For all the boasts and claims thatBlackRock CEO Larry Fink has made in recent years about the need for corporate “accountability” with regard to environmental, social, and governance (ESG) priorities, and that they are a better long-term investment prospect, he has consistently fallen short in the eyes of experts who evaluate those things.
First there was the academic study released in August that found that despite claims to the contrary by major financial firms – including BlackRock – that ESG factors did notinoculate investors against the stock market downturn that was attributed to the COVID crash of the global economy, nor did sustainability priorities aid in the subsequent limited recovery.
And now it turns out that one of BlackRock’s non-profiting investment priorities ballyhooed by Fink – climate change – is not all he cracks it up to be.
The company announced earlier this month it would ban any new political ads during the week leading up to the Nov. 3rd election. But Facebook has continued its censorship throughout the year, despite Zuckerberg’s declaration last fall.
And Zuckerberg seems more-than-prepared to meddle in the election and its results before, during, and after the results come in. While he does not appear to support any political candidates or PACs this cycle (his name doesn’t show up in campaign finance reports, unlike in the past), he and the Silicon Valley leftists in his employ wield Facebook’s potent platform to amplify messages they want to give wider attention to, … Read More ➡
The rush to virtue-signal for BLM already seemed to include almost every major corporation following the deaths of George Floyd, Breonna Taylor and Jacob Blake, in their confrontations with police. Even Chick-fil-A’s CEO projected his own white guilt onto fellow evangelical Christians, calling for them to “repent.” Yet tears for those under the boot of the ChiComs are largely missing.
Now we’ve got a major corporation – Disney – who worked closely with the local Chinese government agencies that are running re-education camps that imprison Uighurs, a Muslim-minority group. The BBC reported on Monday that the current release of the live-action “Mulan” was filmed in Xinjiang, where as … Read More ➡
In another broadside against thePeople’s Republic of China, a top official in President Trump’s State Department last month urged American universities to divest their endowments from Chinese-owned corporations; to closely monitor or shut down on-campus activities that promote Chinese propaganda; and to protect research centers from Chinese theft of intellectual property.
And regarding investments, a special working group of the administration’s top financial regulators, led by Treasury Secretary Steve Mnuchin, recommended the Securities and Exchange Commission impose stronger transparency rules for foreign companies that are listed on American exchanges. The step was primarily directed at China, whose companies’ financial disclosures are … Read More ➡
Mega-firm BlackRock and CEO Larry Fink have called greater attention to ESG, beginning early in 2018 with a letter to more than 1,000 publicly traded companies urging them to elevate issues such as climate change and diversity higher in their considerations as they go about their business.
“Society is demanding that companies, both public and private, serve a social purpose,” he wrote. “To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.”
Following the U.S. Senate’s passage (by unanimous consent) in May of the Holding Foreign Companies Accountable Act, a special panel of top government financial regulators issued a report last week that also called for tougher rules in order for “non-cooperative” foreign companies to be allowed to be listed in the United States. The goal is to provide greater protection for investors in those companies, to meet minimal audit and transparency standards so that potential risks are better understood.
The President’s Working Group on Financial Markets specifically scrutinized the risks to investors posed by the Chinese government’s failure to allow access to the books of companies listed in the U.S. The group urged the Securities and Exchange Commission take steps to strengthen the listing standards.… Read More ➡
The “woke”NBA – whose players (with few exceptions) wouldn’t stand for the Star-Spangled Banner but do stand human rights abuses in China – had a bumpy reopening last week following this year’s shutdown due to COVID-19.
So did one of its top broadcast partners, ESPN.
As Breitbart (aggregating reports from Outkick.com and The Athletic) reported on Sunday, NBA/ESPN saw its television ratings drop on Friday night following the numbers the league saw on the night of its return from dormancy on Thursday. The sports-starved American public apparently doesn’t have an appetite for millionaire athletes complaining about “systemic racism” while they kneel for the National Anthem and at the same time refuse to decry human rights abuses by the communist Chinese.
Meanwhile ESPN reported about the NBA’s involvement with a training academy in the Chinese province of Xinjiang, where millions of Uigher Muslims … Read More ➡
Apparently true to its word – or at least virtue-signaling a head fake in that direction – mega-investor BlackRock put some companies in its portfolio on notice that their efforts to address transparency and mitigation regarding “climate change” are insufficient.
The $6.5 trillion firm announced earlier this week in a report that it had warned 244 of those companies that they insufficiently address climate concerns, and that it had voted against resolutions and directors at 53 of them because of those shortcomings. It warned the other 191 companies they “risk voting action in 2021 if they do not make substantial progress,” according to the Financial Times.
BlackRock first announced its plans to increase scrutiny of its investments, with regard to climate, in January.
Some of the names on BlackRock’s naughty list include fossil fuel-concentrated industries like ExxonMobil, Volvo, Daimler, and coal company Peabody Energy.
That would be the race-stoking groups whose focus is to divide Americans according to color, gender and religion. They all practice intimidating, coercive tactics to force compliance with their demands, which always align with a radical progressive agenda.
The company that disappointed them — surprisingly — is Facebook. Top executives, including CEO Mark Zuckerberg, met with groups like the NAACP, Color of Change, and the Anti-Defamation League to discuss whether the company would submit to their ultimatums – with their nebulously-defined demand to “stop hate speech” as their theme.
The organizations marched into the online virtual boardroom of the social media giant under the umbrella of one of those collaborative-sounding names that make them sound bigger than they are – this one is called “Stop Hate for Profit.” They would be more appropriately called “Stop Donald Trump.”… Read More ➡
The open letter on Friday by Republican Sen. Josh Hawley, to NBA Commissioner Adam Silver, exposed the hypocritical worldview of the leftists in the league and in the media.
That will likely be the best result, rather than seeing the Missouri Senator’s missive produce any meaningful change in how the league manages itself.
Hawley called out Silver and the NBA over its decision to permit its players – more than 80 percent of whom are black – to replace the names on the backs of their jerseys with messaging that for the most part fits the term “social justice.” That is, players can opine just as long as they don’t advocate for the welfare of police officers. Or for victims of Chinese oppression.
The NBA limited the messages players could display to a handful. Needless to say, none expressed support for anything other than … Read More ➡