Financial firms that manage astronomical amounts of money are incredibly woke. What’s worse, they’re using the power they wield through these sums to push their political opinions on Americans.
But Republican state treasurers and lawmakers have launched an aggressive counteroffensive. Money talks, and if these financial firms are starved out, they will soon have no chance but to fold. (RELATED: Wall Street Does Damage Control After GOP Targets Woke Capital)
These financial firms use a type of investing known as ESG (environmental, social and governance) investing. Popular among the wealthy and elite, this sort of investing uses financial incentives to penalize and prioritize certain companies and individuals for their real or supposed commitment to the environmentalist agenda, as well as social “equity” goals. ESG was originally pitched by the United Nations in 2006 as a way for investors to take more than financial factors in consideration, measuring, “an organisation’s socio-economic impact compared to similar companies in the same sector.”
“mandatory ESG reporting” absolutely equals forced compliance with the radical leftist eco-fascist agenda (see @VivekGRamaswamy for more details Canadians). The Americans are already starting to reject this; Vanguard did today https://t.co/B7INJRoA8Y https://t.co/IKxqB0dSm0
— Dr Jordan B Peterson (@jordanbpeterson) December 8, 2022
BlackRock is perhaps one of the most notorious of these firms, with its chairman and CEO Larry Fink embracing the ESG agenda wholesale. BlackRock has proceeded to lose $1.7 trillion of its clients money in just six months, the largest amount of money lost by an individual investment firm over that time period.
BlackRock is imbedded in the US government, with three former high ranking employees at the financial firm holding prominent rooms in the Biden Administration. (RELATED: The World’s Biggest Woke Investor Just Took Millions In Saudi Oil Money)
Other financial firms are also suspiciously beholden to the Chinese Communist Party, with the CEOs of Bank of America and CitiBank refusing to condemn the Chinese Communist Party’s genocide against Uyghur Muslims. BlackRock, of course, for all its moral posturing, regularly pressures its clients to invest in Chinese assets.
— Consumers’ Research (@ConsumersFirst) December 8, 2022
We got a glimpse into how this strategy will play out for the US in Asia. The economy in Sri Lanka was decimated after the ESG investing craze took hold of the government there. The country banned fertilizers invaluable to the country’s economy, and crop yields struggled to keep up.
“The decision to overnight shift away from synthetic fertilizers was an absolute disaster,” economist Peter Earle told The Daily Caller News Foundation in July. (RELATED: Almost All CEOs Are Preparing For A Recession, More Than Half Are Considering Layoffs)
The ban was supposed to encourage the use of more “organic” farming, but instead it decimated the country’s major source of income, forcing it into bankruptcy.
Free speech is back on Twitter.
Disney has done a U-turn on its culture war.
ESG investing is being banned across America.
Woke is losing!
— Lance Gooden (@Lancegooden) December 5, 2022
While not the government itself, big banks wield a staggering amount financial assets and they are using them to force Americans to succumb to their woke environmentalist agenda.
Kimmeridge Energy Management Company, an energy investment firm, is forcing a California oil and gas producer in which it owns a stake to cut production of these necessary substances. BlackRock waged a proxy fight to get three “climate-focused” directors on the board of Exxon, succeeding in getting the gas company to drastically reduce its outputs.
Woke capital is even placing its targets on gun ownership in America. Firms like BlackRock made thinly veiled threats in the wake of tragic mass shootings, making it clear that investment practices at their massive firm would take into account a company’s attitudes towards gun ownership. (RELATED: A Parallel, Conservative Economy Is Emerging To Compete With ‘Corporations That Hate You’)
States are taking note, and taking action.
West Virginia blocked five major Wall Street banks Thursday from doing business with the state due to “boycotting” fossil fuels. Florida pulled $2 billion away from BlackRock for its activist investing and DeSantis barred state fund managers from using ESG investing when managing state funds. Louisiana divested $560 million from BlackRock for boycotting the fossil fuels industry. Missouri State Treasurer Scott Fitzpatrickare divesting up to $500 million from BlackRock. These are only some of the examples of states responding to ESG proactively.
A group of 13 Republican attorneys general are urging the Federal Energy Regulatory Commission (FERC) to block the large asset manager Vanguard from buying shares in an electrical company due to its penchant for activist investing.
The work of these Republicans has likely only just begun. BlackRock alone manages over $8 trillion, and the company is still devoted to “stakeholder capitalism.” But at a certain point, the massive divestments inflicted on these companies will take their toll. Then, maybe they’ll have to reassess their priorities to pay the gas and electric bills.