South Carolina To Pull Final $200 Million From ‘Leftist’ BlackRock By End Of Year | Eastern North Carolina Now | South Carolina State Treasurer Curtis Loftis intends to pull the state’s remaining $200 million of holdings in asset management company BlackRock by the end of the year.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    South Carolina State Treasurer Curtis Loftis intends to pull the state's remaining $200 million of holdings in asset management company BlackRock by the end of the year.

    Loftis is the latest of several conservative state officials to argue that environmental, social, and governance (ESG) investing represents an advancement of values not held by his constituents. "I will not allow our financial partners to undermine my fiduciary responsibility to maximize investment returns while accepting a prudent level of risk for the benefit of our citizens," he said in a Monday statement to the Washington Examiner. "It is imperative that we stand up to BlackRock and resist the pressure to simply fall into line with their leftist worldview."

    The move follows the state of Louisiana announcing its intentions earlier this month to divest from BlackRock until a total of $794 million is removed from the company. Weeks earlier, the state of Texas said that BlackRock and nine other firms had violated state law by "refusing to deal with" or "terminating business activities with" companies involved in the production and use of fossil fuels "without an ordinary business purpose."

    Companies that adopt ESG goals, often at the behest of asset managers such as BlackRock, may hire with respect to racial identity while deprioritizing merit, push green energy standards, or otherwise blend profits with progressive social and political agendas. Loftis said during an interview with CNBC that many residents of the Palmetto State are unaware of the degree to which ESG investing opposes their values.

    "People are shocked. The average person, smart people - they've heard of ESG, but they don't know what it really means," he said. "They see it as a betrayal. It's another group of institutions that have betrayed them, that have gone out and worked hard to advance ideology that they don't believe."

    BlackRock contended in a recent letter to state attorneys general that the officials inaccurately portray ESG as a departure from the maximization of profits, asserting that entities which assume a "forward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial outcomes." The firm, which manages $8.5 trillion in client assets, has taken "voting action on climate issues" against dozens of its portfolio companies, according to an investment stewardship report.

    "There are investment risks and opportunities associated with a transition to a low-carbon economy," the letter explained. "As the recent historic floods across the country as well as the droughts and wildfires throughout the West and around the world this past year have shown, climate change is testing the resilience of many industries and businesses."

    Louisiana State Treasurer John Schroder, who met with BlackRock representatives before advancing his state's divestment, noted that comments made during his recent meeting with representatives from the company "contradicted most of the public messaging" he has heard BlackRock CEO Larry Fink advance in the media.

    "This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector," Schroder told Fink in a letter. "In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana. I cannot support an institution that would deny our state the benefit of one of its most robust assets. Simply put, we cannot be party to the crippling of our own economy."

poll#164
It has been far too many years since the Woke theology interlaced its canons within the fabric of the Indoctrination Realm, so it is nigh time to ask: Does this Representative Republic continue, as a functioning society of a self-governed people, by contending with the unusual, self absorbed dictates of the Woke, and their vast array of Victimhood scenarios?
  Yes, the Religion of Woke must continue; there are so many groups of underprivileged, underserved, a direct result of unrelenting Inequity; they deserve everything.
  No; the Woke fools must be toppled from their self-anointed pedestal; a functioning society of a good Constitutional people cannot withstand this level of "existential" favoritism as it exists now.
  I just observe; with this thoughtful observation: What will happen "when the Vikings are breeching our walls;" how do the Woke react?
338 total vote(s)     What's your Opinion?

Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Medical Students Condemn ‘Gender Binary,’ Colonialism, Praise Indian Medicine In Bizarre Oath Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics Jim Cramer Says ‘There’s Just Nothing Good Here’ About Biden Inflation Numbers


HbAD0

Latest Op-Ed & Politics

Vice President Kamala Harris is spearheading a White House initiative to electrify the nation’s school buses, the administration announced Wednesday.
We trust our readers to make their own conclusions. We'd love to hear what you think
A spokesman for Santa's Workshop today announced the organization's latest advance in their ongoing efforts to determine who's naughty and who's nice
demands federal government pays it to all, costing billions
politization of leadership is biggest public concern
Twitter CEO Elon Musk said Monday that he will soon be releasing files on how the social media platform has engaged in suppressing free speech.

HbAD1

In the age of wokeness, ideological (re)education trumps mission-preparedness.
A new book alleges that after Ted Kennedy left his car and his passenger, Mary Jo Kopechne, in a pond off of Chappaquiddick Island, where Kopechne drowned, he returned to the party they had attended and told his close friends he wanted to say Kopechne was driving the car.
Hawaii’s largest active volcano began erupting Sunday night, with lava flow warnings issued to the surrounding area.
Apple CEO Tim Cook confirmed this morning that he's prepared to remove the Twitter app from the App Store but that he's waiting for orders from CCP President Xi before he makes a move.
A wave of Twitter users began impersonating government officials and major corporations after Elon Musk introduced a new scheme for verifying users on the platform.
In a dramatic ruling issued just days before midterm elections, the North Carolina Supreme Court upheld a lower court’s ruling and ordered the transfer of millions of dollars to pay for a school improvement plan designed to ensure North Carolina’s school children receive a sound basic education

HbAD2

Chest reconstruction surgeries performed on minors across the United States increased by approximately 400% during a three-year span, according to a new report.

HbAD3

 
Back to Top