US Larry Fink "ashamed" to be part of ESG political debate - "BlackRock CEO Larry Fink said he's no longer using the term "ESG"[...] because it is being politically "weaponized" and he's "ashamed" to be part of the debate on the issue." "DeSantis' decision to pull $2 billion in assets hurt his firm in 2022"

https://www.axios.com/2023/06/26/larry-fink-ashamed-esg-weaponized-desantis

https://ghostarchive.org/archive/YBQ5v

BlackRock CEO Larry Fink said he's no longer using the term "ESG" (environment, social and governance) because it is being politically "weaponized" and he's "ashamed" to be part of the debate on the issue.

Why it matters: How the world’s largest asset manager frames its investment approach is a leading indicator for the market. BlackRock manages $9.2 trillion.

What we're watching: Fink's latest statement is sure to generate plenty of controversy.

The backstory: BlackRock's bullish outlook on responsible environmental, social and governance investing is being blasted by conservatives as "woke capitalism" and has drawn boycotts from Florida and Texas.

• Fink has been a major proponent of factoring in climate change risks to investing strategies and corporate leadership.

What's new: 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, but made clear last year was his company's best with net flows of $200 billion from U.S. clients.

What he's saying: "I'm ashamed of being part of this conversation," Fink said.

• "When I write these [investment] letters, it was never meant to be a political statement. … They were written to identify longterm issues to our longterm investors," he told the crowd.

Yes, but: When pressed on the statement later in the conversation, Fink backtracked.

• "I never said I was ashamed," he said, incorrectly. "I'm not ashamed. I do believe in conscientious capitalism."
• "I'm not going to use the word ESG because it's been misused by the far left and the far right," he added.

Of note: Instead, "we talk a lot about decarbonization, we talk a lot about governance … or social issues, if that's something we need to addressed," he said.

Details: In the wide-ranging conversation, Fink reflected on other pressing economic issues.

• Amid talk about his possible pending retirement, he said he plans to stay for the foreseeable future, but declined to offer additional details.
• On artificial intelligence, he sees great promise for its ability increase productivity and lower inflation. As a company, he is "hyper paranoid" about its potential impact and the company is aggressively studying it.
• He doesn't expect a recession but anticipates the Federal Reserve will need to tighten interest rates two to four more times. "I believe inflation is much more sticky," he said.

 

[Vyse Inglebard]

Elite Is Met With The Consequences Of Their Own Actions Example #269569498598

 

[heathercho]

It's strange how easily De Santis can actually "do" these things, yet anyone else in his position trying to attempt it, would conveniently be stopped in their tracks...

I'm sure Fink is just heartbroken by his investment adversary's actions. I didn't know it was this simple to take Blackrock down a peg?

 

[Rome's rightful successor]

Yeah I bet you do asshole.

 

[Meat Target]

You're ashamed that people noticed what you're up to, not the fact that you are up to it.

Nostradameat predicts that "ESG" will be in journosnark air-quotes in the near future, just like Abolish the Police and Critical Race Theory.

 

[Corette]

Any idea how they're going sneak that stuff next time?

 

[Damocles_Sword]

BlackRock CEO Larry Fink said he's no longer using the term "ESG" (environment, social and governance) because it is being politically "weaponized"

So what is he renaming it to?

 

[Diana Moon Glampers]

Time for everyone to read their Vaclav Havel again.

The singular, explosive, incalculable political power of living within the truth resides in the fact that living openly within the truth has an ally, invisible to be sure, but omnipresent: this hidden sphere. It is from this sphere that life lived openly in the truth grows; it is to this sphere that it speaks, and in it that it finds understanding. This is where the potential for communication exists. But this place is hidden and therefore, from the perspective of power, very dangerous. The complex ferment that takes place within it goes on in semidarkness, and by the time it finally surfaces into the light of day as an assortment of shocking surprises to the system, it is usually too late to cover them up in the usual fashion. Thus they create a situation in which the regime is confounded, invariably causing panic and driving it to react in inappropriate ways.

It seems that the primary breeding ground for what might, in the widest possible sense of the word, be understood as an opposition in the post-totalitarian system is living within the truth. The confrontation between these opposition forces and the powers that be, of course, will obviously take a form essentially different from that typical of an open society or a classical dictatorship. Initially, this confrontation does not take place on the level of real, institutionalized, quantifiable power which relies on the various instruments of power, but on a different level altogether: the level of human consciousness and conscience, the existential level.

The effective range of this special power cannot be measured in terms of disciples, voters, or soldiers, because it lies spread out in the fifth column of social consciousness, in the hidden aims of life, in human beings' repressed longing for dignity and fundamental rights, for the realization of their real social and political interests. Its power, therefore, does not reside in the strength of defamable political or social groups, but chiefly in the strength of a potential, which is hidden throughout the whole of society, including the official power structures of that society. Therefore this power does not rely on soldiers of its own, but on the soldiers of the enemy as it were-that is to say, on everyone who is living within the lie and who may be struck at any moment (in theory, at least) by the force of truth (or who, out of an instinctive desire to protect their position, may at least adapt to that force). It is a bacteriological weapon, so to speak, utilized when conditions are ripe by a single civilian to disarm an entire division.

This power does not participate in any direct struggle for power; rather, it makes its influence felt in the obscure arena of being itself. The hidden movements it gives rise to there, however, can issue forth (when, where, under what circumstances, and to what extent are difficult to prediet) in something visible: a real political act or event, a social movement, a sudden explosion of civil unrest, a sharp conflict inside an apparently monolithic power structure, or simply an irrepressible transformation in the social and intellectual climate. And since all genuine problems and matters of critical importance are hidden beneath a thick crust of lies, it is never quite clear when the proverbial last straw will fall, or what that straw will be. This, too, is why the regime prosecutes, almost as a reflex action preventively, even the most modest attempts to live within the truth.

 

[Super-Chevy454]

Elite Is Met With The Consequences Of Their Own Actions Example #269569498598

Yeah, you get what you fuckin' desserve as the Joker might said. Btw, did Fink now looks like a rat who try to leave a sinking ship?

 

[WelperHelper99]

You're ashamed that people noticed what you're up to, not the fact that you are up to it.

Nostradameat predicts that "ESG" will be in journosnark air-quotes in the near future, just like Abolish the Police and Critical Race Theory.

Oh it definitely will. He owns the media, he just has to tell them to take the heat off. Don't know how well it will work, with even the normie noticing entire neighborhoods getting bought up by Blackrock. Yeah, if you want people to stop thinking you're evil and political, stop buying everything out

 

[derpherp2]

Any idea how they're going sneak that stuff next time?

Agricultural monopolies and pedowood stealing shit from kpop bullshit.

Specifically for blackrock bullshit? Maybe tech sector, they're restructuring shit HARD.

 

[Corette]

Agricultural monopolies and pedowood stealing shit from kpop bullshit.

Very likely.
Regulatory framework is coming to place with agriculture.

btw.
How does one recognize groceries that Orthodox Jews think are ok?

 

[derpherp2]

Very likely.
Regulatory framework is coming to place with agriculture.

btw.
How does one recognize groceries that Orthodox Jews think are ok?

I assume kosher products would start being massively stocked.

Smarter jews would probably try vegan faggotry first though. Or they could be both and just go bogandorf and eat da boogs.

 

[Coo Coo Bird]

just go bogandorf and eat da boogs.

Bugs aren't kosher. They don't even eat lobster because that's just a sea bug.

 

[JULAY]

Instead, "we talk a lot about decarbonization, we talk a lot about governance … or social issues, if that's something we need to addressed," he said.

So he's going to do the exact same society-breaking shit that he's been doing, he's just no longer going to use the specific term "ESG".

You know, I know that this kike thinks he's smarter than everyone else because he has more money than nearly everyone else, but if he really thinks that just by getting rid of the term "ESG", he's not going to be operating under a very large, very uncomfortable microscope now that his shenanigans have been exposed, he's fucking delusional.

 

[Secret Asshole]

People are realizing ESG was solely invented to enrich Blackrock. A lot of major firms have disavowed ESG for awhile and don't use it. Its not a shock that unstable economic conditions reveal it was a scam all along to enrich a singular firm and of course Fink is soured on it as the score is now responsible for billions upon billions in losses with no real tangible benefits.

Its part of the reason Fink is looking to exit the industry and partially retire, though he'll still be an albatross on Blackrock's neck. He might tout $200 billion in gains, but Blackrock's real-estate gamble lost them $2 trillion in assets (about 1/5th of what they're managing).

 

[wtfNeedSignUp]

A financial body should only invest in things for profit rather than trying to push social issues, doubly so when it's a defacto monopoly and it knows that it will be bailed out at the worse case scenario and no one will be punished besides the people that didn't have a choice but to be invested into it

 

[LurkTrawl]

BlackRock manages $9.2 trillion.

My capacity to wield the english language falls far short of the capacity to describe just how fucking disgusting that is, no fucking business of any sort on Earth could get there naturally. I don't even want to imagine what fuckery they've pulled to manage to get to that state.

 

[Retink Retunk]

"It's not communism, it's Democratic Socialism"

Fuck off, it's the same retarded garbage regardless of what you change the name to because the original name became too toxic to use.

 

[tehpope]

My capacity to wield the english language falls far short of the capacity to describe just how fucking disgusting that is, no fucking business of any sort on Earth could get there naturally. I don't even want to imagine what fuckery they've pulled to manage to get to that state.

How much of those trillions are realized and not just on paper?