<!–

–>

November 6, 2022

One persistent myth in today’s materialistic society is that money rules everything. Those wishing to understand why people act the way they do are told to “follow the money.” The lust for power and wealth trumps everything.

‘); googletag.cmd.push(function () { googletag.display(‘div-gpt-ad-1609268089992-0’); }); }

However, there are more important things than money — even on Wall Street. Some liberal businessmen and investment management firms often sacrifice profits to promote their leftist ideological causes.

The case of the BlackRock index fund is one example of misplaced ideological motives. The company has used its financial muscle to browbeat others into toeing ecological, social and governance (diversity) lines. However, BlackRock is now getting a taste of its own medicine. It is paying the penalty for insisting that others bow before the gods of “woke” culture.

Introducing the ESG Rating System

‘); googletag.cmd.push(function () { googletag.display(‘div-gpt-ad-1609270365559-0’); }); }

BlackRock is a major player in the latest Wall Street craze of using a rating system to decide who receives its massive supply of investment dollars. This new social credit scheme evaluates investment possibilities based on their compliance with environmental, social and governance (ESG) targets. A state (e.g., Utah), county, city, or company with a negative ESG rating can see itself choked off credit or investment capital.

On January 15, 2020, BlackRock founder and CEO Larry Fink sent a letter to CEOs saying that he will use its power to ensure “every government, company, and shareholder must confront climate change.”

The plight of these targeted companies is made worse by investment managers at index funds like BlackRock, who control vast numbers of shares. They can use the ESG ratings against corporate boards by promoting shareholder resolutions to force management to advance liberal social causes, eco-climate standards, and diversity employment goals. ESG eco-activists especially target fossil-fuel companies that are slated ideologically for extinction.  

BlackRock is the world’s largest asset manager, with index funds worth $10 trillion. With Vanguard and State Street — all under “woke” management — Blackrock has been using its massive financial muscle to steer Wall Street down disastrous ideological paths.

A Boomerang for Blackrock

Wall Street and investors are pushing back.