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At the Aspen Ideas Festival on Sunday, BlackRock CEO Larry Fink announced that he had ditched the term "ESG" (environment, social, and governance) as it had been highly politicized and "weaponized." Fink went so far as to say that he is "ashamed" even to be part of the debate.
During the event, Fink acknowledged that the decision to pull $2 billion in assets by Florida Governor Ron DeSantis had hurt the firm. BlackRock, the world's largest money manager lost state assets it was managing after DeSantis decided to stop working with the firm in late 2022 over its "woke" capitalism policies, according to a report by ZeroHedge.
DeSantis is not the first Republican lawmaker to withdraw funds from the company with Arkansas, Louisiana, Missouri, South Carolina, Texas, Utah, and West Virginia having done the same.
Losing assets to manage is only part of BlackRock's issues as last month 17 Republican state attorneys filed a motion with the Federal Energy Regulatory Commission to dispute whether or not the company could purchase over $10 million voting stakes in utility companies.
Indiana Attorney General Todd Rokita released a statement last month saying, "These elitists are trying to impose restrictions on energy companies and utilities that would never win approval at the ballot box."
"Their schemes could raise utility bills for regular Americans, including elderly Hoosiers on fixed incomes, and they could diminish the value of their investment accounts," he added.
As for Fink, he has said that he was "ashamed of being part of this conversation" adding, "When I write these [investment] letters, it was never meant to be a political statement...They were written to identify longterm issues to our longterm investors."
Many observers aren't buying into Fink's attempt to distance himself from the term and its politicization as he has long been at the center of pushing climate change policies and has previously said that BlackRock would go so far as to "force behaviors" on corporate America.
When questioned about his comment that he was "ashamed" of the term, Fink backtracked and said, "I never said I was ashamed. I'm not ashamed. I do believe in conscientious capitalism."
"I'm not going to use the word ESG because it's been misused by the far left and the far right," he clarified.
It's not that Fink is ashamed of the term ESG as much as it is the fact that his firm's efforts to force woke capitalism on corporations through voting proxies have failed amid pushback from lawmakers.
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Who actually believes this statement will change anything? Nothing will change they will try to hide it better or find a new anagram to replace the original. Sadly many will buy this load of BS. There can be no more forgiveness for the Marxists trying to destroy society and usher in their Utopia. Lok up Creative Society to understand the newest push by the globalists like Schwab Soros and Gates.
Just because the ass dropped the term doesn't mean he's still not using the application of it.
Whatever words they use it's going to be the same garbage!
LOL! Big deal...they dropped the label "ESG"! LOL! A rose by any other name would smell as rotten.
Ha, not buying it. If his lips are moving concerning ESG, its a lie. He just will try more quietly this time.
The Fink will simply rename it.
Remember Tommy Chong's Dad in "Up In Smoke"? The rich guy? What did he call "Fink"? The Finklestein schiittekid...LOL!! He got him a job with him, pulling strawberries. LOL!
I can't take them serious until they begin sending goons with guns.(and blackrock will-they are how the scimitar is to be used against American Christians)