Good News: The best hope of unwinding the unholy alliance between Big-Money and Big-Government comes from the US States and they are starting to sink their teeth in.
BlackRock is the defacto Global Climate Police — but disguised as a monster investment fund. The way to break it is to expose that its primary interest is not in making money for its clients but as a Woke political tool.
BlackRock are able to intimidate most of the world with $10 trillion dollars in assets. They are effectively the third biggest “country” in the world by GDP. But it’s an illusion. They are wielding other people’s money — using their clients own pension funds to indirectly punish their own clients. And once those clients figure it out and pull their funds, BlackRock will become an empty shell. Couldn’t happen to a nicer company…
It’s a scam where BlackRock target legal corporations in states that voted to use fossil fuels to effectively undo what the voters wanted. A few months ago, 19 States in the USA started asking BlackRock and the US SEC some hot and hard legal questions. West Virginia announced they would boycott firms that boycott fossil fuels, and now Florida joins them in boycotting BlackRock.
Florida pulls $2 billion from BlackRock in largest anti-ESG divestment
By Ross Kerber, Reuters
Dec 1 (Reuters) – Florida’s Chief Financial Officer said on Thursday his department would pull $2 billion worth of its assets managed by BlackRock Inc (BLK.N), the biggest such divestment by a state opposed to the asset manager’s environmental, social and corporate governance (ESG) policies.
We note BlackRock used to have $10 Trillion in assets to manage, now it has eight?
The move will hardly dent BlackRock’s $8 trillion in assets and drew a strong response from the company, which said the action put politics over investor interests.
Pots and kettles indeed. The company which specializes in putting politics over investor interests, accuses the Government of Florida of putting politics over investor interests? Governments are supposed to do politics…
Nonetheless it underscores how a backlash among many Republican leaders, such as those in Florida, against ESG investing, which they see as promoting a “woke agenda” is gathering steam.
The key terms here are “Fiduciary Duty” and “Duty of Care”. If BlackRock are not maximizing the income of their clients by putting their money in the best investments then it would be negligent of any pension fund manager to leave their client’s assets in BlackRock.
Republican State governments are also starting to raise concerns about Vanguard — another supergiant asset manager pushing ESG policies. These motherlodes of unguarded conglomerate money are driving some of the stupidest and most absurd policies in the world. They are often the largest single shareholders in both media and mining assets, and can lean on them to elicit the policies they want. “Nice business you have there, shame if something happened to it…”
UPDATE: To clarify — Obviously $2 billion drawn out of $10 trillion is nothing much, and I searched but could not find any specific listing or reason why BlackRock’s total assets are described as being only worth $8 trillion by Reuters now. Perhaps others are pulling out quietly? Perhaps it’s a typo?
But word will spread, and if pension fund managers start to get questions from clients, and lawyers put the fear of negligence into them, the entire modus operandi of the Bullies at BlackRock will come undone.
Where are your retirement funds?
Have read quite a few articles on this company. They have their fingers in every climate, financial and power pie around. I sincerely hope divestments drags them back to reality. No company should be able to wield such power, pretty much without restraint. Curious how issues like this always seems to be on the Left….hmmmm
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List of main shareholders in BlackRock.
https://capital.com/blackrock-shareholder-who-owns-most-blk-stock
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Blackrock and Vanguard have a finger in every pie. They own ~15% of major stocks. I suspect they are fronts for the mega wealthy families that have no interest in publicity. These companies are hiding in plain sight. The controlled demolition of the banking system with digital govt controlled currency is next on the agenda. 99% of our politicians are on the take and or blackmailed by these financial megaliths. These financiers are creating dystopia as we speak.
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Here is a good pie to stick your finger in. Patents
Now who has significant shareholdings in Serco?
Talk about having business held by the ‘short & curlies’.
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Vanguard is a mutual fund company that mostly uses passive investments based on indexes, for example a “Total Stock Market” fund. The VTSAX fund has assets totaling almost $271.47 billion invested in 4,031 different holdings.
“mega wealthy families” usually go a different route and have “wealth management” firms that have a minimum investment of >$500,000 required. Some have minimums 10x that.
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The Left are behind all the biggest scams, e.g. wind and solar subsidy farms (including BlackRock), ineffective covid vaccines and banning of effective treatments, theft of personal wealth such as through printing money or the digital equivalent thereof and even transgendering children which as Matt Walsh discovered, is an extremely profitable business for practioners.
Plus, see how BlackRock leverages off Coronavirus.
https://www.bbc.com/news/business-55811332
SEE LINK FOR REST
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When a pig has its snout is in the trough, it doesn’t give an inch of space to the competition.
Why would Blackrock be any different?
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Blackrock make the Mafia look honest.
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Yet another example of the key difference between Ron DeSantis (my governor) and many other politicians. His first recourse is neither a virtue signaling speech, nor a fundraising photo op, it is a specific action of service to his constituents. Here, he tries to maximize return (with fiduciary responsibility) to Florida pensioners; read it and weep Calpers victims….
He is now being accused of acting politically. What a shock, why ever would a politician do that? When our state’s attorney signed a pledge that e would not support the state’s abortion laws, DeSantis fired him for dereliction of duty (Currently in court). When the press lies about him, they can count on being called out, effectively. He’s short on charisma, which allows those who value style over substance to fantasize him as an easy-to-beat candidate. I’d be interested in a campaign where one of the candidates was a straight talker.
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Richard, you are so lucky to have an honest, competent and patriotic genuine leader like DeSantis.
Here in Australia all of our state premiers and prime minister and the politicians and governments they “lead” are dishonest, incompetent, unpatriotic and utterly unworthy.
Every. Single. One. Of. Them.
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For all the ones who are constantly in the headlines, I agree. But I have time for resources minister Madeleine King. As Wikipedia reports:
In March 2021, King stated that the ALP would oppose a moratorium on new coal mines and that “so long as international markets want to buy Australian coal, which is high quality, then they will be able to”.
It seems that she is just the resources minister we need, but how she survives as a minister in the Albanese government I don’t know. I suspect that it is tough for her at times.
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Dont worry she will be fired in the next reshuffle for talking out of turn or from the wrong hymn sheet
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If she was a member of the Dan Andrews cabinet, she’d be gone in a heartbeat. Just ask Mikakos, Garrett etc. Cross the boss and you’re gone.
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I wonder if anybody will mention the Australian Super Funds which are “managed” by former Union Leaders?
I wonder what they invest “other people’s money” in?
Maybe there are Blaggards here in Australia too.
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I’d not be suprised if Vanguard/Black Rock/ et al are in there “advising”. Sounds like an opportunity not to be missed.
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Not just advising, also competing
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$10Trillion – $2Billion = $9.8Trillion. ?
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Yep. It really is a drop in the bucket. But it is a start.
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Low marks to both of you.
Craig L: reread what Jo said; she didn’t say that 10T – 2B = 8T; she noted that Blackrock used to have 10T invested, but now has 8T, so maybe Florida’s 2B withdrawal has 999 friends (more likely it’s a shift in value of investments).
wal1957: 10T – 2B = 9.998T. A much smaller drop in the bucket. Academic point anyway. Wasn’t what Jo said.
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What Jo said was unclear, which is why Craig and wal1957 were confused. So was I, and I made a comment similar to theirs below.
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I read it twice, and went on to the next para, which explained it!
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Poor comprehension appears not to be an exclusive trait of the green-left, it seems.
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I stand corrected. Sorry Jo.
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If Blackrock was worth $10 trillion and Florida withdrew $2 billion, and now Blackrock is worth $8 trillion then the multiplier is 1,000.
What this means is that the real assets are $8 billion and not $8 trillion, all the rest is not real.
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https://rumble.com/vn7lf5-monopoly-who-owns-the-world-must-see.html
A refresher on Blackrock and Vanguard. It’s been around a while, but if you haven’t seen it it’s worth a look. He was promising a follow up, but no sign.
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As for Di Santos, he is very good, but be prepared for a Trump or Morrison style smear campaign. “Every breath you take, every move you make, I’ll be smearing you.”
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That takes care of “fetish Friday” nicely. LOL
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But it’s an illusion. They are wielding other people’s money — using their clients own pension funds to indirectly punish their own clients.
In other words, Blackrock is a Ponzi Scheme. But with a twist. Reward client trust with corporate fiscal treachery.
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Exactly. Its wrong to say that Blackrock “own” 15% of stocks. The actual owners are the people who invest in their funds.
For instance, my US 401k is all tied up in the ETF IWM. Its run by Blackrock, but I own the shares!
But we have a big issue here in the Blackrock appears to have stopped acting in the best interests of shareholders or investors in many cases. In an ETF its pretty much open and shut with no discretion involved, but in managed investments Blackrock steers things into the hands of those who it wants to get the money. And it also influences boards.
Trouble is that many of the investments are going to end up in stranded assets. Wind and solar subsidies will collapse at some stage, due to govts simply not being able to pay them. And without those subsidies these investments are just not viable. Big problems coming.
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I think you’ll find those 2 big boys also have substantial interests in the big pharma companies.
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You will – and in all of the big ones
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Some time last year I received an email from my superannuation fund.
It was basically promoting their investments in “green” stuff. They also wanted to find out whether the investors (me) wanted them to invest more in such “green” products.
My reply was something along the lines of…”your only job is to maximise your investors returns.”
They are all going down this path, driven by the lunacy of the vocal uninformed minority and their only goal is to be liked by the same vocal minority.
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Surely in this enlightened time it’s “Rock of Colour?”
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Still the same colour though
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And, like Topsy, it grew
“Florida Governor Follows West Virginia in Pulling State Funds from Blackrock Over ESG Investing
December 1, 2022 | Sundance | 79 Comments”
https://theconservativetreehouse.com/blog/2022/12/01/florida-governor-follows-west-virginia-in-pulling-state-funds-from-blackrock-over-esg-investing/
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$10 trillion minus $2 billion is $9.998 trillion, not $8 trillion. Is there a typo in there somewhere?
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BLK – hmnn – too close to BTK for my liking
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Follow the money . Money is power , if you have enough of it you can get away with almost anything . When you mix greed and stupid you get what we are heading onto . Vanguard and Black Rock will lead the charge over the edge . Freddie Mac and Fannie May were bailed out but I doubt that hedge funds will be . Prudent move IMHO .
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In the meantime…
https://freewestmedia.com/2022/12/01/zelensky-entrusts-management-of-private-investments-in-ukraine-to-blackrock-2/
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UPDATE: To clarify — Obviously $2 billion drawn out of $10 trillion is nothing much, and I searched but could not find any specific listing or reason why BlackRock’s total assets are described as being only worth $8 trillion by Reuters now. Perhaps others are pulling out quietly? Perhaps it’s a typo?
But word will spread, and if pension fund managers start to get questions from clients, and lawyers put the fear of negligence into them, the entire modus operandi of the Bullies at BlackRock will come undone.
Where are your retirement funds?
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Jo,
This is how a market works, it measures value and not necessarily substance.
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All very odd as companies with strong ESG policies tend to outperform the market. https://www.thecorporategovernanceinstitute.com/insights/news-analysis/companies-with-good-esg-perform-better/
https://www.mckinsey.com/capabilities/sustainability/our-insights/does-esg-really-matter-and-why
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“A major part of ESG growth has been driven by the environmental component of ESG and responses to climate change.”
So its all based on a virtue-signalling scam, sucking on huge government subsidies and mandates.
Ok thanks for the info. 😉
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And of course, once the woke glitter (as on a t***) rubs off..
… today’s preoccupation with ESG will be remembered as merely a fad and go the way of similar acronyms that have been used in the past.
It is NOT based on sound economic principles, (exactly the opposite.. go woke.. go broke)
… so “big money” will only support it while they think they can scam the rest of the population.
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https://fakeologist.com/blog/2022/12/02/breaking-the-blackrock-illusion/
Black Rock is the police force for ‘Their Community’ in Communitarianism, Big Brother’s worldwide holding company
Niki Raapana RIP
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From an article already cited above:
“In the second quarter of 2022, the firm’s assets under management (AUM) declined by 11% to $8.49tn, primarily due to the sharp drop experienced by equity and fixed-income valuations amid hawkish actions taken by central banks.”
Jo – this looks like normal fluctuations of funds under management, in line with stock market valuations. Hope that helps.
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[…] Moreover, there is this from the great JoNova: […]
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[…] tjedan dana nakon što je Ron de Santis povukao 2 milijarde dolara iz fondova Floride iz BlackRocka, Vanguard, drugi najveći upravitelj imovinom na svijetu, iznenada se povukao iz […]
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