Money Stuff: The Podcast Good Conspiracy: ESG, Assemblies, HPS
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Dec 6, 2024 The hosts dive into the legality of index funds and the potential cartel-like profits from ESG investing. They discuss antitrust concerns surrounding major asset managers and their influence on coal production. A striking proposal for enhancing shareholder democracy through assemblies is explored, alongside a novel system of random selection for shareholder voting. BlackRock's bold acquisition of HPS in the private credit sector is analyzed, highlighting the evolving dynamics of finance and the profound impact of ETFs.
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Index Funds and Antitrust
- Index funds might become illegal due to antitrust concerns.
- Texas sued BlackRock, Vanguard, and State Street, alleging they conspired to reduce coal production, raising prices.
ESG as Antitrust Violation?
- BlackRock, Vanguard, and State Street face antitrust lawsuits for allegedly pressuring coal companies to cut production.
- Their defense could be that they aimed for greener mining, not production cuts, but this is difficult to prove.
ESG and Profitability
- Texas argues that BlackRock's ESG initiatives led to cartel-like profits for coal companies, contradicting usual anti-ESG arguments.
- This lawsuit claims BlackRock prioritized profits over investor interests, unlike typical political complaints.