Eleven Republican attorneys general sued <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> on Wednesday, alleging it had engaged in a conspiracy with other massive asset managers to constrict the market for coal.
Led by Texas, the attorneys general filed a <a href="https://www.texasattorneygeneral.gov/sites/default/files/images/press/States%20v%20BlackRock%20Complaint%20Filed.pdf" target="_blank" rel="noopener">suit</a> on Wednesday in U.S. District Court for the Eastern District of Texas alleging that BlackRock, Vanguard, and State Street have worked together to push climate policies in order to artificially restrict the supply of coal. The states say that the financial giants, which <a href="https://money.usnews.com/investing/news/articles/2024-11-27/blackrock-state-street-vanguard-sued-by-republican-states-over-climate-accords" target="_blank" rel="noopener">control</a> around $26 trillion, have violated federal and state antitrust laws.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” <a href="https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-sues-blackrock-state-street-and-vanguard-illegally-conspiring-manipulate">said</a> Texas Attorney General Ken Paxton. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”
The suit was joined by Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming. They argue that the asset managers have weaponized their holdings in coal companies to restrict the industry and raise prices.
“Defendants have leveraged their holdings and voting of shares to facilitate an output reduction scheme, which has artificially constrained the supply of coal, significantly diminished competition in the markets for coal, increased energy prices for American consumers, and produced cartel-level profits for Defendants,” the suit says.
“Competitive markets — not the dictates of far-flung asset managers — should determine the price Americans pay for electricity,” the Republican AGs added, saying that the companies pursued environmental, social, and governance policies that harmed investors&#8217; bottom line.
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Both State Street and BlackRock responded to the lawsuit by saying it was without merit.
&#8220;State Street acts in the long-term financial interests of investors with a focus on enhancing shareholder value. As long-term capital providers, we have a mutual interest in the long-term success of our portfolio companies. T​his lawsuit is baseless and look forward to presenting the facts through the legal process,&#8221; State Street said.
“BlackRock&#8217;s holdings in energy companies are regularly reviewed by federal and state regulators. We make these investments on behalf of our clients, and our focus is on delivering them financial returns,” the company told The Daily Wire.
“The suggestion that BlackRock has invested money in companies with the goal of harming those companies is baseless and defies common sense. This lawsuit undermines Texas&#8217; pro-business reputation and discourages investments in the companies consumers rely on,” it added.
BlackRock has long faced criticism from conservatives who have argued that it prioritizes leftist activism over customer benefit. The asset manager has been involved in climate-focused groups like the Net Zero Asset Managers initiative, the United Nations Principles for Responsible Investment, and Ceres.

Climate activists protest against fossil fuel use in New York

Republican AGs Sue BlackRock, Say It Has Conspired Against Coal Production

BlackRock

Climate Change

Coal

Ken Paxton

Social Issues

Texas

U.S.

Vanguard

Former Vice President <a href="https://www.dailywire.com/topic/al-gore" target="_blank" rel="noopener">Al Gore</a> lambasted <a href="http://dailywire.com/topic/vanguard" target="_blank" rel="noopener">Vanguard</a> following the company’s decision to sever ties with the Net Zero Asset Managers initiative on Wednesday.
Companies joining the initiative must <a href="https://www.netzeroassetmanagers.org/commitment/" target="_blank" rel="noopener">promise</a> to move portfolio companies closer to eliminating net carbon emissions by 2050 or sooner. Vanguard <a href="https://www.dailywire.com/news/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues" target="_blank" rel="noopener">opted to withdraw</a> from the project in order to “provide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks,” according to a <a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/update-on-nzam-engagement.html" target="_blank" rel="noopener">statement</a>.
Gore remarked in an interview that the move from Vanguard was “extremely disappointing,” as well as “irresponsible and shortsighted,” according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/al-gore-rips-into-vanguard-after-defection-from-climate-group" target="_blank" rel="noopener">report</a> from Bloomberg. The Nobel Peace Prize winner and “An Inconvenient Truth” documentary maker added that he sees “a real, growing commitment” among executives to fight climate change.
“Unfortunately, it’s not everywhere,” he said. “The leadership of Vanguard isn’t a part of it.”
The pivot from Vanguard occurred hours after lawmakers in the state of Texas <a href="https://www.dailywire.com/news/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money" target="_blank" rel="noopener">announced</a> a hearing over asset managers’ alleged mismanagement of taxpayer dollars driven by ideological motives. Several attorneys general <a href="https://www.dailywire.com/news/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids" target="_blank" rel="noopener">filed motions</a> last week with the Federal Energy Regulatory Commission arguing that Vanguard should be barred from purchasing shares in publicly traded utilities out of a concern that the company’s emissions reduction efforts would raise energy prices and decrease grid reliability.
Despite the backlash, Vanguard asserted that investors should be worried about financial risks posed by the environment. “Climate change, and the ongoing global response, will have far-reaching economic consequences for companies, financial markets, and investors, presenting a clear example of a material and multifaceted financial risk,” the company’s statement continued. “Vanguard has been taking steps to understand and attend to this risk to investors’ returns, including through our engagements with portfolio companies, policymakers, and broader industry efforts.”
Gore, who narrowly lost the 2000 election to former President George W. Bush, recently made headlines as a possible Biden administration <a href="https://www.dailywire.com/news/biden-may-try-to-fire-world-bank-president-for-not-pushing-climate-policy-enough-possible-replacement-chimes-in-report" target="_blank" rel="noopener">appointee</a> to lead the World Bank; the former Tennessee senator has labeled current World Bank President David Malpass, an appointee of former President Donald Trump, a climate change “denier.” A spokesperson for Gore said that the official “strongly believes that there needs to be new leadership at the World Bank, but has no intention of pursuing the role himself and would not accept it if offered.”
Gore now leads Generation Investment Management, which <a href="https://www.generationim.com/our-firm/our-mission/" target="_blank" rel="noopener">pushes</a> for a “just and inclusive” transition to renewable energy and net zero emissions while boycotting fossil fuel companies. The firm considers climate change an “inseparable part of our fiduciary responsibility.”
Beyond efforts from Republican lawmakers, the move from Vanguard to reverse its commitment to the Net Zero Asset Managers project occurs as evidence of a broader market backlash against the environmental, social, and governance movement, also known as ESG, continues to mount.
An <a href="https://www.dailywire.com/news/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes" target="_blank" rel="noopener">exclusive poll</a> from The Daily Wire showed earlier this year that 64% of respondents believe “individual investors whose savings are being invested” should decide whether retirement and pension funds are allocated according to ESG standards, while 20% believe that “Wall Street asset managers” should make such decisions.

Special Screening of “An Inconvenient Sequel: Truth to Power” In Sydney With Former U.S. Vice President Al Gore

Vanguard Backs Off From Climate Crusade. Al Gore Furious.

Al Gore Blasts Vanguard For Leaving Climate Initiative

Al Gore

Business

Environment

Wokeness

<a href="http://dailywire.com/topic/vanguard" target="_blank" rel="noopener">Vanguard</a> will no longer participate in the Net Zero Asset Managers initiative as lawmakers and the broader marketplace scrutinize the company’s support of the environmental, social, and governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>.
Signatories of the Net Zero Asset Managers initiative <a href="https://www.netzeroassetmanagers.org/commitment/" target="_blank" rel="noopener">promise</a> to move portfolio companies closer to eliminating net carbon emissions by 2050 or sooner. Vanguard will withdraw from the initiative to “provide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks,” according to a <a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/update-on-nzam-engagement.html" target="_blank" rel="noopener">statement</a>.
The move occurred hours after officials in the state of Texas <a href="https://www.dailywire.com/news/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money" target="_blank" rel="noopener">announced</a> a hearing over asset managers’ purported mismanagement of taxpayer dollars driven by ideological motives. Last week, multiple attorneys general <a href="https://www.dailywire.com/news/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids" target="_blank" rel="noopener">filed motions</a> with the Federal Energy Regulatory Commission seeking to prevent Vanguard from purchasing shares in publicly traded utilities out of a concern that the company’s climate efforts would raise energy prices and decrease grid reliability.
&#8220;Vanguard realized their entire business model could be at stake if they didn&#8217;t stop coordinating with other members to drive up energy costs,” Consumers’ Research Executive Director Will Hild, whose organization also filed a motion with the agency, remarked in a statement provided to The Daily Wire. “We&#8217;ve struck a serious blow to the anti-consumer ESG agenda and we are going to keep fighting until these asset managers and banks get back to fulfilling their fiduciary duties and stop playing politics with other people&#8217;s money.&#8221;
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A number of Republican state governments have recently divested from prominent asset managers over concerns that the companies’ voting priorities are driven by political ideology rather than the maximization of returns. Following divestments from South Carolina, Louisiana, Missouri, West Virginia, and Utah, the state of Florida <a href="https://www.dailywire.com/news/florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars" target="_blank" rel="noopener">revealed</a> plans last week to remove $2 billion from BlackRock next year.
There exists evidence of a broader market backlash against asset managers’ leverage of proxy voting to advance executives’ preferred social and political views. An <a href="https://www.dailywire.com/news/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes" target="_blank" rel="noopener">exclusive poll</a> from The Daily Wire showed earlier this year that 64% of respondents believe “individual investors whose savings are being invested” should decide whether retirement and pension funds are allocated according to ESG standards, while 20% believe that “Wall Street asset managers” should make such decisions.
As the debate over the ESG movement continues to make headlines, BlackRock CEO Larry Fink <a href="https://www.dailywire.com/news/blackrock-makes-major-change-after-backlash-against-woke-investing" target="_blank" rel="noopener">announced</a> last month that institutional clients would be able to vote their own shares rather than allow the company to act as a proxy. “It’s clear there are investors who don’t want to sit on the sidelines; they have a view on corporate governance, and they want a meaningful way to express those views,” the executive said.
Despite its dissociation from the Net Zero Asset Managers initiative, Vanguard affirmed 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.” The company manages $7 trillion in assets.
“Climate change, and the ongoing global response, will have far-reaching economic consequences for companies, financial markets, and investors, presenting a clear example of a material and multifaceted financial risk,” the statement continued. “Vanguard has been taking steps to understand and attend to this risk to investors’ returns, including through our engagements with portfolio companies, policymakers, and broader industry efforts.”

In this photo illustration, the Vanguard Group logo is seen

Vanguard Drops Out Of Climate Initiative As Reaction Against Woke Investing Continues

Vanguard Quits Net Zero Emissions Group As Reaction Against ESG Continues

Economy

Lawmakers in <a href="http://dailywire.com/topic/texas" target="_blank" rel="noopener">Texas</a> scheduled a hearing for next week with asset management companies over alleged mismanagement of taxpayer dollars driven by ideological motives.
The Texas Senate Committee on State Affairs requested documents from <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a>, <a href="http://dailywire.com/topic/vanguard" target="_blank" rel="noopener">Vanguard</a>, State Street, and Institutional Shareholder Services relevant to the firms’ promotion of the environmental, social, and governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>, four months ago. Hearings will begin on December 15 in the city of Marshall, Texas.
&#8220;The Committee needs these documents to uncover the extent to which these firms have been playing politics using Texans’ hard earned money,” State Sen. Bryan Hughes (R-TX) said in a statement provided to The Daily Wire. “Next week we will hold a hearing where each firm will appear and give account to the people of Texas.”
Officials recently <a href="https://www.dailywire.com/news/blackrock-may-have-broken-the-law-with-its-woke-investing-schemes-republicans-argue" target="_blank" rel="noopener">warned</a> BlackRock that efforts related to the company’s promotion of causes such as emissions reduction violate state laws mandating a sole focus on financial returns among all fiduciaries. Texas also announced that BlackRock and nine other firms had <a href="https://www.dailywire.com/news/texas-cuts-ties-with-blackrock-other-woke-firms-over-their-hatred-for-fossil-fuels" target="_blank" rel="noopener">broken</a> the law by “refusing to deal with” companies involved in the production and use of fossil fuels “without an ordinary business purpose.”
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Hughes added that some firms have produced more documents than others, noting that BlackRock in particular “has refused to provide documents it considers internal or confidential,” leading lawmakers to issue a subpoena. “We will not allow these firms to continue to use Texans’ money to force a narrow political agenda,” he continued. “They have a legal duty to put their investors’ interests first, and we intend to make sure they do.”
The subpoena, provided to The Daily Wire, emphasized BlackRock’s support of global climate initiatives such as the Net-Zero Banking Allowance and the Glasgow Financial Alliance for Net Zero, which are intended to “use any part of the financial system to reduce or eliminate greenhouse gas emissions or otherwise pursue environmental goals.”
BlackRock has taken “voting action on climate issues” against dozens of its 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> published two years ago, prompting state-level officials across the country to note that such activism may work against their economies and <a href="https://www.dailywire.com/news/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids" target="_blank" rel="noopener">raise nationwide energy prices</a>.
A number of Republican state governments have recently pulled funds from prominent asset managers over concerns that the companies’ voting priorities constitute a drift away from the sole pursuit of maximal returns. In addition to divestments from South Carolina, Louisiana, Missouri, West Virginia, and Utah, the state of Florida <a href="https://www.dailywire.com/news/florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars" target="_blank" rel="noopener">announced</a> plans last week to remove $2 billion from BlackRock by the beginning of next year.
As the moves from conservative state policymakers and <a href="https://www.dailywire.com/news/vivek-ramaswamys-strive-asset-management-to-uproot-esg-moves-at-three-major-companies" target="_blank" rel="noopener">broader concerns</a> from the marketplace make headlines, BlackRock CEO Fink recently <a href="https://www.dailywire.com/news/blackrock-makes-major-change-after-backlash-against-woke-investing" target="_blank" rel="noopener">announced</a> that institutional clients would be able to vote their own shares rather than allow the company to act as a proxy.
“We are witnessing a reckoning for these asset management firms that have until recently thought they could take hardworking Americans’ money and use it to drive their progressive agenda,” Consumers’ Research Executive Director Will Hild remarked in a statement provided to The Daily Wire. “This action from Texas will uncover much of what these firms have tried to hide — their agenda is driven by politics, not profits.”
At the federal level, however, the Labor Department introduced <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">measures</a> to undo a ban on ESG investments previously instituted by former President Donald Trump. The agency published a <a href="https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights" target="_blank" rel="noopener">final rule</a> last month that reflected a directive from President Joe Biden to safeguard the economy from “climate-related financial risk that may threaten the life savings and pensions of America’s workers and families.” Fiduciaries will be permitted to consider “the economic effects of climate change and other ESG considerations” as long as such factors are salient within risk-and-return analyses.

Texas flag

Texas Subpoenas, Schedules Hearing For BlackRock: ‘Playing Politics Using Texans’ Hard Earned Money’

Texas Schedules Hearing For Asset Management Companies

Attorneys general from multiple conservative states and nonprofit organization Consumers’ Research filed motions seeking to prevent <a href="https://www.dailywire.com/topic/vanguard" target="_blank" rel="noopener">Vanguard</a> from purchasing shares in <a href="http://dailywire.com/topic/wall-street" target="_blank" rel="noopener">publicly traded</a> utilities out of a concern that the company’s <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate change</a> efforts will raise <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">prices</a> and decrease <a href="http://dailywire.com/topic/energy" target="_blank" rel="noopener">energy</a> reliability.
The motions filed with the Federal Energy Regulatory Commission argue that Vanguard should not be eligible for blanket authorization to buy shares in public utilities under the Federal Power Act because the asset manager uses market power to advance decarbonization goals. Along with rival firms BlackRock and State Street, Vanguard participates in the Net Zero Asset Managers initiative, through which the companies <a href="https://www.netzeroassetmanagers.org/" target="_blank" rel="noopener">commit</a> to seek “net zero greenhouse gas emissions by 2050 or sooner” using investment funds.
&#8220;We took this action on behalf of American energy consumers because time and time again we see massive Wall Street firms pretending to ‘passively’ manage their shares, but instead they use those assets to bully utility companies into adopting radical left-wing policies that drive up electric bills and risk the stability of our power grid,” Consumers’ Research Executive Director Will Hild remarked in a statement provided to The Daily Wire.
Among other examples, the group’s complaint noted that Vanguard, BlackRock, and State Street coordinated to elect three climate-conscious board members to Exxon Mobil, which subsequently announced a $15 billion commitment to lower emissions while abandoning certain oil and gas projects. BlackRock has taken “voting action on climate issues” against dozens of its 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>.
The adjacent motion from 13 Republican state attorneys general likewise contends that Vanguard breached commitments to refrain from exercising “any control over the day-to-day management” of utility companies or taking action “affecting the prices at which power is transmitted or sold.” The lawyers, who called for a hearing to determine whether a renewed blanket authorization for Vanguard is in the public interest, argued that the company has engaged in “environmental activism” and used “financial influence to manipulate the activities of the utility companies in its portfolio.”
“Kentucky joined a coalition of attorneys general, led by Indiana and Utah, in challenging Vanguard’s application to extend its blanket authorization under the Federal Power Act for the acquisition of certain securities of publicly traded utilities,” Kentucky Attorney General Daniel Cameron said in a statement provided to The Daily Wire. “Consumers across our country are already feeling the sting of skyrocketing electricity bills, and Vanguard’s request to extend its authorization, coupled with its commitment to imposing net-zero requirements on publicly traded utilities, would only increase these costs.”
Republican state officials have implemented a number of moves to <a href="https://www.dailywire.com/news/kentucky-officials-make-move-to-purge-woke-investing-from-the-state" target="_blank" rel="noopener">divest pension funds</a> from leading asset managers out of a concern that the firms advance social agendas antithetical to the values of their constituents. BlackRock CEO Larry Fink recently <a href="https://www.dailywire.com/news/blackrock-makes-major-change-after-backlash-against-woke-investing" target="_blank" rel="noopener">announced</a> that institutional clients will be able to vote their shares rather than allow the firm to exercise proxy voting.
Beyond funds controlled by conservative-leaning states, evidence suggests that broader market forces call for asset managers to let shareholders retain the ability to vote their shares. An <a href="https://www.dailywire.com/news/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes" target="_blank" rel="noopener">exclusive poll</a> from The Daily Wire showed that 64% of respondents believe “individual investors whose savings are being invested” should ultimately decide whether retirement and pension funds are allocated according to ESG standards, while a mere 20% believe that “Wall Street asset managers” should make such decisions.

In this photo illustration, the mutual funds and ETFs,

State Attorneys General Move To Block Vanguard’s Climate Crusade From Impacting Public Power Grids

State Attorneys General Move To Block Vanguard From Impacting Public Power Grids With ESG Agenda

Wall Street

Asset management <a href="http://dailywire.com/topic/business" target="_blank" rel="noopener">company</a> Vanguard hosted a <a href="https://www.dailywire.com/topic/diversity-equity-and-inclusion-dei" target="_blank" rel="noopener">diversity</a> training in July asking white men to accept “uncomfortable” criticism about their implicit biases, footage obtained by The Daily Wire shows.
Vanguard, which manages over $7 trillion in client assets, hosted the event as part of its <a href="https://corporate.vanguard.com/content/dam/corp/research/pdf/VGDEI_062021_FINAL.pdf">commitment</a> to diversity, equity, and inclusion. In line with that commitment, Vanguard tapped a consultant to host a two-hour session called “The Critical Lever: Engaging White Male Managers in Advancing Diversity &amp; Inclusion.”
“Unless you are actively including, you are likely accidentally excluding,” Laura Sherbin, managing director at diversity consulting firm Seramount, told more than 2,000 employees attending the event in-person and virtually on July 19, the footage shows.
In her own words, Sherbin described the session as an attempt toward “really ensuring … that white men, white male managers, are actively included in the DEI conversation” — although she made it abundantly clear that the nomenclature used in cited surveys was not meant to “superimpose an identity … on the white males who participated.”
<blockquote class="twitter-tweet">
Vanguard—which manages over $7 trillion in client assets—hired diversity consultant Laura Sherbin to run a session geared toward &#8220;really ensuring… that white men, white male managers, are actively included in the DEI conversation.&#8221; <a href="https://t.co/vPbnpfbm2O">pic.twitter.com/vPbnpfbm2O</a>
— Ben Zeisloft (@BenZeisloft) <a href="https://twitter.com/BenZeisloft/status/1560741430808965121?ref_src=twsrc%5Etfw">August 19, 2022</a></blockquote>
Vanguard did not respond to a request for comment from The Daily Wire.
After presenting survey results indicating that white male managers have a desire to push for diversity on their teams, yet feel unsure how to do so, Sherbin said that Vanguard ought to provide “expectations for DEI prioritization” and “clarity on how both senior leaders and middle managers will and should be held accountable.” She suggested that one possible mechanism for such accountability could come through “performance management process and feedback channels … just like we do for business results.”
<blockquote class="twitter-tweet">
Sherbin said that Vanguard ought to provide clarity on how managers can be &#8220;held accountable&#8221; for DEI, suggesting one possible mechanism for such accountability could come through &#8220;performance management process and feedback channels… just like we do for business results.&#8221; <a href="https://t.co/rGZHdhAGm6">pic.twitter.com/rGZHdhAGm6</a>
— Ben Zeisloft (@BenZeisloft) <a href="https://twitter.com/BenZeisloft/status/1560741466322108416?ref_src=twsrc%5Etfw">August 19, 2022</a></blockquote>
Vanguard CEO Tim Buckley appeared to be seated in the front row during the presentation.
Sherbin also encouraged white male managers to be aware of implicit biases and accept criticism — “even if it’s uncomfortable” — and take initiative in discovering “how to engage and interrupt bias, exclusion, and microaggressions.”
<blockquote class="twitter-tweet">
Sherbin also encouraged white male middle managers to be aware of implicit biases and accept criticism &#8220;even if it’s uncomfortable,&#8221; as well as take initiative for discovering &#8220;how to engage and interrupt bias, exclusion, and microaggressions.&#8221; <a href="https://t.co/YGBZUrD1kL">pic.twitter.com/YGBZUrD1kL</a>
— Ben Zeisloft (@BenZeisloft) <a href="https://twitter.com/BenZeisloft/status/1560741501482676224?ref_src=twsrc%5Etfw">August 19, 2022</a></blockquote>
The lecture was followed by a panel event featuring five white male Vanguard managers — including managing director Tom Rampulla, who moderated the discussion — centered on how they realized their own “racial identity” and how it “shaped the way” they experienced life.
“A lot of people may still think that DEI is only for underrepresented groups, it’s for people that don’t look like me,” one manager commented. “&#8230; The message here is get involved… When you do that, you become part of inclusion.”
“That mentor-mentee relationship has really helped me advance across differences, really seeking out those individuals that are different,” another manager added. “One of my most fruitful mentor-mentee relationships was with somebody who is black, transgender, born in Kentucky to Baptist minister parents. I can tell you to this day — I learned way more from them than they ever learned from me.”
<blockquote class="twitter-tweet">
One manager discussed his relationship with a mentee &#8220;who is black, transgender, born in Kentucky to Baptist minister parents&#8221; and how he &#8220;learned way more from them than they ever learned from me.&#8221; <a href="https://t.co/umcki3wtU7">pic.twitter.com/umcki3wtU7</a>
— Ben Zeisloft (@BenZeisloft) <a href="https://twitter.com/BenZeisloft/status/1560741546923855873?ref_src=twsrc%5Etfw">August 19, 2022</a></blockquote>
One manager said that he brought his daughters to Vanguard’s pride celebration — which he called the “most amazing Vanguard event that’s been put on in a long, long time, if not ever.” As <a href="https://thepostmillennial.com/exclusive-vanguard-holds-family-friendly-drag-queen-show-with-kids-funds-abortions-and-dei-initiatives">The Post Millennial</a> revealed last month, Vanguard’s pride festivities on its main campus in Pennsylvania included a “family-friendly” drag show.
<blockquote class="twitter-tweet">
Another manager said he brought his daughters to Vanguard’s pride celebration, which he called the &#8220;most amazing Vanguard event that’s been put on in a long, long time, if not ever.&#8221; Vanguard’s pride festivities included a &#8220;family-friendly&#8221; drag show this year. <a href="https://t.co/5zr4as2zIm">pic.twitter.com/5zr4as2zIm</a>
— Ben Zeisloft (@BenZeisloft) <a href="https://twitter.com/BenZeisloft/status/1560741577995452416?ref_src=twsrc%5Etfw">August 19, 2022</a></blockquote>
Vanguard, alongside fellow asset management firms BlackRock and State Street, has gained attention in recent months for pressuring portfolio firms to establish Environmental, Social, and Governance (ESG) goals — by which executives may set renewable energy benchmarks, appoint a certain number of minorities to serve as managers, or otherwise blend profitability with a leftist agenda. Vanguard, BlackRock, and State Street combined hold an average 20% stake in every Fortune 500 company and have been willing to jointly <a href="https://www.dailywire.com/news/activist-investors-are-seizing-companies-to-push-social-justice-measures">exercise their power</a> toward activist ends.
American investors, however, are not necessarily on board with such endeavors. While 29% of respondents to an exclusive poll from <a href="https://www.dailywire.com/news/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes">The Daily Wire</a> agreed that it is a “good thing” for companies to leverage their financial power for political or social means supported by executives, 58% — twice as many — said it is a “bad thing.”

Diversity Training At Vanguard Tells White Men To Accept ‘Uncomfortable’ Criticism, Floats Holding Them ‘Accountable’

Vanguard Diversity Training Geared Toward White Men Tells Them To Accept 'Uncomfortable' Criticism

Diversity Equity and Inclusion (DEI)