Jerry Bowyer: Blackrock: Backing Off of ESG

Monday, July 17, 2023

Blackrock is a Wall Street Behemoth, managing more of your pension dollars than any other company in the world. It led the way in pulling corporate America left, by pushing ESG—environmental, social and governance—investing. 

This approach takes the focus off of the fiduciary responsibility to put the financial performance for your retirement funds above all else and shifts it towards various social goals. The backlash has been severe. Recently, the CEO of the firm Larry Fink distanced himself from the investment trend he himself fostered. He announced a rebranding away from ESG, saying that he was embarrassed to have been involved in this political debate and said that ESG had been weaponized by the far left and the far right. 

Well, he’s half-right. The left used it as a weapon. The right is just defending us against that. But Mr. Fink, is the solution not obvious? Stay out of political debates and you won't find yourself ashamed of the political debates that you're in. 

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