BlackRock's timing couldn't have been better. While Los Angeles was being burned to the ground by wokeness, BlackRock was literally breaking away from a corporate consortium of bizarre, self-serving, and futile environmental virtues sponsored by no-nonsense bureaucrats at the United Nations. climate policy.
Corporate leaders are getting the memo, but progressives are left to sift through the ashes.
Last week, the Post first reported that BlackRock was leaving the Net Zero Asset Managers Initiative, a U.N.-backed group of institutional investors that says it wants to save the world from climate Armageddon. It seemed like a good idea when BlackRock came on board a few years ago.
The corporate ecosystem was completely neglected out of necessity. The killing of George Floyd at the hands of a Minneapolis police officer is evidence that this country is systemically racist, and therefore, through the implementation of diversity, equity, and inclusion policies, racial We have proven that quotas are necessary.
The world was changing rapidly, and the working and middle classes needed to be indoctrinated with the doctrines of the left, just like their European and northern neighbors.
Team-building seminars have been replaced by critical race theory seminars about the evils of the freest place on earth.
American workers need a 24/7 reminder of intersectionality, so a TV commercial had to feature a trans woman drinking Bud Light.
In addition to this, the environment needed to be protected at all costs. Al Gore's dystopian predictions about massive climate change destroying the U.S. economy were coming towards us like a runaway freight train.
Alarmingly, not only the world's largest asset managers like BlackRock, but also JPMorgan and State Street, have joined groups affiliated with the United Nations and other similar groups to ensure the environment is protected from the deadly climate. This is the reason why I started investing in this method.
Of course, they ignored some important facts in their missionary work. First, none of these companies are charities. They are publicly traded companies.
If you want to make the world a better place, you might as well make money doing it.
The money spigot is known as ESG (Environmental and Social Governance) investing, which harnesses the power of investment dollars to tell management what to do.
This misguided strategy told oil companies that they needed to drill less oil and build more wind turbines to reduce their old carbon footprint.
Left-handed Poles wanted ESG
ESG funds had huge fees, much higher than other funds on Wall Street. And they were considered a gold mine by woke investors.
Large public pension systems in blue states run by some of the nation's most left-wing politicians were now demanding it.
If you show them enough loyalty, you can win their business. BlackRock and others are quietly disseminating ESG provisions throughout the investment process, not just to investors who want them.
Wake up and make a lot of money. Additionally, the United Nations provided political protection.
As I point out in my book, Wake Up, Break It: Inside the Radicalization of Corporate America, there are many questions about whether these efforts to curb carbon emissions are working, and whether these efforts to curb carbon emissions are working, and whether they are doing more harm than good. There are real questions, serious scientific questions, about whether this was the case.
Telling oil companies to scale back production will have an impact, especially if supply chains are under stress post-COVID-19.
Larry Fink of BlackRock and Jamie Dimon of JP Morgan are billionaires. They're less affected by the $5 gas that started to kick in around mid-2021, when ESG was the way of the world.
But working-class people were feeling the pain at the pump and had had enough. Blue states lost population and pension influence declined as people fled. Pension officials in red countries have called for an end to the ESG nonsense.
Republicans took control of Congress and then the presidency under the clearly unwoke Donald Trump. Powerful Ohio Republican Rep. Jim Jordan investigated the U.N.-recognized coalition for collusive antitrust violations.
That was cited as one of the reasons for BlackRock's withdrawal. (A coalition spokesperson told the Post that the group “does not violate antitrust or any related laws.”)
In California, that woke mentality became painfully clear. LA doesn't have enough water to put out the flames. Gavin Newsom enacted tough environmental laws to save small fish species.
Despite Newsom's leftist stance as governor, climate change is not being reversed because protecting minnows won't stop wildfires in states that deal with minnows every year. He doesn't seem to notice that.
Meanwhile, the LA Fire Department's meritocracy is collapsing. The city's Mayor Karen Bass and Fire Chief Kristin Crowley have launched a DEI recruitment drive. Men do not need to apply for jobs that require particular physical strength.
These two dunderheads aired a recruitment video suggesting that the inability to physically remove people from a burning building was not the fault of the female firefighters, but rather the fault of the victims who were on the scene.
We don't know when Lefty Paul will end his woke madness, but the CEO will. Fink is moving away from ESG. So is Daimon.
People like Mark Zuckerberg of Meta are trying to abolish corporate DEI policies. Because not only does it take away credit from companies, but because people hate it, and because it violates civil rights laws.
If you wake up, you could not only go bankrupt, but also destroy the entire city.
