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"


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.
 
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stupid frog said:
He probably listens to Null's podcast and heard about the site he wanted to make, then got spooked.
I mean, obviously.
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On a more serious note, Vivek Ramaswamy, who seems very based and has experience in the field, launched his own ETFs that are supposed to be free of ESG and the like. Haven't looked into them, so maybe they have gay expense ratios, but it does sound like these companies are going to be getting some pushback.
 
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Retink Retunk said:
On a more serious note, Vivek Ramaswamy, who seems very based and has experience in the field, launched his own ETFs that are supposed to be free of ESG and the like. Haven't looked into them, so maybe they have gay expense ratios, but it does sound like these companies are going to be getting some pushback.
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Pajeet-run funds vs. Jew-run funds: whoever wins, we lose
Would said:
Kinda, but it still begs the question why they work so closely with Marxists like the HRC.
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The endgame isn’t who has the most shekels, it’s about using those shekels to transform the world with (((them))) deciding what that looks like. That’s what ESG is: top-down enforced tikkun olam. So you have a people in charge of tens of trillions of dollars of wealth who utterly despise the people they gather that wealth from, because their great-grandfather got hassled for pimping, smuggling, and moneylending at usurious rates. This was their way to finally make good on the promises of being the chosen people but alas, they got found out.
 
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NeoGAF Lurker said:
Pajeet-run funds vs. Jew-run funds: whoever wins, we lose


The endgame isn’t who has the most shekels, it’s about using those shekels to transform the world with (((them))) deciding what that looks like. That’s what ESG is: top-down enforced tikkun olam. So you have a people in charge of tens of trillions of dollars of wealth who utterly despise the people they gather that wealth from, because their great-grandfather got hassled for pimping, smuggling, and moneylending at usurious rates. This was their way to finally make good on the promises of being the chosen people but alas, they got found out.
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All they had to do was not be usurious faggots in Germany while it got it's shit in order. But apparently that was too much.
 
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Meat Target said:
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.
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Don't forget good old Cultural Marxism. They decided to bury that one so hard, they got wikipedos to scrub it off wikipedia.
 
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Really intresting how the elites seem to recoil whenever the plebs become capable of naming the problem. I remember when CRT grifters were everywhere and all of a sudden fox taught boomers what CRT is and then 99% of those grifters vanished. Now the same is happening with ESG. I wonder what else it will happen with down the line.
 
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Oilspill Battery said:
Really intresting how the elites seem to recoil whenever the plebs become capable of naming the problem. I remember when CRT grifters were everywhere and all of a sudden fox taught boomers what CRT is and then 99% of those grifters vanished. Now the same is happening with ESG. I wonder what else it will happen with down the line.
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they're getting closer and closer
 
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Oilspill Battery said:
Really intresting how the elites seem to recoil whenever the plebs become capable of naming the problem. I remember when CRT grifters were everywhere and all of a sudden fox taught boomers what CRT is and then 99% of those grifters vanished. Now the same is happening with ESG. I wonder what else it will happen with down the line.
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Can the HRC go next?
 
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