You aren’t dreaming. When it seems like BlackRock is pushing a woke “green” message here in America, but then investing in the world’s worst environmental miscreant country, China, you’re right. That’s exactly what’s happening. You may remember that time I was forced to agree with George Soros. While BlackRock sells investors its ESG funds with the promise of helping the planet, it’s also investing heavily in China with no regard to the environment. Jon Michael Raasch reports at Fox News:
A consumer watchdog criticized the largest asset manager in the world, BlackRock, for “going woke” in the U.S. while investing heavily in China.
BlackRock has prioritized investments in environmentally and socially conscious companies in the U.S., but has continued to pour money into Chinese companies that don’t meet those standards, Consumers’ Research executive director Will Hild told Fox News.
“It’s going woke here in the United States … while it’s funneling U.S. investment dollars over to China,” Hild said.
Since China is considered a developing economy and the United States is a developed economy, Chinese corporations are subject to less strict guidelines on green and equity initiatives, putting American companies at a disadvantage, according to Hild.
Consumers’ Research, a nonprofit consumers watchdog group, recently kicked off a multimillion-dollar campaign that “highlights the ties between BlackRock and the Chinese government,” according to its website. The campaign will feature television and billboard ads as well as a digital component.
“BlackRock has nearly 10 trillion in management that’s made up of pension funds, 401(k)s, institutional investments like college endowments,” Hild told Fox News.
Out of all the $103 trillion of assets managed in the world, BlackRock manages close to 10%. That’s more than Apple, Alphabet, Amazon, Saudi Aramco and Microsoft combined.
“BlackRock treats U.S. corporations completely differently than it treats their Chinese companies and the investments that they make over there,” Hild said.
Action Line: With BlackRock, it’s all about CEO Larry Fink’s EGO. The program at BlackRock is, you invest, and they win. But if you’re looking for something different, and you’re serious about your future, click here to sign up for my free monthly Survive & Thrive newsletter. I expose the hypocrisy behind ESG investing and motivate you to take the right steps to protect you and your family. But only if you’re serious.
