ESG’s Perverse, Narrow, Fraudulent Ethical Principles
11 hours ago Guest Blogger 15 Comments
Failure of basic fiduciary duties to investors is just the tip of ESG fraud iceberg
Paul Driessen
Warning: Your retirement fund may have been Shanghaied by BlackRock or other Wall Street asset managers who’ve unilaterally decided that the tens of trillions of dollars of other people’s money they control should be used to advance political causes they favor – to “make the world a better place.”
As most people know, ESG stands for Environmental protection, Social justice, and Governance of corporate and societal affairs. They’re all noble-sounding causes. However, under ESG they’re centered around progressive, woke agendas, with prevention of “manmade climate cataclysms” uppermost. Fund assets are used to drive “net zero” climate agendas and punish or de-fund fossil fuel companies.
That narrow focus creates serious problems. Those trillions of dollars are supposed to be passively invested in index and other funds, under fiduciary obligations to secure maximum returns in support of state, local, corporate and personal retirement and investment accounts. Under ESG, however, strong returns are too often sacrificed to serve politicized agendas, often in collusion with governments, activists and other financial institutions, and thus also in violation of antitrust laws and basic ethical principles.
That’s why Asset manager Vanguard recently left the UN-sponsored “Glasgow Financial Alliance for Net Zero.” Meanwhile, Arizona, Florida, Kentucky, Louisiana, Missouri, North Carolina, Texas, West Virginia and other states are pulling tens of billions of dollars out of BlackRock, State Street and other Wall Street asset management firms, for violating fiduciary duties. It’s just the tip of the fraud iceberg.
https://wattsupwiththat.com/2022/12/25/esgs-perverse-narrow-fraudulent-ethical-principles/
