Blackrock is a huge woke activist, posing as an investment fund

Blackrock is a huge woke activist, posing as an investment fund.

Wikipedia:

BlackRock, Inc. is an American multinational investment management corporation based in New York City. …

Total assets: US$152.65 billion

Funds under management: US$10.01 trillion [bigger than the GDP of all countries except the USA and China]

Larry Fink, CEO, world’s biggest woke activist (move over, George Soros)

Joanne Nova:

BlackRock is the third largest “foreign entity” in the world, after the USA and China. …

It claims to be an asset manager, but acts like a political power. With neither citizens, land nor an army, it’s a kind of toxic financial bubble on a roll — part illusion, but still swallowing economies, minds and electricity grids.

BlackRock is supposedly investing funds on behalf of its customers, while using those same funds to promote Woke political agendas that its management may like, but that its own customers may disagree with.

It’s a totalitarian force that consumes democratic choices by force of money. …

Send this to your elected representative, your retirement fund and ask about their own “Fiduciary Duty” and “Duty of Care”.

Pay attention to your retirement funds. Money left unattended may be used against you…

19 US states fight back:

Finally some state legislators are calling out the contradiction.

BlackRock is enormous, but it’s not untouchable, and if retirees and State pension plans pulled their money and filed writs for breaches of law, the activist-agency could vanish overnight. BlackRock has $10 trillion in assets to wield as an activist hammer, but those assets mostly belong to other people. BlackRock can only keep weaponizing that money as long the other people let them. Underneath that big financial hammer is a $152 billion dollars in total assets belonging to BlackRock, and that’s shrunk from $240 billion dollars worth back in 2014.

Leading the way, West Virginia has announced last month that it will not do business with any firms that boycott the fossil fuels industry — which means Goldman Sachs, JPMorgan and BlackRock, Wells Fargo, and Morgan Stanley. These companies are now ineligible for state banking contracts worth about $18 billion a year. Brilliant.

“At the end of the day, all we want is for banks to act like banks,” [Treasurer Riley Moore] told the Washington Free Beacon …

Billions of dollars of US State Pension funds are wrapped up with BlackRock. They don’t have to be.

This is round two of an exchange between the State AG’s and BlackRock. Here the state AG’s write to Mr Larry Fink, CEO of BlackRock, Inc. on August 4th, 2022 in reply to his letter claiming BlackRock is neutral, and just engaged in climate dialogue.

Dear Mr Fink,

Based on the facts currently available to us, BlackRock appears to use the hard-earned money of our states’ citizens to circumvent the best possible return on investment, as well as their vote.

BlackRock’s past public commitments indicate that it has used citizens’ assets to pressure companies to comply with international agreements such as the Paris Agreement that force the phase-out of fossil fuels, increase energy prices, drive inflation, and weaken the national security of the United States. These agreements have never been ratified by the United States Senate. The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. …

Blackrock and its ideological buddy Vanguard own 5 – 10% of the stock of a typical major public company. Many of the other shareholders are other public companies, of which Blackrock and buddies also own 5 – 10%. In practice, this raft of shareholdings is nearly always enough to set the policy position of a company, due to the fractured nature of shareholder voting. For instance, Rupert Murdoch has run Newscorp for the last 25 years virtually as his own private company with just 32% ownership.

So it is not a stretch to say that Blackrock and Vanguard control — or at least heavily influence — the policies of all major western public companies. Using your retirement money, mostly.

They are accountable to no one, effectively. No four year elections.