. Another 26% see cryptocurrencies as moderately risky, while only 10% say the assets carry “little” or no risk.
Cryptocurrency, a form of decentralized <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works" target="_blank" rel="noopener">digital money</a> that can be transferred between users’ virtual wallets, has garnered the skepticism of many regulators and investors over the past several years. Younger Americans are the most likely to invest in the assets: roughly 38% of Generation Z, defined by the survey as those below 25 years old, believe cryptocurrency investing is highly risky, while 80% of Baby Boomers and the Silent Generation, defined as those above 58 years old, said the same.
The sector has been particularly tumultuous over the past two months as FTX, a cryptocurrency exchange founded by Sam Bankman-Fried, experienced a liquidity crunch after users learned that sister trading firm Alameda Research allegedly pulled customer deposits from the platform to make bets. The companies <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">filed for bankruptcy</a> last month; Bankman-Fried, largely depicted by the media as a cryptocurrency wunderkind, now faces a criminal investigation from the Securities and Exchange Commission.
Younger Americans are also the most likely to hold digital assets; roughly 15% of Millennials, those between 26 and 41 years old, and 12% of Generation Z, said they own cryptocurrencies, while less than 5% of Baby Boomers and the Silent Generation said the same.
The overall cryptocurrency market has lost more than $2 trillion since last year, according to a <a href="https://www.cnbc.com/2022/12/12/sixty-percent-of-americans-now-see-crypto-investing-as-highly-risky.html" target="_blank" rel="noopener">report</a> from CNBC. The price of bitcoin has fallen 64% since the beginning of this year, while the Dow Jones Industrial Index has fallen roughly 7% over the same period.
Institutional investors have placed capital behind blockchain projects but remain hesitant to bet on cryptocurrencies. JPMorgan Chase CEO Jamie Dimon recently <a href="https://www.dailywire.com/news/a-complete-sideshow-jpmorgan-chase-ceo-jamie-dimon-says-cryptocurrencies-are-like-pet-rocks" target="_blank" rel="noopener">raised concerns</a> about “terrorism financing, tax avoidance, sex trafficking,” and other ways in which digital assets enable illicit activities. “Why do we allow this stuff to take place?” he asked, comparing cryptocurrency tokens to “pet rocks” and noting that contagion in the sector will have negligible impacts on the overall marketplace.
Cryptocurrency companies Voyager and Celsius declared bankruptcy earlier this year, while firms such as Genesis have <a href="https://www.dailywire.com/news/second-major-cryptocurrency-exchange-could-be-poised-to-go-bankrupt" target="_blank" rel="noopener">indicated</a> the looming possibility of bankruptcy. BlockFi, a lending platform, <a href="https://www.dailywire.com/news/crypto-company-blockfi-files-for-bankruptcy-after-ftx-collapse" target="_blank" rel="noopener">filed for bankruptcy</a> days after FTX was rendered insolvent, scattering plans for Bankman-Fried to acquire the company.
Current FTX CEO John Ray III, the lawyer who represented plaintiffs after the collapse of Enron, said that the empire run by Bankman-Fried was the worst example of mismanagement he has ever witnessed. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray said in <a href="https://www.dailywire.com/news/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure" target="_blank" rel="noopener">court documents</a>. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

Bitcoin

Investors Much More Skeptical Of Crypto After Brutal Bear Market, FTX Collapse

Investors Much More Skeptical Of Crypto

Cryptocurrency

Sam Bankman-Fried

Stock Market

Canadian celebrity investor Kevin O’Leary said that he lost his entire $15 million payout from FTX, the defunct <a href="https://www.dailywire.com/topic/cryptocurrency">cryptocurrency</a> exchange for which he was an ambassador.
FTX filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> last month after users discovered that the company was likely intertwined with Alameda Research; both were controlled by now-broke former billionaire Sam Bankman-Fried and a close-knit group of amateur executives. O’Leary, known for serving as a judge on reality startup show “Shark Tank,” said that his payout earned from work to promote the defunct company is swimming with the fishes.
“Total deal was just under $15 million, all in,” O’Leary said during an <a href="https://www.cnbc.com/2022/12/08/ftx-spokesman-kevin-oleary-says-he-lost-15-million-crypto-payday.html" target="_blank" rel="noopener">interview</a> with CNBC’s “Squawk Box,” adding that he placed $9.7 million into cryptocurrencies. “I think that’s what I lost. I don’t know. It’s all at zero.”
Mr. Wonderful also had more than $1 million in FTX equity, which is now worthless due to the bankruptcy. The remaining benefits evaporated in taxes and agent fees.
“It was not a good investment,” he admitted.
O’Leary, known for his intense skepticism of pitches presented to “Shark Tank,” lamented that he fell victim to “groupthink.” The former software entrepreneur has lauded FTX on social media and expressed confidence in the company’s legitimacy.
&#8220;To find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX,” he said in a <a href="https://www.prnewswire.com/news-releases/ftx-and-kevin-oleary-announce-long-term-investment-and-spokesperson-relationship-301352189.html" target="_blank" rel="noopener">statement</a> announcing the brand ambassador partnership last year. “It has some of the best crypto exchange offerings I&#8217;ve seen on the market. FTX leverages best-in-class tech to provide a quality trading experience with low fees for both professional and retail investors alike, while at the same time providing the reporting platform that serves both internal and regulatory compliance requirements.&#8221;
Bankman-Fried solicited a number of <a href="https://www.dailywire.com/news/from-brady-to-shaq-here-are-the-celebrities-who-lost-big-on-the-ftx-implosion" target="_blank" rel="noopener">cultural icons</a> to participate in advertisements featuring the exchange platform. Golden State Warriors point guard Steph Curry, Tampa Bay Buccaneers quarterback Tom Brady and his supermodel ex-wife Gisele Bündchen, and basketball legend Shaquille O’Neal appeared in advertisements or otherwise promoted the company.
The celebrities were named in a <a href="https://www.dailywire.com/news/tom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx" target="_blank" rel="noopener">lawsuit</a> filed in the Southern District of Florida on behalf of investor Edwin Garrison and others affected by the company’s failure. The complaint accused the icons of participating in a “fraudulent scheme” meant to deceive unsophisticated investors. The lawsuit argued that the brand ambassadors, many of whom received equity stakes in the company, failed to perform “any due diligence” before marketing FTX to the public, adding that their failure to disclose “the nature, scope, and amount of compensation they personally received” in exchange for promoting FTX represents “a violation of the anti-touting provisions of the federal securities laws.”
Bankman-Fried, the second-largest donor to the 2020 campaign of President Joe Biden and the sixth-largest <a href="https://www.dailywire.com/news/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx" target="_blank" rel="noopener">overall contributor</a> in the recent midterm elections, aggressively tried to recruit singer-songwriter Taylor Swift as a brand ambassador for his cryptocurrency empire. Reportedly a diehard fan of the pop star, Bankman-Fried neared the late stages of negotiating a $100 million sponsorship deal, according to a <a href="https://www.ft.com/content/2b0601e2-d371-404d-8531-227f11d4a83f" target="_blank" rel="noopener">report</a> from the Financial Times.

Collage Maker-08-Dec-2022-01.49-PM

Kevin O’Leary Says He Fell Victim To ‘Groupthink,’ Lost All Of His $15 Million Payout As FTX Ambassador

Kevin O'Leary Lost All Of His $15 Million Payout As FTX Ambassador

Lawsuit

Less than one decade ago, Elizabeth Holmes was the darling of Silicon Valley. After dropping out of Stanford University, she launched a startup called Theranos, which claimed to have mastered the extraordinarily complex biochemistry problem of testing for a variety of diseases from a single drop of blood. Only after she <a href="https://www.dailywire.com/news/how-did-elizabeth-holmes-build-her-fraudulent-biomedical-empire" target="_blank" rel="noopener">secured</a> a $9 billion valuation for her company and deceived the nation’s most important power brokers, from James Mattis to Hillary Clinton, was her venture revealed to be utterly fraudulent. She is now on her way to <a href="https://www.dailywire.com/news/breaking-elizabeth-holmes-disgraced-media-darling-behind-theranos-fraud-sentenced-to-11-years-in-prison" target="_blank" rel="noopener">federal prison</a>.
Around the same time, fintech entrepreneur Dan Price made headlines for giving himself a massive pay cut to ensure that no employee at his company would ever earn less than $70,000, a move that The New York Times called a “swashbuckling blow against income inequality.” More recently, however, the Gravity Payments executive <a href="https://www.dailywire.com/news/seattle-ceo-praised-by-the-left-for-cutting-his-own-salary-resigns-amid-sexual-assault-charges" target="_blank" rel="noopener">resigned</a> his post amid charges of fourth-degree assault, fourth-degree assault with sexual motivation, and reckless driving. The purportedly big-hearted executive allegedly cornered a woman in his Tesla, attempting to kiss her and grabbing her throat when she declined his overtures.
What do these two failed entrepreneurs have in common? They knew how to make woke go broke. A post-mortem of the Holmes affair would conclude that, among other blind spots, Silicon Valley was desperate for a female technology legend, allowing her to win over the ultra-progressive startup world. In a similar vein, liberal customers and investors desperately wanted to link arms with a man-of-the-people business leader like Price, who seemed to worry more about dividing the pie than making it larger.
Enter Sam Bankman-Fried, the 30-year-old cryptocurrency wunderkind who turned exchange platform FTX into an overnight success. Even as he purchased <a href="https://www.dailywire.com/news/ftx-executives-reportedly-bought-themselves-real-estate-in-the-bahamas-with-corporate-funds" target="_blank" rel="noopener">luxury real estate</a> in the Bahamas alongside his <a href="https://www.dailywire.com/news/amphetamine-fueled-polycule-or-undersexed-group-of-nerds-inside-ftxs-bahamas-culture" target="_blank" rel="noopener">possibly polyamorous</a> cohort of roommates, the young entrepreneur made headlines in the United States as an “effective altruist” devoted to giving away every last penny of his $15 billion fortune. The house of cards <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">collapsed</a> when the world learned that Bankman-Fried, who allegedly pulled money from FTX to fund his gambling addiction at adjacent trading company Alameda Research, had been generous with other people’s money. 
Unlike Holmes and Price, Bankman-Fried admitted to the entire scheme. During a direct message <a href="https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy">conversation</a> with Vox reporter Kelsey Piper, the likely fraudster said that the environmental, social, and governance movement, also known as ESG, has been “perverted beyond recognition.” Bankman-Fried also acknowledged that his effective altruism was mostly a front, boasting that he convinced “woke westerners” to like him by saying the right things.
FTX somehow <a href="https://www.wsj.com/articles/sam-bankman-fried-esg-truth-teller-ftx-cryptocurrency-crash-11668723808">earned</a> a stellar “leadership and governance” from one ESG ratings agency Truvalue Labs. Yet John Ray III, a former attorney for individuals harmed by Enron, <a href="https://www.dailywire.com/news/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure" target="_blank" rel="noopener">described</a> the cryptocurrency exchange as the most “complete failure of corporate controls” in bankruptcy filings. Among other “systems that did not exist” were cybersecurity and risk management.
Later reports revealed that the entire progressive establishment was <a href="https://www.dailywire.com/news/left-of-center-media-accepted-millions-from-democrat-donor-and-disgraced-crypto-wunderkind-sam-bankman-fried" target="_blank" rel="noopener">in the pocket</a> of Bankman-Fried. He contributed millions to Democrats in the most recent midterm elections and millions more to left-of-center media outlets. Suddenly, the glowing coverage and subsequent kid-glove treatment of a Massachusetts Institute of Technology graduate who <a href="https://www.dailywire.com/news/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger" target="_blank" rel="noopener">admitted</a> he does not “even know how to code” makes much more sense.
The story of how entire institutions embraced an incompetent con man has not yet fully unfolded. On one hand, the evidence thus far suggests that ideology certainly played a factor. On the other hand, however, financial incentives were at play. As the book of Proverbs says: “A bribe is like a magic stone in the eyes of the one who gives it; wherever he turns he prospers.”
In any case, there is no indication that progressive Silicon Valley and Wall Street elites have learned their lesson. Center for Cultural Leadership senior fellow Jerry Bowyer told The Daily Wire that institutional investors have not yet discovered how to recognize progressive charlatans because their own money is not at stake.
“Large asset managers are more on board with ESG and other forms of ideological investors because they get social kudos and have an excuse to charge higher fees,” the investor and author contended. “There’s a similar problem with celebrity financial pundits who never lose their media perches no matter how much they flog investments which later flop. Also, virtue signaling business brands don’t want to give up a story which is too good to be true.”
The cult-like behavior of liberal asset managers has become especially clear amid the current macroeconomic headwinds, during which many funds have persisted in financial self-immolation. Harvard Management Company, which oversees the elite university’s endowment, reported a $2.3 billion loss in the most recent fiscal year and <a href="https://www.dailywire.com/news/harvard-university-endowment-loses-2-3-billion" target="_blank" rel="noopener">admitted</a> that efforts to achieve net zero emissions through oil and gas divestment “weighed upon performance,” even though the organization remains “proud to be deeply engaged in the issue of sustainability.”
Bowyer added that investors with their own money on the line will be quicker to learn their lessons than those charged with acting as fiduciaries. “ESG investing was already suffering a catastrophic collapse in credibility coming from the bottom up,” he continued. “Real investors have already caught on. The collapse of FTX, which was built partly as the ESG-sensitive version of the cryptocurrency world, just adds downward momentum to an investment fad already in freefall.”

FTX Cryptocurrency Derivatives Exchange CEO Sam Bankman-Fried Interview

How Sam Bankman-Fried Weaponized Wokeness To Dupe Progressive Investors

Money

Readers Pass

Woke Culture

FTX investor Evan Luthra has a few choice words — and some serious questions — for the former cryptocurrency CEO <a href="https://dailywire.com/news/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger/" target="_blank" rel="noopener">Sam Bankman-Fried</a>.
Luthra spoke with Fox News anchor Sandra Smith on Wednesday, and he asked why a scheduled interview with <a href="https://dailywire.com/news/we-got-overconfident-and-careless-sam-bankman-fried-reveals-what-went-wrong-with-ftx/" target="_blank" rel="noopener">Bankman-Fried</a> — set to take place just a short time after his own television appearance — was not being conducted from a jail cell.
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
FINANCIAL FRAUD: FTX investor questions why the New York Times is allowing disgraced crypto king a squawk box, &quot;He should already be behind bars.&quot; <a href="https://t.co/Daiaqm8Vkw">pic.twitter.com/Daiaqm8Vkw</a>
&mdash; Fox News (@FoxNews) <a href="https://twitter.com/FoxNews/status/1598069717453131777?ref_src=twsrc%5Etfw">November 30, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;It is quite a remarkable moment to think that we are going to see the FTX founder sit down in this interview, this is happening a short time from now,&#8221; Smith began, adding, &#8220;No questions off limits. What would you ask him?&#8221;
&#8220;I would ask you, why did you do this, right?&#8221; Luthra replied. He went on to lay out a series of questions he&#8217;d like to have <a href="https://dailywire.com/news/left-of-center-media-accepted-millions-from-democrat-donor-and-disgraced-crypto-wunderkind-sam-bankman-fried/" target="_blank" rel="noopener">Bankman-Fried</a> answer — namely, what gave him the right to walk away from his investors after they lost everything, and whether or not he had a plan in place to help them recuperate some of their losses.
&#8220;Who is on your side? Why are you not in jail in the first place?&#8221; Luthra continued, adding, &#8220;This interview could have also taken place behind bars. There&#8217;s a lot of questions I would have for the guy there, so — but we do know that he has intentionally defrauded us, he has done a crime, he knows what he was doing.&#8221;
Luthra conceded that despite all the questions he and many others would like to see addressed, he did not expect to get any straight answers from Bankman-Fried.
&#8220;What does it tell you that he&#8217;s even sitting down for this interview, in the middle of this storm, in the first place?&#8221; Smith pressed.
&#8220;I think this is a big failure on the part of The New York Times to give a gentleman like SBF a stage alongside people like Mark Zuckerberg, [and the] President of Ukraine,&#8221; Luthra said, arguing that continuing to give Bankman-Fried a platform only exacerbates the problem by giving him free publicity in addition to growing notoriety.
&#8220;It&#8217;s very surprising to me to see this happening in the first place,&#8221; Luthra concluded. &#8220;We know what he has done, we know what actions he has taken &#8230; we know the crimes he has committed. He should already be behind bars, this just does not make any sense to me.&#8221;

Key Speakers At Bitcoin 2021 Event

‘Why Are You Not In Jail?’: FTX Investor Holds Nothing Back In Fox News Interview

FTX Investor Has Questions For Sam Bankman-Fried, Holds Nothing Back In Fox News Interview

Fox News

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