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Divest from BlackRock before it divests you


There’s an old adage in business that the consumer votes with their dollar, ultimately dictating which businesses, and dare I say ideas, thrive or die.

Yet investment firm BlackRock has taken this to a whole new level. BlackRock CEO Larry Fink actively uses your hard-earned investment dollars to vote for his personal social justice warrior goals. Ironically, this is done in the name of “preserving democracy” as Fink actively circumvents the courts, legislatures, and the will of the American people to not only dictate national policy from the boardroom, but to change behavior. human through a social credit score known as ESG.

These letters stand for Environment, Social and Governance. It actually means “forcing behavior” through a rating system that completely lacks transparency, standardization, and even precision. The genre may not be fluid, but ESG ratings most certainly are, with subjective purity tests being used to hurt the performance and shareholder returns of US companies while simultaneously increasing questionable Chinese assets.

BlackRock CEO Larry Fink speaks during the annual meeting of the World Economic Forum in Davos, Switzerland, January 20, 2017. (AP Photo/Michel Euler)

Of course, Fink’s argument is that companies with high ESG scores will perform better financially over time because they behave responsibly in relation to climate change. This, in turn, is supposed to make them less risky investments, especially for retirement plans. What this really means is to divest from fossil fuels and destroy Louisiana’s economy in favor of unsustainable renewables that are anything but safe bets for the future.

That’s why, on August 4, I joined my fellow attorneys general in addressing this issue as it relates to pension funds, which by state law should only be invested for a financial return. , not to save the world from a climate emergency that more than 1,000 academics and scientists agree does not exist. Yet instead of focusing on investor returns, BlackRock has prioritized “an urgent need to accelerate the transition to net-zero global emissions,” joining the Paris Agreement and forcing a phase-out. of fossil fuels, which is equivalent to a quarter of Louisiana’s crude. household product.

Divest from BlackRock before it divests you

BlackRock CEO Larry Fink speaks at the Clinton Global Initiative (CGI) annual meeting in New York on Sept. 19, 2022. (Michael Nagle/Bloomberg via Getty Images)

Fortunately, Louisiana Treasurer John Schroder eventually accepted my assessment and legal advice regarding the fiduciary duties of the state, and on October 5, he informed Fink that Louisiana would divest from the investment management company. awake. That meant withdrawing $794 million from the fund during that year to protect both Louisiana’s economy and the pensions of those who trusted in our ability to invest that money wisely.

Still, Fink isn’t just aiming for the Pelican State. As a member and strong supporter of the World Economic Forum, he aims to transform the entire global economy. Louisiana joining other states in shedding Fink’s brand of “virtuous” capitalism is a start, but in this David vs. Goliath scenario, it will take more effort to protect us from the radical agenda of the greater investment company in the world with a $10 trillion arsenal, more than the gross domestic product of every country in the world except the United States and China.

The truth is, companies like BlackRock quickly amassed enormous power thanks to a low-cost business model that encouraged investors to take a passive role in saving for retirement. They are now using that influence not only to destroy the oil and gas industry, but to change your personal behavior through initiatives ranging from racial equity audits to promoting gender as a social construct and encouragement of unarmed investments intended to “transform” this. the industry too, using your dollars.

Divest from BlackRock before it divests you

BlackRock CEO Larry Fink speaks during an economic summit the day before the China Development Forum in Beijing, China, March 24, 2018. (AP Photo/Ng Han Guan)

Millions of small investments in these mutual funds gave BlackRock, Vanguard and State Street a huge war chest to advance their shared radical agenda, while driving up the cost of everyday goods until you ended up “having nothing and being happy about it”. Unfortunately, this means that Americans who have invested their hard-earned money to prepare for the future have given these companies the means to effectively destroy it. If this applies to you, then I strongly suggest that you take back your right to vote, starting with your retirement plan.

Vote with your dollar by divesting yourself of BlackRock and others. If you are a small business owner, stop putting money into these businesses and offering their funds to your employees. There are other investment managers who are apolitical and far more focused on achieving desired returns than recreating communist China in the West. If you’re a retail investor, look at your mutual funds and stay away from Larry Fink’s fool’s gold schemes. And if you work for a company, rebalance your 401k away from BlackRock.

This score is simple: if he woke up, help him go broke, because in this game, it’s either them or you.

Jeff Landry is Louisiana’s attorney general and a former U.S. Representative.

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