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Bad Day at BlackRock, thanks to Florida

Earns BlackRock
Flags fly on the front of BlackRock headquarters, Wednesday, Jan. 13, 2021, in New York. The financial asset manager reports earnings Thursday, Jan. 14. (AP Photo/Mark Lennihan)

(TALLAHASSEE, FLA) — Florida is joining a number of states divesting state pension funds from BlackRock and other woke ESG investment banks that push anti-fossil fuel agendas.
BlackRock, the largest investment firm in the world with some $10 trillion under management, is hemorrhaging customers. First South Carolina and Missouri joined Louisiana, Texas, West Virginia, and Florida in announcing it is divesting its state pension funds from BlackRock. It also appears Nebraska and other unspecified states are getting ready to join them in divesting from divestor BlackRock.
Thursday, Florida’s chief financial officer said his department would pull $2 billion worth of its assets managed by BlackRock Inc (BLK.N), the biggest such divestment by a state opposed to the asset manager’s environmental, social and corporate governance (ESG) policies.
ESG stands for Environmental, Social, and Governance which is a social credit rating system.
The move will hardly dent BlackRock’s trillions in assets and responded to saying that “the action put politics over investor interests.”