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.

 

[Canned Ham]

Can the HRC go next?

Southern Poverty Law Center too, their grifting puts BLM to shame.

 

[Osama Bin Laden]

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.

this is coming from the same company that said they wanted companies to force their customers. you should be ashamed to exist

 

[Return of the Freaker]

Cool story Larry, now get in the oven

 

[Angry Alt Right Nerd]

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.

No all they need is to have some random moderator judge tell the states that it's illegal and there's nothing they'll be able to do about it

 

[Some Dumb Faggot]

No all they need is to have some random moderator judge tell the states that it's illegal and there's nothing they'll be able to do about it

That's not how state financing works and would violate so many different laws and amendments. You would have lawsuits flying every fucking direction, the states can do whatever they want with that pension money because it's their money.

 

[AnOminous]

Is anyone thinking one dude being in charge of $9.2 fucking trillion is a good idea? Especially a RAT FINK like Larry?

When does it get to be too much? $9.2 quintillion?

 

[Secret Asshole]

I mean, the dumb rat-faced fuck can say he's not 'using it' or whatever, but its bred into the cultural lexicon at this point and its far too late to rebrand, because the agencies, label and scores are all fucking standardized. You're going to UN-standardize shit? Good luck cunt.

Also people are going to follow any incarnation of this. It doesn't matter what they rebrand, what they try. Once shit is caught, people will always be looking next. Finance has long since thought of themselves as invisible and invincible, they're not used to the light being turned onto them.

 

[Gar For Archer]

Finance has long since thought of themselves as invisible and invincible, they're not used to the light being turned onto them.

This is a very good point - the fact that Larry Fink/Blackrock are now household names is in and of itself a massive and irreversible L. It inherently limits what they are able to get away with, and you can tell that it makes Fink squirm.

 

[WelperHelper99]

Imagine when you buy out the town and make beer gay, people start to remember your name. Truly crazy stuff I tell you what!

This is a very good point - the fact that Larry Fink/Blackrock are now household names is in and of itself a massive and irreversible L. It inherently limits what they are able to get away with, and you can tell that it makes Fink squirm.

Not to mention their size. Once you start putting all the pins together on the board, they're a lumbering giant that's hard not to bump into and see the damage they've done to your local economy and favorite franchises.

 

[Meat Target]

Southern Poverty Law Center too, their grifting puts BLM to shame.

Don't forget the ADL. I don't remember anyone electing or appointing those whiny gits to public office, yet they act like their power means they have legal authority.

 

[AnOminous]

Finance has long since thought of themselves as invisible and invincible, they're not used to the light being turned onto them.

Finance used to keep its biz to fucking people over and ripping them off for one reason, to make money.

Then it decided it wanted to grope your kids. (Come to think of it they always did that too but now they made it PERSONAL.)