Blackrock

• • • • Nineteen state attorneys general led by Arizona AG Mark Brnovich wrote to the Securities and Exchange Commission asking the agency to look into BlackRock’s ties to China and whether or not it was prioritizing its fiduciary responsibility to investors. The letter highlighted that the investing giant headed by billionaire Larry Fink, which has $10 trillion in assets under management, invests in and does business with Chinese companies that often flout environmental concerns even as it pushes for US companies to embrace net-zero carb emissions. The letter also asked the SEC to examine whether the group’s ties to various climate groups and ESG objectives conflict with its fiduciary responsibilities. “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,” the AGs said in their letter. Mark Brnovich is leading the group of AGs. AP “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,” the letter adds. While the AGs are merely demanding answers about BlackRock’s investment policies, sources note the treasurers in each of the states could pull the their respective state pensions out of ...

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Share • Share Article on Facebook • Share Article on Twitter • Share Article on Truth Social • Copy Article Link • Share Article via Email • BlackRock is a big, powerful company that most Americans know little about. It manages almost $10 trillion, and the vast majority of its investing is done “passively,” meaning the money is invested in indexes of stocks and no stock-by-stock selection occurs. BlackRock manages money for large institutions and pensions. Just about everyone reading this has money, or knows someone who has money directly or indirectly in a BlackRock account. Despite BlackRock passively investing for most clients, it wields immense power — both over the companies whose shares it holds, and through them over the American economy. This is because, even though BlackRock is not the ultimate owner of the shares it manages, it can vote those shares on behalf of its clients. That tremendous voting power enables BlackRock to exert extraordinary influence over corporate management and policy. Those corporations are themselves often behemoths like Exxon and Microsoft. Moreover, BlackRock functions in an intensely oligopolistic environment. Only three other asset managers — Fidelity, Vanguard, and State Street — begin to compare with it in size and heft, and it is the biggest of them all. BlackRock Touches Almost Everyone’s Daily Life BlackRock is a major cause of corporate leftism in America, using its power to BlackRock also But BlackRock and the other big asset ma...