So how is that “Environmental, Social and Governance” investing strategy working out? From Granite Grok: Investors Pulled 1.5 Trillion in Assets Out of BlackRock� In the Past Year - Company To Lay Off 500
500 people is 3% of their workforce.
And people aren't pulling that kind of money out the hands of Black Rock because the return on investment is so good.
BlackRock® invests other people’s money and a lot of it, but not everyone is happy about how. Its commitment to “Environmental, Social and Governance” (ESG) has become an albatross around the company’s neck.
And this isn't likely to be the end of problems for Black Rock:
In October, nineteen states joined a lawsuit to investigate a who’s who of banks that might be basing lending or investment on commitments to the ideologically driven notion of ESG. States (primarily red) have also announced their intention to reallocate their assets of public money (like pensions) away from firms like Black Rock.
Click thru for details, and a bit of snark.
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