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‘It Would Destroy the Economy’: State Divests From ‘Woke’ BlackRock

by Art Moore
October 7, 2022
in Opinions
BlackRock

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Blasting BlackRock’s promotion of green energy as an economy killer, Louisiana Treasurer John Schroder informed CEO Larry Fink that the state planned to liquidate the company’s investments and divest nearly $800 million from its money market, mutual and exchange-traded funds.

“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Schroder wrote to Fink in the letter first obtained by FOX Business.

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“This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector,” Shroder said.

The treasurer said BlackRock’s investment in ESG – environmental, social and governance – “is inconsistent with the best economic interests and values of Louisiana.”

“I cannot support an institution that would deny our state the benefit of one of its most robust assets,” he continued.

“Simply put, we cannot be party to the crippling of our own economy.”

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Ultimately, he said, BlackRock will “take food off tables, money out of pockets and jobs away from hardworking Louisianans.”

Oil is Louisiana’s largest sector, drilling the second-most oil and third-most natural gas in the nation, according to the Energy Information Administration. The primary objective of the ESG movement is push companies to a “net-zero” transition from oil to alternatives such as wind and solar.

But Will Hild, the executive director of Consumer’s Research, told FOX Business “the seeds of today’s energy crisis were planted by BlackRock and others in their reckless abandonment of their fiduciary duty to cozy up to radical, woke politicians.”

“We are glad to see the Treasurer working to put an end to their economic vandalism.”


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West Virginia led the way, in July, in punishing banks that pursue ESG standards. And, along with Louisiana, 11 other states told FOX Business are planning to take similar actions. Asked for comment, BlackRock pointed FOX Business to a letter it sent to 19 Republican attorneys general Sept. 7.

“We are disturbed by the emerging trend of political initiatives that sacrifice pension plans’ access to high-quality investments – and thereby jeopardize pensioners’ financial returns,” the firm wrote to the state officials on Sept. 7.

Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].

Article cross-posted from WND News Center.

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  • sgt_doom says:
    October 7, 2022 at 10:53 am

    One lady had it all figured out years ago, a former liberal democrat who would walk away from that party, who grasped the global complexity involved!!!

    Depopulation plus . . .

    https://www.covidtruths.co.uk/2021/06/expert-rosa-koire-on-agenda-21/

  • aldo says:
    October 8, 2022 at 1:16 pm

    Good for you Louisiana Treasurer John Schroder! Blackrock owns everything and everyone. They need to be broken up to reduce their power over the US and the world!

  • Clearly101 says:
    October 9, 2022 at 10:47 am

    How stupid is blackrot? Did they think Citizens would put up with this anti-American Nonsense called green?

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