The general line from the right has been that Fink and BlackRock are using their stake in virtually every publicly-traded company on the planet to push a “woke” or “progressive” agenda. The Journal’s concern, of course, wasn’t with Fink’s true motivations, but with ESG’s impact on the health of publicly-traded markets. Then in August 2021, the Wall Street Journal editorial board wrote an op-ed alleging that BlackRock was pressuring the SEC to create rules that would force publicly-traded companies to disclose things like compliance with climate initiatives and diversity and inclusion. In April 2021, a former sustainable investing ESG chief for BlackRock wrote that BlackRock’s ESG initiatives were creating a “dangerous placebo”. government as part of its massive corporate bond-buying program in the depths of the COVID-19 financial turmoil. Unrelated to ESG, but substantial, in March of 2020, the Federal Reserve selected BlackRock as the primary bond buyer for the U.S. Then in 2018, began divesting from major companies like Walmart and Dick’s Sporting Goods in order to pressure them into no longer selling firearms. Then it pushed for more women on corporate boards. It started with pressuring energy companies on climate initiatives. Its stated purpose for doing so was to lead a transformational revolution in the financial sector. In the wake of Donald Trump’s election in 2016, BlackRock rapidly expanded its Environmental, Social, and Corporate Governance (ESG) initiatives in the United States and Europe. Treasury under Barack Obama to manage toxic mortgage assets owned by Bear Stearns, AIG, Freddie Mac, and Morgan Stanley in the aftermath of the 2008 financial crisis. Larry Fink went on to greatly surpass Blackstone in terms of assets under management and perhaps even Jewish prestige – however they measure that sort of thing. I was always under the impression that Jews were supposed to be really funny. When it was time for Fink to spread his wings, he joked with Schwarzman about naming his new company BlackPebble or BlackRock to confuse their employees. The pair knew each other from failed Jewish financial services company, Lehman Brothers. Who is Vanguard’s biggest shareholder? BlackRock.īlackRock’s CEO, Larry Fink, actually got his start at Blackstone with Stephen A. State Street, the 3rd biggest global financial services firm in the world, is owned by BlackRock. To quickly get you up to speed: BlackRock controls over $10 trillion in assets and owns between 4 and 8% of every major company that you’ve ever heard of, 12-18% in the case of media companies: Fox 18%, CBS 16%, Comcast 13% – which owns NBC, MSNBC, CNBC, and SkyNews, CNN 12%, Disney 12%, Apple 6%, Microsoft 6%, Wells Fargo 4%, JP Morgan Chase 4%, Amazon, Tesla, Alphabet, Cisco, Berkshire Hathaway, Johnson & Johnson, Visa, Mastercard, Goldman Sachs, United Health Group, Meta, Facebook, Exxon Mobil, Home Depot, Pfizer, Chevron, Costco, Eli Lilly, Bank of America – you get the idea.īlackRock’s biggest shareholder is Vanguard, which, like BlackRock is a shadowy global financial services firm that has $7 trillion in assets and has similar stakes in all of the above-mentioned companies and many more. Before we go any further if you’ve never heard of BlackRock, I recommend you start here.
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