The wages of ESG advocacy have come due for BlackRock according to Fox Business correspondent Charlie Gasparino
Gasparino made clear that BlackRock CEO Larry Fink’s obsession with pushing radical Environmental, Social and Governance investing was going to cost a significant number of BlackRock employees their jobs on Cavuto Live Jan. 6. Gasparino told Fox News anchor Neil Cavuto, “More bad news coming out of BlackRock. As you know, BlackRock is… the world's largest money manager, huge into ESG. And because of that, it's become a lightning rod for criticism, particularly–in red states.” Gasparino elaborated in a Fox Business report that BlackRock would fire “around 600 employees” or around 3% of BlackRock’s workforce.
During his Fox News appearance, Gasparino noted that the ESG backlash had reached as far as Republican presidential candidates and the average investor, leading people to withdraw funds from BlackRock in protest. “Larry Fink, the head of BlackRock, his name came up very negatively in the latest presidential debate because he forces, allegedly, ESG on companies, and that’s progressive investing,” Gasparino added. “People are pulling money out of BlackRock's funds, particularly–red state pension funds. And because of that, we understand, they're going to have a round of layoffs next week.”
Gasparino went on to note that “Republicans who run big pension funds” were pushing hard against ESG investing, before adding that BlackRock was far from optimistic ahead of a Friday earnings announcement. Gasparino said, “They're expecting a decline in earnings. [BlackRock’s] stock has been off about 2% so far this year. So put it all together and that’s a recipe for layoffs.”
BlackRock and ESG investing have come under fire from state governments across the country. Local officials have testified before Congress about how ESG investing undermines American energy. Furthermore, state governments have divested from BlackRock to have their pension funds responsibly managed. Members of Congress have introduced legislation to protect investors and prevent racial discrimination by fighting back against ESG investing.
Senator Tom Cotton (R-AR) responded to the news with a post on X, “I warned BlackRock to prioritize investments that result in the highest returns—not fund ESG scams. BlackRock failed to heed that advice and now is laying off 600 employees. ESG hurts both Americans’ savings accounts and the funds managing them.”
I warned BlackRock to prioritize investments that result in the highest returns—not fund ESG scams.
— Tom Cotton (@SenTomCotton) January 8, 2024
BlackRock failed to heed that advice and now is laying off 600 employees. ESG hurts both Americans’ savings accounts and the funds managing them. https://t.co/iYL0B0bSFZ
These developments have led Fink, who once confidently bragged that "at BlackRock we are forcing behaviors" to dial back his rhetoric on ESG. Now, according to Gasparino, they have led to the firing of 3% of BlackRock’s workforce.
Conservatives are under attack! Contact ABC News (818) 460-7477, CBS News (212) 975-3247 and NBC News (212) 664-6192 and demand they report on the dangers of ESG.
