Texas pulls $8.5B from BlackRock in stunning blow to ESG movement

Grokmaster

Grokmaster

Well-known member
Contributor
Texas is no longer giving support to those working against their (Texas') best interests, and those of its citizen/taxpayers.

Bravo.

That's $8 BILLION with a "B".

That'll leave a dent in Wokeworld.



Texas pulls $8.5B from BlackRock in stunning blow to ESG movement


The State of Texas is terminating a massive $8.5 billion investment with trillion-dollar asset manager BlackRock over the state's determination that the firm is engaged in a boycott of energy companies.

In an announcement first shared with FOX Business, Texas State Board of Education Chairman Aaron Kinsey said the so-called Texas Permanent School Fund (PSF) had delivered a notice to BlackRock on Tuesday, informing the New York City-based firm of the action. According to Kinsey, the move was made in accordance with a 2021 state law that seeks to distance the state and its large public purse from financial institutions boycotting the oil and gas sector.

"The Texas Permanent School Fund has a fiduciary duty to protect Texas schools by safeguarding and growing the approximately $1 billion in annual oil and gas royalties managed by the Texas General Land Office," Kinsey said in a statement Tuesday. "Terminating BlackRock’s contract ensures PSF’s full compliance with Texas law."

"BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil & gas economy and the very companies that generate revenues for our PSF. Texas and the PSF have worked hard to grow this fund to build Texas’ schools," he continued. "BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans."






https://www.msn.com/en-us/money/mar...dda40e0b4640a0b818fc7b07fe2c12&ei=11#comments
 
Poor Richard Saunders said:
hmm.. Holding onto cash at a time when inflation is over 3% will cause you to go broke quicker than investing in ESG.
But go for it Texas and Florida. Screw over your citizens.
Click to expand...

Who is holding onto cash? Blackrock certainly isn't the only place to invest with. I prefer places that don't play politics with my money. Simply put the money where it gets the best return.
 
Grokmaster said:
That's $8 BILLION with a "B". That'll leave a dent in Wokeworld.
Click to expand...

Blackrock has almost $9.1 trillion(with a t) of assets under management, so $8.5 billion(with a b) would be less than 0.1%. Assets under management has consistently been increasing at above 20%, so $8.5 billion would be about a days worth of increase. No one noticed.

That being said, Blackrock has gotten too big. Even Blackrock thinks Blackrock has gotten too big. They are looking to cut loose some of the less profitable accounts.... Like Texas.

Texas is so angry that Blackrock is selling plans to other people, that they are cancelling their plan, and trying to force their employees to cancel plans with Blackrock. What they forget is Blackrock is doing much better with the people Texas hates.
 
Walt said:
Blackrock has almost $9.1 trillion(with a t) of assets under management, so $8.5 billion(with a b) would be less than 0.1%. Assets under management has consistently been increasing at above 20%, so $8.5 billion would be about a days worth of increase. No one noticed.

That being said, Blackrock has gotten too big. Even Blackrock thinks Blackrock has gotten too big. They are looking to cut loose some of the less profitable accounts.... Like Texas.

Texas is so angry that Blackrock is selling plans to other people, that they are cancelling their plan, and trying to force their employees to cancel plans with Blackrock. What they forget is Blackrock is doing much better with the people Texas hates.
Click to expand...

And now have over $10 billion less, just in Texas and Florida. And ?
 
Grokmaster said:
And now have over $10 billion less, just in Texas and Florida. And ?
Click to expand...

They are increasing their assets by on average $30 billion a week. That means that in the week they lost $10 billion, they still made $20 billion. And then the next week, they made $30 billion (because right wing politicians had run out of other people's money to pull out).

This is not a "stunning blow." It is actually to Blackrock's benefit. They need to reduce the assets they have under management, and it is better if they can get rid of underperforming assets like these.
 
Grokmaster said:
And Mississippi just issued a "Cease and Desist" order to Blackrock over its ESG bullshit.
Click to expand...

Someone else is investing their own money in a way Republican politicians would not... AND THEY ARE DEMANDING IT STOP!!!

If you want to invest your money into a Christian fund, I have no problem with that. It is your business. And Blackrock will help you do it.
 
Walt said:
Someone else is investing their own money in a way Republican politicians would not... AND THEY ARE DEMANDING IT STOP!!!

If you want to invest your money into a Christian fund, I have no problem with that. It is your business. And Blackrock will help you do it.
Click to expand...

Blackrock does not get to do whatever it wants, with OTHER PEOPLES' MONEY.

They are entitled to direct how their money invested, and Blackrock has been caught investing in failing ESG bullshit, thus endangering their clients' monies.

Mississippi will likely sue them for $billions.
 
Things must be more complicated than they seem to me,

because to me,

all we need to do is nationalize BlackRock, whatever the fuck that is,

and grant Texas its independence.

Give Ironside Abbott his own little empire to run into the ground.
 
You must log in or register to reply here.
Back
Top