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The End of ESG

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Posted By: Hazymac, 1/22/2025 12:24:55 PM

"Sustainability" investments became popular a few years back. So-called experts said companies shouldn't just focus on profit. They should put more effort into being "nice." Funds pushing ESG (environmental, social and governance) were all the rage. Giant investment firms like BlackRock pressured companies to hire more women and minorities. CEO Larry Fink announced, "All investments are going to be looked through sustainability." But "sustainability" is a mostly meaningless word. Parnassus claimed it helped meet UN sustainability goals of "nutrition" and "sanitation" by investing in U.S. Foods and Clorox. Starbucks phased out plastic straws while adding lids that used more plastic. BP rebranded itself as "Beyond Petroleum." Wisely, it mostly invested in petroleum. Former Vice President Al Gore made

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Reply 1 - Posted by: DVC 1/22/2025 12:39:23 PM (No. 1879257)
The evil thugs at BlackRock and Vanguard will continue to work behind the scenes, infiltrating extreme klimate krazies into board rooms of major companies. NOTHING will stop Larry Fink, that evil troll.
12 people like this.

Reply 2 - Posted by: mariboo72 1/22/2025 1:01:49 PM (No. 1879274)
I've been wondering about this. We've heard so much about putting an end to DEI but nothing about ESG. Hope it's brought to an end, too.
10 people like this.

Reply 3 - Posted by: Vaquero45 1/22/2025 1:08:19 PM (No. 1879280)
When BlackRock started this nonsense, I had a small part of my investment portfolio with them. I immediately got rid of it. About a year later, I received notice from my former employer that my 401k would henceforth be handled by a third-party administrator: Vanguard. I called one of my investment guys and got my 401k transferred to him as an IRA. It took two days to get an appointment to transfer my 401k; I wasn’t the only one transferring my account away from Vanguard. I hope they both go broke.
10 people like this.

Reply 4 - Posted by: DVC 1/22/2025 1:31:21 PM (No. 1879300)
Re #3, same general thing here. I have moved all my 401K money out of the company funds after I retired, into my financial advisor "wealth managment" accounts. I instructed them to move any BlackRock account money to other mutual funds, same for Vanguard. These are bad people using other, usually unsuspecting, people's money to distort the performance of big corporations. IIRC, Fink has put 4 anti-oil folks on the Exxon-Mobil BOD. This is WRONG.
5 people like this.

Reply 5 - Posted by: JimBob 1/22/2025 1:44:09 PM (No. 1879308)
The 'sustainability' that the Federal government SHOULD be focused on is the one that they -and only they- can control..... FINANCIAL sustainability! $37,000,000,000,000 in debt and going deeper all the time! Can you say "Weimar Republic"!
6 people like this.

Reply 6 - Posted by: jeffkinnh 1/22/2025 3:21:54 PM (No. 1879358)
It can't happen soon enough. A ways back, my financial advisor suggested to invest in ESG. I didn't support it but no one was asking me and it was making money so I said, "Sure. What the heck.". A couple years back I started reading about signs of a pullback and the investment wasn't doing as well. So I told the manager to sell it all. I still made money on the deal. Now I'm glad to see it imploding.
3 people like this.

Reply 7 - Posted by: MindMadeUp 1/22/2025 3:33:52 PM (No. 1879367)
Any time you see the word "sustainable" read it as "Marxist".
4 people like this.

Reply 8 - Posted by: Dodge Boy 1/22/2025 4:17:51 PM (No. 1879382)
Fink, does this mean that your company is now fully on the Trump train? After all, it was your guy, Thomas Matthew Crooks, who appeared briefly in one of your company's commercial ads earlier last year and was the shooter on July 13, 2024, in Butler, PA who was fortunately killed before he could fire off any more rounds toward the podium where Trump was standing. At the time, it sure was not clear if you and your company were even near the Trump train. Surely, Ukraine's re-construction that your company had a potential lock on at the time but that Trump was indifferent to had nothing to do with July 13th. Right, Fink?
4 people like this.

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