{"id":1758494,"date":"2022-12-01T13:48:01","date_gmt":"2022-12-01T18:48:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1758494"},"modified":"2022-12-01T13:48:05","modified_gmt":"2022-12-01T18:48:05","slug":"florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars\/","title":{"rendered":"Florida Pulling $2 Billion From BlackRock As Company Pushes \u2018Social-Engineering\u2019 With Taxpayer Dollars"},"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\">26<\/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%2Fflorida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars%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=1758494&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>The state of <a href=\"http:\/\/dailywire.com\/topic\/florida\" target=\"_blank\" rel=\"noopener\">Florida<\/a> will divest $2 billion from <a href=\"http:\/\/dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a> due to the asset management company\u2019s efforts to advance the environmental, social, and governance movement, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>.<\/p>\n<p>Florida CFO Jimmy Patronis announced that the Florida Treasury \u201cwill be taking its business elsewhere\u201d for $1.4 billion worth of long-term securities and $600 million worth of short-term overnight investments by the beginning of next year. The official contended that the mission to \u201cchange the world\u201d promoted by BlackRock CEO Larry Fink exposes the state\u2019s resources to risks.<\/p>\n<p>\u201cWhether stakeholder capitalism, or ESG standards, are being pushed by BlackRock for ideological reasons, or to develop social credit ratings, the effect is to avoid dealing with the messiness of democracy. I think it\u2019s undemocratic of major asset managers to use their power to influence societal outcomes,\u201d Patronis remarked in a <a href=\"https:\/\/myfloridacfo.com\/news\/pressreleases\/details\/2022\/12\/01\/cfo-jimmy-patronis-florida-treasury-divesting-from-blackrock\" target=\"_blank\" rel=\"noopener\">press release<\/a>. \u201cUsing our cash, however, to fund BlackRock\u2019s social-engineering project isn\u2019t something Florida ever signed up for.\u201d<\/p>\n<p>The divestment appears to be the largest such effort among the other Republican state governments, which have recently pulled funds from prominent asset managers over concerns that the companies\u2019 voting priorities, such as pressuring portfolio companies to transition away from fossil fuels, constitute the mismanagement of public assets. In addition to divestments from South Carolina, Louisiana, Missouri, West Virginia, and Utah, the government of Texas said that BlackRock and nine other firms had <a href=\"https:\/\/www.dailywire.com\/news\/texas-cuts-ties-with-blackrock-other-woke-firms-over-their-hatred-for-fossil-fuels\" target=\"_blank\" rel=\"noopener\">violated<\/a> state law by \u201crefusing to deal with\u201d companies involved in the production and use of fossil fuels \u201cwithout an ordinary business purpose.\u201d<\/p>\n<p>As the efforts from conservative state officials and broader concerns from the marketplace made headlines, Fink recently <a href=\"https:\/\/www.dailywire.com\/news\/blackrock-makes-major-change-after-backlash-against-woke-investing\" target=\"_blank\" rel=\"noopener\">announced<\/a> that institutional clients would be able to vote their shares rather than allow the firm to operate as a proxy. BlackRock has taken \u201cvoting action on climate issues\u201d against dozens of its portfolio companies, according to an investment stewardship <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a>, leading other officials to note that such activism might work against their state economies and could <a href=\"https:\/\/www.dailywire.com\/news\/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids\" target=\"_blank\" rel=\"noopener\">raise nationwide energy prices<\/a>.<\/p>\n<p>\u201cThe more effective we are in investing dollars to generate a return, the more effective we\u2019ll be in funding priorities like schools, hospitals and roads,\u201d Patronis added. \u201cI need partners within the financial services industry who are as committed to the bottom line as we are \u2014 and I don\u2019t trust BlackRock\u2019s ability to deliver.\u201d<\/p>\n<p>Patronis cited a letter from Fink arguing that access to capital is a \u201cprivilege\u201d rather than a right.<\/p>\n<p>\u201cAs Florida\u2019s CFO I agree wholeheartedly, so we\u2019ll be taking Larry up on his offer,\u201d Patronis continued. \u201cThere\u2019s no lack of companies who will invest on our behalf, so the Florida Treasury will be taking its business elsewhere.\u201d<\/p>\n<p>As macroeconomic headwinds persist, BlackRock is far from the only entity to <a href=\"https:\/\/www.dailywire.com\/news\/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad\" target=\"_blank\" rel=\"noopener\">suffer<\/a> from ESG investments, which have underperformed over the past year largely due to overexposure to the technology sector and wholesale avoidance of fossil fuel investments. Harvard Management Company, which oversees the elite university\u2019s endowment, reported a $2.3 billion loss in the most recent fiscal year and <a href=\"https:\/\/www.dailywire.com\/news\/harvard-university-endowment-loses-2-3-billion\" target=\"_blank\" rel=\"noopener\">admitted<\/a> that efforts to achieve net zero emissions through oil and gas divestment \u201cweighed upon performance,\u201d even though the organization remains \u201cproud to be deeply engaged in the issue of sustainability.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state of Florida will divest $2 billion from BlackRock due to the asset management company\u2019s efforts to advance the environmental, social, and governance movement, also known as ESG. Florida CFO Jimmy Patronis announced that the Florida Treasury \u201cwill be taking its business elsewhere\u201d for $1.4 billion worth of long-term securities and $600 million worth &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1221606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1758494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1758494","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=1758494"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1758494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1221606"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1758494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1758494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1758494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}