{"id":526776,"date":"2022-12-14T02:48:11","date_gmt":"2022-12-13T23:48:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fighting-back-against-the-thuggish-esg-woke-agenda\/"},"modified":"2022-12-14T02:48:11","modified_gmt":"2022-12-13T23:48:11","slug":"fighting-back-against-the-thuggish-esg-woke-agenda","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fighting-back-against-the-thuggish-esg-woke-agenda\/","title":{"rendered":"#Fighting back against the thuggish &#8216;ESG&#8217; woke agenda"},"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-6a291c51519fc\" 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-6a291c51519fc\" 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\/fighting-back-against-the-thuggish-esg-woke-agenda\/#%E2%80%9CFighting_back_against_the_thuggish_%E2%80%98ESG_woke_agenda%E2%80%9D\" >&#8220;Fighting back against the thuggish &#8216;ESG&#8217; woke agenda&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CFighting_back_against_the_thuggish_%E2%80%98ESG_woke_agenda%E2%80%9D\"><\/span>&#8220;Fighting back against the thuggish &#8216;ESG&#8217; woke agenda&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Betsy McCaughey\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png 600w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>There\u2019s no such thing as blue money or red money. Only the green stuff will pay bills.<\/p>\n<p>On Friday, North Carolina Treasurer Dale Folwell became the latest of officials from nearly half the states across the country \u2014 including Florida, Texas, Kentucky, Missouri, Arizona and West Virginia \u2014 to protest Wall Street\u2019s blue investment strategy, called ESG.<\/p>\n<p>What is ESG? E stands for environment, S for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> justice and G for corporate governance. ESG funds invest in companies that oppose fossil fuels, push for unionization and stress racial and gender equity over merit in hiring and board selection. <\/p>\n<p>That\u2019s a partial definition because at least a dozen rating firms tag companies with an ESG score, often based on subjective and somewhat secret criteria, even including a company\u2019s stance on abortion rights.<\/p>\n<p>State officials are pulling billions of dollars out of Wall Street asset managers like BlackRock, State Street and Vanguard, citing ESG\u2019s lousy returns and strong-arming of corporations that don\u2019t bow to the left-wing agenda.<\/p>\n<p>Pay attention to these officials\u2019 warnings, because ESG is also hurting small investors. In fact, even if you don\u2019t invest at all but you pay taxes, ESG puts you at risk. You\u2019ll be on the hook when states invested in ESG funds incur losses and have to come to taxpayers for more money. New York City taxpayers, beware.\u00a0<\/p>\n<p>Folwell calls ESG \u201cwacktivism,\u201d\u00a0warning that \u201ca focus on ESG is not a focus on returns.\u201d<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Here\u2019s proof:\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-07\/big-esg-funds-are-doing-worse-than-the-s-p-500-green-insight?sref=xSssPiuy\">Bloomberg reported<\/a>\u00a0last week that eight of the 10 largest ESG funds by assets have underperformed the benchmark S&amp;P 500 so far in 2022. The cost of being woke.\u00a0<\/p>\n<p>It shouldn\u2019t be a surprise. An August <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/corpgov.law.harvard.edu\/2022\/08\/24\/esg-ratings-a-compass-without-direction\/\">Harvard Law School Forum on Corporate Governance paper<\/a> on ESG fund\u00a0performance found no support for hyperbolic claims that investing in \u201csocial good\u201d benefits the bottom line. Overall, it said, the relationship between ESG and financial performance is \u201cuncertain.\u201d Several studies it cited found ESG funds \u201cunderperform,\u201d especially in market downturns. Like now.<\/p>\n<p>New York City has incurred sizable losses. Taxpayers will have to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pionline.com\/pension-funds\/nyc-will-need-chip-extra-6-billion-shore-pension-funds-comptroller-brad-lander#:~:text=New%20York%20City%20Comptroller%20Brad,a%20review%20of%20asset%20allocations.\">cough up billions<\/a> to replenish the city\u2019s retirement system, says city Comptroller Brad Lander.\u00a0Instead of being remorseful, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.responsible-investor.com\/new-york-city-comptroller-slams-vanguard-over-nzam-withdrawal\/#:~:text=In%20response%2C%20New%20York%20City,financial%20risks%20from%20climate%20change%E2%80%9D.\">Lander is pressing Vanguard<\/a>\u00a0and\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pionline.com\/esg\/new-york-city-comptroller-questions-blackrocks-climate-commitment#:~:text=New%20York%20City%20Comptroller%20Brad,CEO%20Larry%20Fink%20on%20Wednesday.\">BlackRock<\/a>\u00a0\u2014 the two biggest asset managers of city retirement funds \u2014 to double down on their climate commitments. Taxpayers can pound salt.<\/p>\n<p>It\u2019s hard not to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly the word \u201cscam\u201d to aggressive ESG marketing, especially to millennials. Asset managers charge a whopping 40% more to manage money in these funds than non-ESG funds. For what? That\u2019s the question the Securities and Exchange Commission is asking.<\/p>\n<p>\u201cIn response to investor demand, advisers like Goldman Sachs Asset Management are increasingly branding and marketing their funds and strategies as \u2018ESG,\u2019\u201d said Sanjay Wadhwa from the SEC\u2019s Enforcement Division. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-209\">SEC slapped Goldman<\/a> Nov. 22 with a $4 million penalty for \u201cpolicies and procedures failures\u201d involving ESG investments.<\/p>\n<p>Making ESG claims without backup is so common now, it has a name: \u201cgreenwashing.\u201d<\/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\/larry-fink-1.jpg?w=1024\" alt=\"BlackRock CEO Larry Fink has claimed that ESG isn't political.\" class=\"wp-image-25001129\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/larry-fink-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>BlackRock CEO Larry Fink has claimed that ESG isn\u2019t political.<\/figcaption><figcaption><span class=\"credit\">REUTERS\/David &#8216;Dee&#8217; Delgado\/File Photo\/File Photo<\/span><\/figcaption><\/figure>\n<p>Stefan Hoops, CEO of Deutsche Bank AG\u2019s investment unit, which is also under SEC investigation, says it\u2019s time to dial back the \u201cexuberant marketing.\u201d<\/p>\n<p>Amen. But there\u2019s a bigger danger \u2014 financial strong-arming. Wall Street asset managers are putting capital in companies with woke policies and choking off capital from companies that don\u2019t kowtow to their ESG agenda.<\/p>\n<p>Sounds like the Chinese Communist Party, not America. In the United States, access to bank loans and investment capital shouldn\u2019t hinge on your political views.<\/p>\n<p>BlackRock CEO Larry Fink denies that ESG is political, but key staff managing his ESG operations worked in the Obama administration and donate to Sens. Elizabeth Warren and Bernie Sanders.<\/p>\n<p>On Dec. 1, Florida Gov. Ron DeSantis yanked $2 billion of state money from BlackRock. Florida Chief Financial Officer Jimmy Patronis said, \u201cIf Larry, or his friends on Wall Street, want to change the world \u2014 run for office. Start a non-profit. Donate to the causes you care about.\u201d But don\u2019t use Florida\u2019s cash for \u201csocial engineering.\u201d<\/p>\n<p>ESG is thuggery, using financial clout to accomplish what Americans would never approve at the ballot box. The danger isn\u2019t just to your wallet. It\u2019s to our nation.<\/p>\n<p><em>Betsy McCaughey is a former lieutenant governor of New York.<\/em><\/p>\n<p><em>Twitter: @Betsy_McCaughey<\/em>\n                        <\/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\/13\/fighting-back-against-the-thuggish-esg-woke-agenda\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Fighting back against the thuggish &#8216;ESG&#8217; woke agenda&#8221; There\u2019s no such thing as blue money or red money. Only the green stuff will pay bills. On Friday, North Carolina Treasurer Dale Folwell became the latest of officials from nearly half the states across the country \u2014 including Florida, Texas, Kentucky, Missouri, Arizona and West Virginia&#8230;<\/p>\n","protected":false},"author":1,"featured_media":526777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/newspress-collage-24999205-1670973551215.jpg?quality=75&strip=all&1670955583&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[137159,71069,43485,60673,6642,70790,73711,129952,29102],"class_list":["post-526776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-13-22","tag-blackrock","tag-climate-change","tag-diversity","tag-florida","tag-goldman-sachs","tag-investments","tag-larry-fink","tag-ron-desantis"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526776","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=526776"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/526777"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=526776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=526776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=526776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}