{"id":1499755,"date":"2022-06-01T13:00:13","date_gmt":"2022-06-01T17:00:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1499755"},"modified":"2022-06-01T13:00:20","modified_gmt":"2022-06-01T17:00:20","slug":"elon-musk-comes-down-hard-on-fraudulent-woke-investing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-comes-down-hard-on-fraudulent-woke-investing\/","title":{"rendered":"Elon Musk Comes Down Hard On \u2018Fraudulent\u2019 Woke Investing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felon-musk-comes-down-hard-on-fraudulent-woke-investing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1499755&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Tesla and SpaceX CEO Elon Musk blasted Environmental, Social, and Governance (ESG) investing early Wednesday morning.<\/p>\n<p>In response to a <a href=\"https:\/\/fortune.com\/2022\/05\/31\/deutsche-bank-dws-esg-greenwashing-raid-evidence-seized-whistleblower-fixler\/\">Fortune<\/a> article about German authorities raiding the offices of Deutsche Bank over allegations of \u201cgreenwashing\u201d \u2014 in other words, falsely exaggerating claims to corporate social responsibility \u2014 Musk commented, \u201cI have yet to see an ESG list that *isn\u2019t* fraudulent.\u201d<\/p>\n<p dir=\"ltr\" lang=\"en\">I have yet to see an ESG list that *isn\u2019t* fraudulent<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1531857087994765316?ref_src=twsrc%5Etfw\">June 1, 2022<\/a><\/p>\n<p>Musk\u2019s statement on social media comes after Tesla, a company with <a href=\"https:\/\/www.tesla.com\/ns_videos\/tesla-impact-report-2019.pdf\">explicit green energy goals<\/a>, was snubbed from the S&#038;P 500\u2019s ESG Index \u2014 even as oil company Exxon Mobil remained on the list, according to <a href=\"https:\/\/www.cnbc.com\/2022\/05\/18\/why-tesla-was-kicked-out-of-the-sp-500s-esg-index.html\">CNBC<\/a>. Musk has publicly criticized ESG on multiple occasions; in March, for instance, he said that ESG rules \u201chave been twisted into insanity.\u201d<\/p>\n<p>Common ESG objectives pursued by companies include making certain green energy commitments or tapping a certain number of racial minorities to serve as executives. In essence, ESG aligns firms with a progressive agenda \u2014 even if political or social activism has nothing to do with their brand identities or corporate missions.<\/p>\n<p>Nevertheless, Deutsche Bank is by no means the only firm to allegedly embellish claims of corporate wokeness.<\/p>\n<p>The U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/www.dailywire.com\/news\/sec-calls-investment-banks-wokeness-bluff-slaps-them-with-fine\">slapped<\/a> BNY Mellon with a $1.5 million penalty last week for \u201cmisstatements and omissions\u201d regarding ESG funds the investment bank managed. According to the agency, BNY Mellon\u2019s investment adviser practice \u201crepresented or implied in various statements that all investments in the funds had undergone an ESG quality review\u201d between July 2018 and September 2021, even though \u201cthat was not always the case.\u201d<\/p>\n<p>Also, last month, Stuart Kirk \u2014 the global head of responsible investing at multinational bank HSBC\u2019s asset management division \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/a-top-banker-slammed-policymakers-efforts-to-out-hyperbole-each-other-on-climate-change-the-bank-suspended-him\">faced heat from executives<\/a> for a presentation he delivered about \u201cwhy investors need not worry about climate risk.\u201d Kirk accused public officials of trying to \u201cout-hyperbole the next guy\u201d by exaggerating the financial risks of climate change and likened concern over the climate to Y2K. Kirk remarked that there has always been \u201csome nut job telling me about the end of the world\u201d throughout his three-decade career in the finance world.<\/p>\n<p>Though many Americans want companies to advance certain causes beyond their bottom lines, an exclusive <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\">Daily Wire poll conducted by Echelon Insights<\/a> showed last week that most American investors would rather see companies pursue profits rather than pontificating on political matters.<\/p>\n<p>While 29% of respondents to the poll agreed it is a \u201cgood thing\u201d for companies to leverage their financial power for political or social means supported by executives, 58% \u2014 twice as many \u2014 said it is a \u201cbad thing.\u201d The Daily Wire poll also found that most investors prefer to focus on profits instead of ESG when they choose assets of their own \u2014 and most believe that other investors should have the same opportunity.<\/p>\n<p>However, leading asset management companies like BlackRock, Vanguard, and State Street \u2014 which oversee a collective $21 trillion in value \u2014 often use their clients\u2019 funds for purported ESG goals. In response, entrepreneur Vivek Ramaswamy recently launched a company called Strive to push an \u201cexcellence capitalism\u201d approach focused solely on profits.<\/p>\n<p>\u201cDepoliticizing corporate America should not be a left-wing or right-wing issue,\u201d Ramaswamy told The Daily Wire last week. \u201cIt has nothing to do with partisan politics. An apolitical private sector is a requirement for an otherwise divided country to be able to come together. It\u2019s a sort of sanctuary away from politics. Once we lose that, it\u2019s the beginning of the end of the American experiment. Large asset managers like BlackRock are largely responsible for it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla and SpaceX CEO Elon Musk blasted Environmental, Social, and Governance (ESG) investing early Wednesday morning. In response to a Fortune article about German authorities raiding the offices of Deutsche Bank over allegations of \u201cgreenwashing\u201d \u2014 in other words, falsely exaggerating claims to corporate social responsibility \u2014 Musk commented, \u201cI have yet to see an &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1484980,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1499755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1499755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1499755"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1499755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1484980"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1499755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1499755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1499755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}