State Treasurer divests from woke company – says it’ll hurt taxpayers

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State Treasurer John Schroder has announced that Louisiana is pulling $794 million out of the BlackRock Inc. investment firm because the company is putting political and social goals ahead of robust returns for state taxpayers. In a letter to BlackRock CEO Larry Fink, the official explained that environmental, social, and governance (ESG) investing violates Louisiana state law on fiduciary duties, which require “a sole focus on financial returns for the beneficiaries of state funds.”

Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy’ 

State Treasurer John Schroder 

You need to know this

BlackRock is one of the world’s largest companies and any pretense that it is doing good is fake virtue signaling. Founded by Larry Fink in 1988, BlackRock is the most powerful Wall Street fund in the world with $9 trillion worth of assets under management. If you were to make $1 every second, you would be worth as much as BlackRock in about 240,000 years. BlackRock’s absurd liquidity means that if you look at just about every major publicly traded company in the world you’ll find that BlackRock is its first, second or third-largest shareholder. Go ahead, try it.

If you put the big three asset management firms together being BlackRock, Vanguard and StateStreet, they control a collective of $15 trillion dollars. That’s roughly 70% of the United State’s GDP.

But this isn’t why you should be terrified of BlackRock. You should be terrified because they are the lynchpin between Wall Street and Washington D.C. More here from Medium on why you should worry about BlackRock.