{"id":519832,"date":"2022-12-01T19:58:26","date_gmt":"2022-12-01T16:58:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/florida-yanks-2b-from-woke-blackrock-over-social-engineering\/"},"modified":"2022-12-01T19:58:26","modified_gmt":"2022-12-01T16:58:26","slug":"florida-yanks-2b-from-woke-blackrock-over-social-engineering","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/florida-yanks-2b-from-woke-blackrock-over-social-engineering\/","title":{"rendered":"#Florida yanks $2B from &#8216;woke&#8217; BlackRock over &#8216;social-engineering&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25b757eb22e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25b757eb22e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/florida-yanks-2b-from-woke-blackrock-over-social-engineering\/#%E2%80%9CFlorida_yanks_2B_from_%E2%80%98woke_BlackRock_over_%E2%80%98social-engineering%E2%80%9D\" >&#8220;Florida yanks $2B from &#8216;woke&#8217; BlackRock over &#8216;social-engineering&#8217;&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1>&#8220;Florida yanks $2B from &#8216;woke&#8217; BlackRock over &#8216;social-engineering'&#8221;<\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Florida said Thursday it has begun to divest $2 billion in funds overseen by BlackRock \u2014 a sharp rebuke of the giant asset manager\u2019s investing policies under CEO Larry Fink that right-leaning critics have blasted as \u201cwoke capitalism.\u201d<\/p>\n<p>The divestment under Gov. Ron DeSantis \u2013 the largest of its kind by an individual state \u2013 is the latest sign of mounting unrest among Republican policymakers over so-called \u201cESG,\u201d or environmental, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and corporate governance practices.<\/p>\n<p>Florida\u2019s chief financial officer, Jimmy Patronis, accused BlackRock of attempting to \u201cuse their power to influence societal outcomes.\u201d<\/p>\n<p>\u201cUsing our cash, however, to fund BlackRock\u2019s social-engineering project isn\u2019t something Florida ever signed up for,\u201d Patronis said. \u201cIt\u2019s got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do. \u201c<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/black-rock-53.jpg?w=1024\" alt=\"BlackRock\" class=\"wp-image-24854981\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/black-rock-53.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/black-rock-53.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/black-rock-53.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>BlackRock is under fire from Republicans.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>\u201cFlorida\u2019s Treasury Division is divesting from BlackRock because they have openly stated they\u2019ve got other goals than producing returns,\u201d he added.<\/p>\n<p>Florida\u2019s state treasury has removed BlackRock as manager of roughly $600 million in short-term investments and have its custody bank freeze about $1.43 billion in long-term securities. The decision was first <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/florida-pulls-2-bln-blackrock-largest-anti-esg-divestment-2022-12-01\/\">reported by Reuters<\/a>.<\/p>\n<p>Florida joined other Republican-led states, including Louisiana and Missouri, who have pulled state funds from BlackRock\u2019s control in response to concerns about ESG.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-45.jpg?w=1024\" alt=\"Larry Fink\" class=\"wp-image-24854984\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-45.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-45.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-45.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>BlackRock\u2019s Larry Fink has defended \u201cstakeholder capitalism.\u201d<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>In a statement, BlackRock said that it was \u201csurprised\u201d by Florida\u2019s decision to divest.<\/p>\n<p>\u201cAs a fiduciary, everything we do is with the sole goal of driving returns for our clients. We are surprised by the Florida CFO\u2019s decision given the strong returns BlackRock has delivered to Florida taxpayers over the last five years,\u201d the company said.<\/p>\n<p>\u201cNeither the CFO nor his staff have raised any performance concerns. We are disturbed by the emerging trend of political initiatives like this that sacrifice access to high-quality investments and thereby jeopardize returns, which will ultimately hurt Florida\u2019s citizens. Fiduciaries should always value performance over politics,\u201d the company added.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>In August, DeSantis \u2013 a frequent critic of so-called \u201cwoke\u201d corporations \u2013 revealed that state pension funds could no longer consider ESG standards when making investments for retirees.<\/p>\n<p>Florida\u2019s three-member state Board of Administration, which is chaired by DeSantis, passed a resolution requiring fund managers to make use of state resources in a way that \u201cprioritizes the highest return on investment\u201d while bypassing the \u201cideological agenda\u201d of ESG.<\/p>\n<p>\u201cCorporate power has increasingly been utilized to impose an ideological agenda on the American people through the perversion of financial investment priorities under the euphemistic banners of environmental, social, and corporate governance and diversity, inclusion, and equity,\u201d DeSantis said in a statement at the time.<\/p>\n<p>Fink has drawn scrutiny from Republican lawmakers due to his public embrace of \u201cstakeholder capitalism\u201d as an investment strategy.<\/p>\n<p>The BlackRock boss defended his stance in an open letter to investors last January, declaring that stakeholder capitalism is \u201cnot about politics.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/desantis-50.jpg?w=1024\" alt=\"Ron DeSantis\" class=\"wp-image-24854983\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/desantis-50.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/desantis-50.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/desantis-50.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Florida previously banned the use of ESG standards to guide state pension investments.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cIt is not a social or ideological agenda. It is not \u2018woke,\u2019\u201d\u00a0Fink wrote in the letter.\u00a0\u201cIt is capitalism,\u00a0driven\u00a0by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to\u00a0prosper.\u00a0This is the power of capitalism.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/01\/florida-yanks-2b-from-woke-blackrock-over-social-engineering\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Florida yanks $2B from &#8216;woke&#8217; BlackRock over &#8216;social-engineering&#8217;&#8221; Florida said Thursday it has begun to divest $2 billion in funds overseen by BlackRock \u2014 a sharp rebuke of the giant asset manager\u2019s investing policies under CEO Larry Fink that right-leaning critics have blasted as \u201cwoke capitalism.\u201d The divestment under Gov. Ron DeSantis \u2013 the largest&#8230;<\/p>\n","protected":false},"author":1,"featured_media":519833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/BlackRock-81.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[136509,71069,6642,72667,129952,29102],"class_list":["post-519832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-1-22","tag-blackrock","tag-florida","tag-investors","tag-larry-fink","tag-ron-desantis"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=519832"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/519833"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=519832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=519832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=519832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}