BlackRock: The Devil's Banker. Do as I say, not as I do.
Unf*cking The Republic
Tension in ESG Investing
This chapter delves into the tension surrounding environmental, social, and governance (ESG) investing, exploring the contradiction of criticizing ESG while recognizing its effectiveness. It debates the inclusion of highly profitable companies like Apple and Google in ESG funds despite their negative environmental impact and discusses performative ESG initiatives and limited impact of divestment.
Larry Fink is one of the most influential people on the planet. His firm BlackRock mints money. Billions of dollars a year. Their risk management platform handles more than $10 trillion a year. He helped guide the country out of the financial crisis in 2009 and positioned his company to grow unfettered by the very regulatory authorities he advised at the time. He’s by all accounts funny, affable, competitive and compassionate. BlackRock is at the center of a storm in conservative media for pushing companies too hard toward sustainability. That he’s too “woke.” Liberals think he’s behind the housing crisis. Conspiracy theorists believe he’s in the pocket of the Chinese government. The real story of BlackRock is bigger, more mundane and just as terrifying.
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Chapters
BlackRock Disclaimer: 00:00:05
Intro: 00:02:24
Chapter One: Bank or no bank? You decide. 00:05:31
Chapter Two: Birth of a giant. 00:13:12
Chapter Three: Just how big is BlackRock? 00:24:20
Chapter Four: The ESG Hullabaloo. 00:31:46
Chapter Five: Bring it home, Max. 00:40:11
Post Show Musings: 00:50:48
Outro: 01:09:20
Resources
Vanity Fair: Larry Fink’s $12 Trillion Shadow
BlackRock: 2021 Annual Report
Policy Tensor: Seeing Like BlackRock
Insider: Here are 9 fascinating facts to know about BlackRock, the world’s largest asset manager
Bloomberg: Biden Ties to BlackRock Deepen With Latest Treasury Hire
Wall Street Journal: One Firm Getting What It Wants in Washington: BlackRock
OpenSecrets: BlackRock Inc
Office of Financial Research: Asset Management and Financial Stability, September 2013
Bloomberg: In Fink We Trust: BlackRock Is Now ‘Fourth Branch of Government’
BlackRock: Sustainable investing at BlackRock
Banking On Climate Change: The Worst Banks Since the Paris Agreement
The Bureau of Investigative Journalism: BlackRock Tells Oil Regulator: Ignore Our CEO’s Climate Pledges
Florida State Board of Administration: August 23, 2022 Meeting
Politico: Wall Street opens its checkbook for Ron DeSantis
Sierra Club: Maine becomes the first state to pass law to divest from fossil fuels
Morgan Stanley Institute For Sustainable Investing: Sustainable Reality
BlackRock: BlackRock and housing: Setting the record straight
The Atlantic: BlackRock Is Not Ruining the U.S. Housing Market
Securities and Exchange Commission: Sallie Mae Proxy Statement
Pensions & Investments: Nestle moves pension assets to BlackRock as it reorganizes internal management unit
CNN Business: Nestle SA
Investopedia: The Top 5 British Petroleum (BP) Shareholders
CNN Business: Walmart Inc
Fintel: BlackRock Inc. ownership in MCD / Mcdonald's Corp
Bloomberg Markets and Finance: BlackRock CEO Larry Fink on Inflation, ESG Investing
UNFTR Episode Resources
The Problem with Conscious Capitalism.
Book Love
David Carey and John E. Morris: King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
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Unf*cking the Republic is produced by 99 and engineered by Manny Faces Media (mannyfacesmedia.com). Original music is by Tom McGovern (tommcgovern.com). The show is written by BlackRock. Or is it Blackstone? And hosted by Blackstone. Or is it BlackRock?
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