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.

 

[LurkTrawl]

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

Here's a better question: where did Fink bury the bodies?

 

[Sexy Senior Citizen]

He's not ashamed to be part of the debate. He can't feel shame. He's upset that people are realizing he's systemically using his trillions to destroy their way of life. There's a reason Blackrock tries to keep a low profile.

 

[Some Dumb Faggot]

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

There's nothing the media can do to save ESG at this point. DeSantis was like the first pirahanna to bite and get a taste of blood. Now all the red states know to pull pension funding to hurt wokism. ESG relies on overly cocky investors too and the bank failures and no more easy money policies have spooked them away.

 

[Retink Retunk]

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

Realized or not, it's not even their money, it's assets of other people that they manage and weaponize without the people knowing.

These companies are massive because they created a lot of the ETFs that people blindly throw money into as it's apparently too hard to buy your own basket of individual stocks that mimic an ETF without the fee. They're also massively benefitted by the fact that regulation keeps people from having any options besides throwing their money into a 401k for retirement and the historically long period of low interest rates kept things like bonds and more suppressed which pushed even more money into the markets.

Add on top of that, that because everyone's retirement is now tied to the market, any time the market falters, the government bails it out, which reduces competition as independent players and small companies don't get the same protections, and it massively benefits these shit heads like Fink and Buffet. So we end up with these retarded mega corps and zombie companies that further exasperate the problems.

In short, the actions of the government allow parasites like Fink to exist and gain massive power due to the death of the free market all because people were scared of monopolies and other dumb shit, which made them grant power to the government that created actually unbreakable monopolies.

 

[God of Nothing]

Fink got a little too uppity and Soros had Desantis remind him of his place, huh?

 

[TheDarknessGrows]

If he's so upset maybe he should kill himself.

 

[Morethanabitfoolish]

As an aside someone I know in the UK mentioned BT recently announced a shift in pension scheme, going from Standard Life to Phoenix Savings. I know that the Standard Life stuff they were involved with Blackrock, I'm assuming the same is true here. But it's always interesting to see any pension plan movements for largish companies since it's either nothing changing because the same near mega corp is pulling the strings or because they're moving from one to another.

 

[tehpope]

Realized or not, it's not even their money, it's assets of other people that they manage and weaponize without the people knowing.

These companies are massive because they created a lot of the ETFs that people blindly throw money into as it's apparently too hard to buy your own basket of individual stocks that mimic an ETF without the fee. They're also massively benefitted by the fact that regulation keeps people from having any options besides throwing their money into a 401k for retirement and the historically long period of low interest rates kept things like bonds and more suppressed which pushed even more money into the markets.

Add on top of that, that because everyone's retirement is now tied to the market, any time the market falters, the government bails it out, which reduces competition as independent players and small companies don't get the same protections, and it massively benefits these shit heads like Fink and Buffet. So we end up with these retarded mega corps and zombie companies that further exasperate the problems.

In short, the actions of the government allow parasites like Fink to exist and gain massive power due to the death of the free market all because people were scared of monopolies and other dumb shit, which made them grant power to the government that created actually unbreakable monopolies.

Just wanted to mention iShare is blackrock btw. Its not even hidden knowledge. Vanguard performs better than iShare anyways.

 

[ShitLurker]

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

I miss when corporations were soulless and just wanted max cash instead of being soulless and just wanting max cash while wearing a very fake and gay mask of social consciousness.

"Our fucking jeans are working to be carbon zero, so consooom them and be smug to your faggot friends about how much of a good boy you are".

 

[Vyse Inglebard]

I miss when corporations were soulless and just wanted max cash instead of being soulless and just wanting max cash while wearing a very fake and gay mask of social consciousness.

"Our fucking jeans are working to be carbon zero, so consooom them and be smug to your faggot friends about how much of a good boy you are".

*insert CS Lewis quote about how he'd prefer robber barons to tyranny done for the sake of the welfare of its citizens here*

 

[AgendaPoster]

I think we should solve the issue of wealth centralization through redistribution and some prison lifetime first, and then we'll look into those social policies mr Fink says he cares about. Maybe enshrine them into law, like "though shall not allow economic migrants in your country". It's in Deuteronomy or something, look it up.

 

[wtfNeedSignUp]

I miss when corporations were soulless and just wanted max cash instead of being soulless and just wanting max cash while wearing a very fake and gay mask of social consciousness.

"Our fucking jeans are working to be carbon zero, so consooom them and be smug to your faggot friends about how much of a good boy you are".

We are living in the gayest dystopia imaginable.

 

[Would]

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.

"I've been found."

"I'm ashamed of being part of this conversation," Fink said.

"You were never supposed to name the Jew, goy."

"I'm not going to use the word ESG because it's been misused by the far left and the far right," he added.

Hehe, so he's also pissed his golem have inadvertently exposed his merchant tricks.

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.

Obfuscate, obfuscate, obfuscate.

People are realizing ESG was solely invented to enrich Blackrock.

Kinda, but it still begs the question why they work so closely with Marxists like the HRC.

 

[Secret Asshole]

*insert CS Lewis quote about how he'd prefer robber barons to tyranny done for the sake of the welfare of its citizens here*

To be fair, C.S. Lewis could not have predicted liberal progressive communists with ideology so empty they suck the dick of billion dollar (trillion dollar) corporations and form unions to go on strike, not for better wages, hours, promotions or conditions, but for paper rainbow flags made in China.

The ideology of the liberal and neo-liberal has allowed this to happen. Liberals only care about brown people when they get to virtue signal about illegal immigration that is not in their neighborhood or endangering their jobs, but absolutely not when they're dying making their clothes, sneakers, iphones and other cheap consumer goods. Nestle has a private army to shoot, beat and kill people taking water and collecting rainwater as well as single-handedly caused obesity to Amazon tribe members with their shit food that's empty calories? I sleep. Starbucks store owner bans a pride display? We strike.

By the by, Nestle has a very good ESG score, even though it controls water rights in the third world with private armies, terrorist and criminal groups. Its CEO has also said potable water (hygiene, cooking and cleaning as well as drinking) is not a human right (meaning there are no human rights, as drinkable water is needed for survival).

 

[Drain Todger]

He's not ashamed to be part of the debate. He can't feel shame. He's upset that people are realizing he's systemically using his trillions to destroy their way of life. There's a reason Blackrock tries to keep a low profile.

This. He does not want to be in the news in the first place. He just wants to be able to do this shit with impunity.

https://twitter.com/OKeefeMedia/status/1671262957748224001

 

[Your Starter for 10]

To be fair, C.S. Lewis could not have predicted liberal progressive communists with ideology so empty they suck the dick of billion dollar (trillion dollar) corporations and form unions to go on strike, not for better wages, hours, promotions or conditions, but for paper rainbow flags made in China.

Of all the awesome directions post-capitalism could've gone, they chose the fucking gay-niggery-est.

 

[Super-Chevy454]

Here's a better question: where did Fink bury the bodies?

I guess he buried all the bodies near Jimmy Hoffa's grave.

 

[Harbinger of Kali Yuga]

These companies are massive because they created a lot of the ETFs that people blindly throw money into as it's apparently too hard to buy your own basket of individual stocks that mimic an ETF without the fee.

That's not a fair representation of ETFs, and for many stocks for individuals it would get down to fractional shares, which is just a pain in the ass to deal with. ETFs make sense, but you make a great point about BlackRock weaponizing other people's money.

"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.

"It's not AIDS, it's HIV + presenting symptoms!"

 

[Uranus Pink]

During Clinton Administration, Clinton shitcanned the legislation to uncapped 401Ks. Bush II had floated the idea of the American people having the same retirement plan the POTUS and Congress have. In which the Democrats in and out of govt completely and utterly lost their shit the second Bush II finished the sentence. Those were the two bigger attempts at unfucking the govt imposed and taxed retirement schemes for the plebs. Counterbalancing the roughly a century worth of the U.S. govt fucking the people over via legislation favoring only the approved individuals and companies who know which govt palms to grease and how often to do it.

 

[AnotherPleb]

Here's a better question: where did Fink bury the bodies?

How dare you imply he does that? He pays others far too much to dirty his own hands.