A federal judge in Texas on Friday ruled in favor of American Airlines pilots who accused them of sacrificing the profitability of their 401(k) funds to pursue liberal causes.
This could be a major blow in the long-running battle against political investing known as ESG (Environmental, Social, Governance). And it paves the way for a fight against BlackRock and the other concentrated corporations that control the world. Trillion Percentage of Americans' retirement savings and funds invested in left-wing causes. Moreover, it shows how the political disaster that has befallen corporate governance over the past five years can be undone by the same tools that caused it.
We stumbled into this quagmire by avoiding risks at the top. It must be reversed by risk aversion.
The judge said American Airlines breached fiduciary duty Loyalty to the pilot. The lawsuit follows the same judge's ruling that all pilots who have joined their 401(k)s since 2017 can be included in a class action lawsuit, numbering more than 100,000 people. The judge also found that American Airlines acted within industry standards at the time and that it did not breach its fiduciary duty of prudence.
Truly an “industry standard”. BlackRock, which American Airlines authorized to manage its $26 billion plan, effectively controls the retirement plan industry, managing $11.5 trillion in assets worldwide. The company is one of the most powerful companies on the planet, but that doesn't mean it's a friend of the American Dream. They are the ones who literally buy up every affordable starter home they can across the country and turn would-be owners into permanent renters. The company says it doesn't buy individual homes, but that's true; it buys the businesses that do. Although BlackRock is not named as a plaintiff in the Texas lawsuit, the implications are clear.
The surest way to defeat and destroy woke corporate politics is through litigation and the threat of litigation. We have fallen into this quagmire because we are too risk-averse. It must be reversed by risk aversion.
Attorney General Bill Barr understood this well. In the final days of the first Trump administration, the Justice Department issued a memo warning companies that careful competition in decision-making could violate civil rights laws. In other words, you can't punish people for being white, no matter how popular they are at the moment.
This was a real problem. If you believe the statistics at the peak of what happened, only 6% of corporate hires were white men. It is blatant discrimination in employment practices.
Human resources departments that are completely dominated by left-wing activists in their 20s and 30s are difficult to manage, even for top company executives, so legal means are far more effective than shaming them. be. There are few things more creepy than being accused of racism, sexism, and anti-LGBT bias in corporate America, and even company directors share that concern. Those directors need a way to say “no” loud and clear the next time they're asked to stop hiring white men.
You know what changes their calculations? Lawyers, lawsuits, and money. Few things will turn the tide faster than an anonymous tip that has allowed the Justice Department to punish anti-white male bias for more than four years and weaken its investigative power against corporations. If the directors don't contain the leftist crusaders in their midst, lawsuits will be filed.
That's why Texas' decision is noteworthy. While the pilots' class action lawsuit (and others) still has a long way to go, its impact is clear. ESG investing is no longer a safe haven. Any company director or state official considering investing in a 401(k) will be looking at their own vulnerabilities and pushing back against companies like BlackRock that expose them to potential liability. Dew. The real battle will be over jobs, but even if it's not over, it's still big news.
Bedford, July 2021: Companies like BlackRock are empowering small businesses, buying up homes, and crushing dreams, but we can fight back.
Federalist Radio hours: Can we save the American Dream from corporate bullies?
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fire rises
City Journal: President Trump should abolish the federal Mental Health Service
People have a habit of assuming that all the changes around us are occurring naturally. When there is a sudden and obvious increase in homeless drug addicts and mentally ill people threatening commuters and occupying public spaces, we complain, but then we say, “Someone is actively doing this.'' I rarely wonder, “Are there any?” Is someone paying money hoping for this outcome? morning I Will we pay the price for this outcome? ” Sometimes it’s natural. But this is not the case. Carolyn D. Gorman reports:
…The Substance Abuse and Mental Health Services Administration, a federal mental health agency, was established in 1992 to “reduce the impact of mental illness on America's communities” and serve people. “Those Who Need It Most” The government agency has failed on both counts. People with serious mental illnesses, such as schizophrenia and other mental disorders, continue to make up a disproportionate share of the homeless, incarcerated, and violent offender population. Nearly all of the deadliest mass shootings include Sandy Hook, Virginia Tech, Parkland, Aurora, Uvalde, El Paso, Sutherland Springs, Charleston, Oregon, Navy Yard, Binghamton, Killeen, Lewiston, Austin, and Edmond. The cause is mental illness. , Pittsburgh, Santa Fe, Boulder, Dayton, Omaha, Indianapolis — just to name a few.
Not only has this agency failed to reduce the impact of mental illness on Americans' lives, it has also diverted resources away from quality, intensive psychiatric treatment and by insisting against involuntary commitment. , has ruined a proven solution. Consider SAMHSA's Protection and Advocacy (PAIMI) program. The agency claims the program is “designed to protect and defend the rights” of people with severe mental illness, but in reality it funds lawyers who try to prevent necessary hospitalizations. is often sent. This can have dire consequences, as it did in 2006 when a mentally ill man named William Bruce murdered his mother with a machete, assisted by SAMHSA-funded lawyers. They reportedly coached him on how to avoid involuntary treatment.
The federal Department of Mental Health is also a center of progressive activity. Any seemingly left-wing priority could gain support from SAMHSA if supporters argue that addressing it will lead to SAMHSA cuts. Resolving “trauma” or improving “mental health”? Billions of taxpayer dollars have been hijacked for things like “non-traditional inclusive support” for “LGBTQI+” families. “affirmative and comprehensive care” for “unhoused LGBTQ+ youth.” “Diversity, Equity, Inclusion, [and] Accessibility”; Breaking News on the Behavioral Health Impacts of Climate Change. A “keep safe but sexy” harm reduction session for “socially disenfranchised people during and after incarceration.” and a social-emotional learning program inspired by pop psychology…
