Vanguard Leaves international net zero alliance GFANZ
Covered in more detail here.
BlackRock was subpoenaed by the state of Texas regarding illegal ESG activity.
The Texas state legislature subpoenaed BlackRock for a series of documents related to the billion-dollar financial institution’s environmental, social and governance (ESG) policy push.
The subpoena, issued late last month by the Texas Senate Committee on State Affairs, represents the latest effort from the Republican-led state to slow the so-called ESG movement. Massive asset managers like BlackRock, Vanguard and State Street have increasingly pushed ESG standards upon companies in which they hold large financial stakes in an effort to push a broad green transition from traditional fossil fuel energy sources to alternatives like wind and solar.
US States divesting from BlackRock over ESG
“Using our cash to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for,” Patronis said in a released statement, “It’s got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do.” Accordingly, Florida will immediately remove $600 million in short-term investments from BlackRock and freeze another $1.43 billion in long-term securities, pending their reassignment to new management in early 2023.
https://www.newsweek.com/floridas-divestment-blackrocks-esg-hijacking-sound-public-policy-opinion-1764433
Florida (two billion!)
Missouri
South Carolina
Utah
Louisiana
Arkansas
Bring civil and/or criminal charges against the fund managers for using funds they have a fiduciary duty to for diverting funds to a political cause.
My 401k and thus converted IRA were with Fidelity, which is also where my pension comes from. I called my advsor and said it fhey were doing any of that ESG s*it I would move my IRA (and my spouse’s) in a heartbeat. Then I told him to make sure nothing I was invested in was a Blackrock or Vanguard fund. I’m a nit on their butt, but everyone should do it, along with Florida and the other states. It will get back to them, eventually. Call your advisor.
Did the same thing with my investment managers two years ago, thousands of mosquito bites can bring down any animal. It is getting back to them.
Watching the implosion of this insidious greedy, manipulative cabal of ESG promoters is a little bit like watching the defeat of the final monster in a computer game, bits are starting to drop off as the hits increase, just wonder how much collateral damage is going to be inflicted on global financial systems. Vanguard have now pulled out of GFANTZ. https://www.gfanzero.com/
Good, because I have held some Vanguard investments for several years and was looking for the best alternative after they went stupid and forgot their duty was to maximize returns for investors. I might leave them where they are if they retain this position but maybe they have already achieved what they were trying to dos can pretend to walk away from it.
Indiana Attorney General Todd Rokita was among the leaders of multistate effort to stop companies like Vanguard from ESG investing, which puts an emphasis on environmental, social, and governance issues. The group said ESG strategies are designed not to maximize financial returns for clients but rather to impose social and economic agendas.
https://www.ibj.com/articles/vanguard-quits-net-zero-group-after-gop-criticism
You can find very similar investment choices with other companies. I use Schwab ETFs. If you have money with Vanguard, I recommend you pull it and find another broker. There are offers for new accounts out there.
This is, as posted previously, simple. An investor custodian’s duty (Fidelity) is a simple single fiduciary duty—maximize financial returns. Since ESG doesn’t adhere to that single simple duty, it is unlawful. Won’t end well except for ESG funds soliciting investments after declaring ESG—knowledgeable investor stupidity being their absolute defense.You signed up for lower retUrns, you got lower returns.
ESG….LGBTQ….BLM….ANTIFA….CCP….DNC….random letters mean things…often things that are mean. APPL is very much a CCP company….TWTR was pretty much a DNC company….FB or Meta is run by a jerk named Zuck
The Marxist/ESG cabal believes they can control fossil fuel use with propaganda, threats, intimidation, and lies. Their goal is to bankrupt all the fossil fuel players but that won’t happen until/unless first they can provide a cheap and easily transportable replacement. This is a horse before the cart event they don’t realize.
Employed folks need to check what the employer does with [401(k), 403(b), …] plans.
If there is something going on you don’t like — tell them.
Social (i.e. relativistic) justice anywhere is injustice everywhere.
As soon as I heard BlackRock was using Americans’ investments to fund them taking over the housing market I sold my investment in BlackRock. Everyone has a part to play, even if it’s a small one.
Need to switch over to Vanguard ETFs now.
Consider Schwab ETFs. Definitely don’t touch any iShares; they’re Blackrock ETFs.
Blackrock has been spending a lot on advertising itself the last few months trying to make it appear that they are a good citizen and trustworthy and beneficial to investors.
I think they are wasting their money as these Repubican Attorneys General are not impressed with Blackrock’s self-promotion.
Blackrock *is* pushing a particular leftist political agenda using other people’s money.
How long will Larry Fink survive in his job?
While there appears to be some success in pushing back against this nonsense, Buyden has proposed the Federal Supplier Climate Risks and Resilience Rule – https://www.sustainability.gov/federalsustainabilityplan/fed-supplier-rule.html
Reading it will either make you laugh or cry, or may make you vomit. Public comment closes on January 13, 2023. If this rule is imposed, which it likely will be, what then? It would be great if federal contractors simply refused to adhere to the rule, but I don’t see that happening. While not strictly ESG, it has essentially the same effect and will make everything more expensive. CPA firms are already lining up to help companies deal with this new rule.
Marvelous News! Great work by our many allies — including Heartland and others.
BTW, I’ll see many of you at the Heartland Conference in Orlando in February.
Money (hopefully eventually) talks.