America Continued from page 15
vices, they would generate new jobs, tax revenues, and profits. Expressing that view today, how-
ever, would probably get him banned from Twitter. One sobering fact: The top three ESG-friendly investment firms, Black- Rock, Vanguard, and State Street, con- trol a truly staggering $22 trillion in managed assets. It’s a mind-numbing mountain of
wealth — more than half of the $38 tril- lion combined value of all firms in the S&P 500. The type of capital DeSantis is
looking to raise, however, isn’t finan- cial — it’s political. He maintains that corporations should be free to pursue their primary mission of serving their customers and maximizing profits, free from the “proliferation of woke ideol- ogy.”
The legislation he’s proposing in
Florida would: Block banks and credit card compa- nies from any action that discrimi-
The top three ESG-friendly investment firms, BlackRock, Vanguard, and State Street, control a truly staggering $22 trillion in managed assets.
nates against customers whose reli- gious, political, or social beliefs they oppose. Prohibit the fund managers who invest hundreds of billions in Flor- ida state funds each year from tak- ing ESG factors into account in their decision-making. Require those fund managers to pri- oritize only generating the greatest
Wall Street Guru Caught in Middle B
illionaire Larry Fink, the CEO of BlackRock, finds himself in a
no-man’s land between red state leaders and climate extremists who see ESG as a way to impose their agenda. Fink’s investment firm manages a
staggering $8.5 trillion, and he’s widely considered one of the most powerful individuals in the world. He’s a lifelong supporter of Democrat politicians. Yet climate activists are attacking
him because he insists that, as one of the world’s No. 1 investment gurus, he should be mindful of what’s good for business. Fink has said it’s a mistake for the
government to try to recruit corporate America “to be the environmental police.” Fink and BlackRock have been leading
the ESG movement in the financial community. This year, he suggested their capital flows could be restricted unless they climbed aboard the ESG bandwagon.
16 NEWSMAX | NOVEMBER 2022 Yet that’s still not enough for activists
who want corporate America to kowtow to their agenda. Although Fink has called for
“decarbonizing” the global economy, he believes traditional energy firms shouldn’t be shuttered.
He maintains the companies that supply gasoline and heating oil have a transitional role to play in reaching net-zero carbon emissions, saying: “We need to pass through shades of brown to shades of green.” To anti-carbon activists, that sort of
pragmatism is amoral and utterly corrupt. A Sierra Club oficial charged that
Fink is trying to “prop up dirty fuels like fracked gas and peddling the outdated and dangerous view that gas has a place in the energy transition, despite the scientific consensus that we need to stop expanding fossil fuels immediately.” — D.P.
FINK
investment return. The Heritage Foundation’s Oliv-
astro predicts woke corporations will eventually pay a price for going “woke.” “People are going to find out that
their investments, their own retirement dollars, are being weaponized against their values,” he says. “And that’s exact- ly why we’re seeing this snapback. And I think it’s just getting started.”
FINK, BLACKROCK, VANGUARD/AP IMAGES STATE STREET/MONICA SCHIPPER/GETTY IMAGES / STATE STREET GLOBAL ADVISORS
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