[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Public Unions vs. the Public Good

How Brooklyn's Much-Copied Diversity Plan Helped Throw its Best Middle School Into Chaos

Courts advance use of chemical abortions

Alec Baldwin Didn’t Have to Talk to the Police. Neither Do You.

Raise the Social Security Age to (At Least) 75

Georgia Baptist Pastor Faces Upcoming Abuse Trial

PayPal Hack Exposes Customer Names, Social Security Numbers

Major red-state university caved to student activists to push 'social justice'

Court rules against cakeshop owner who refused to bake gender-transition cake

Major nation will stop housing bio males with intact genitalia in women's prisons

Judge orders release of Paul Pelosi attack police bodycam footage

‘Satanic golden medusa’ abortion statue outside New York City courthouse ruthlessly mocked: ‘Monstrosity’

CCP Further Tightens Control Over Media, Limiting Journalists

llinois Sheriffs NULLIFY Rifle Ban! - Interview with Chad Caton, host of I'm Fired Up on RVM

U.S. Sending Abrams Tanks to Defend Ukraine

Today's Tech Giants Show That Market Dominance Is Transitory

“Abortion is Reproductive Health Care” says Pop Star Lizzo

Prosecution of Assange Would Lead to End of the First Amendment, Advocates Warn

Former Christian School Teacher to Serve Decades in State Prison for Child Sex Abuse

Former teachers union president charged with embezzling $400,000

NIH-funded study claims trans hormones improve mental health – despite patient suicides

NASA astronaut says science 'doesn't contradict' Christianity; Bible museum opens new exhibit

Europe is Experiencing a MASSIVE New Migrant Crisis Which No One Seems to be Acknowledging.

North Carolina police find razor blades inside pumps at several gas stations: 'Evil thing to do'

California lawmaker wants reparations proposal to be a nationwide ‘blueprint,’ beyond ‘financial compensation’

Finland Indicates It May Consider NATO Entry Without Sweden

Biden Federal Court Nominee Says Two Articles in Constitution Don’t Ring a Bell

Indiana Bid to Protect Children From “Trans” Surgeries Draws Support

Brickbat: Didn't You See Me?

US Expands Sanctions Against Russian Wagner Group Amid Successful Offensive

Child Porn Charges Added to Life Sentence for Youth Pastor Who Killed and Dismembered Teen

Conservative students face threats after trying to show BLM documentary on campus

If We Can't Abolish the No-Fly List, Can We at Least Keep It Safe?

Brickbat: No Need for Any Testing

Several Senior Ukrainian Officials Fired as Corruption Scandal Rocks Ukraine

Zelensky Cites Military Aid as ‘Big Business’ Opportunity for American Companies

WATCH: 'Why do they want more rape and armed robbery and murder?'

Police officer resigns after being put on leave for Facebook post on traditional marriage

Now there's a famous buyer for the billions in U.S. weapons Biden left in Afghanistan

The Alamo Is Trying To Eminent Domain This Man's Bar to Make Way for Museum Honoring Alamo Defenders

Dr. Paul on Kudlow: There's Absolutely No Reason To Default - January 25, 2023

Lavrov Says the West’s ‘Hybrid War’ on Russia Becoming a ‘Real War’

Pope Francis: 'Homosexuality is not a crime,' encourages bishops to stop conversion therapy

Surprise! Left-wing activists indicted for attacks on pregnancy-resource centers

Miranda Devine: Hunter Biden's email reads like 'classified' document

A Louisiana Town Repeatedly Arrested A Man For His "F**K JOE BIDEN" Flags. Now, He's Suing.

Female Las Vegas judge, 53, commits suicide a year after being forced to resign to avoid ethics probe: Married mom-of-three told cops clothes shop where her daughter worked was sex-trafficking hub

Pentagon to Increase Artillery Ammunition Production by 500% for Ukraine

Yes, the Minimum Wage Harms the Economy

Historic painting of Jesus hidden after single complaint from critic


Status: Not Logged In; Sign In

United States News
See other United States News Articles

Title: Florida Takes $2 Billion Away From BlackRock Due To Firm's Activist Investing Standards
Source: [None]
URL Source: https://dailycaller.com/2022/12/01/ ... -blackrock-activist-investing/
Published: Dec 1, 2022
Author: Jack McEvoy
Post Date: 2022-12-02 09:38:34 by 3-Dee
Keywords: None
Views: 28

Florida Takes $2 Billion Away From BlackRock Due To Firm's Activist Investing Standards

JACK MCEVOY

ENERGY & ENVIRONMENT REPORTER

December 01, 2022

Florida’s Chief Financial Officer Jimmy Patronis announced Thursday that the state will begin pulling over $2 billion in assets from large investment manager BlackRock because of the firm’s environmentally and socially motivated investing standards.

Patronis said that BlackRock is choosing to use its money to pursue its ideology rather than secure profits for its clients, according to a press release. Florida’s State Treasury will begin to remove roughly $1.43 billion worth of long-term securities from BlackRock’s control as well as approximately $600 million worth of short-term investments managed by the firm. (RELATED: EXCLUSIVE: State Treasurer Who Took On BlackRock Plans Crackdown On Woke Investing As Congressman)

“Using our cash, however, to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for,” Patronis said, according to the press release. “It’s got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do.”

The asset manager aims to push the world towards producing “net zero” emissions by 2050 and sees climate change as a severe financial risk, according to BlackRock CEO Larry Fink’s 2022 letter to executives. In August, 19 Republican attorneys general accused BlackRock of violating its duty to make money for its clients by allegedly boycotting fossil fuel companies.

Patronis claimed that BlackRock, which manages $8 trillion in assets, has used environmental, social and corporate governance (ESG) investing practices to decide which companies receive investment as well as influence societal outcomes in an “undemocratic” manner. The Florida CFO stated that he cannot trust BlackRock with the state’s money as he doubts the firm’s dedication to seeking a return on investment.

“We are surprised by the Florida CFO’s decision given the strong returns BlackRock has delivered to Florida taxpayers over the last five years,” BlackRock said in a statement provided to the Daily Caller News Foundation. “Neither the CFO nor his staff have raised any performance concerns.”

Florida will have divested all its assets from BlackRock by the beginning of 2023 and transfer those assets to other asset managers. Missouri Treasurer Scott Fitzpatrick withdrew $500 million worth of pension funds from BlackRock’s management on Oct. 18, arguing that the firm uses its control of pension funds to push a “left-wing” agenda.

“We are disturbed by the emerging trend of political initiatives like this that sacrifice access to high-quality investments and thereby jeopardize returns, which will ultimately hurt Florida’s citizens,” BlackRock stated. “Fiduciaries should always value performance over politics.”

The Florida CFO’s office did not immediately respond to the DCNF’s request for comment.

Post Comment   Private Reply   Ignore Thread  


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com