(Mark Pellin, Headline USA) The deep state corporate ally BlackRock logged a $1.5 trillion loss in assets for the third quarter of 2022, leading to mass layoffs after pushing radical leftist environmental and social policies and struggling along with other companies in Biden’s failed economy.
While the corporation’s assets remained a fat $8 trillion for the third quarter of 2022, they tumbled from $9.5 trillion in 2021’s third quarter and initiated the layoffs of 500 employees.
BlackRock has come under fire for implementing radical environmental, social and corporate governance policies, so-called ESG mandates, over the interests of shareholders. A growing number of states divested upwards of $12 billion from BlackRock last year, and ESG-backed stocks have underperformed so-called MAGA stocks by wide margins.
“The environmental, social and corporate governance movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy,” State of Texas Comptroller Glenn Hegar said.
Florida was another state to cut financial links with BlackRock, passing a resolution that removed ESG from consideration when it comes to investing state funds.
“So-called ‘ESG’ policies represent an attempt to impose, through the economy, an ideological agenda that could not win at the ballot box,” Republican Gov. Ron DeSantis said.
So-called “ESG” policies represent an attempt to impose, through the economy, an ideological agenda that could not win at the ballot box.
Florida is fighting back. We stand for the values of places like Destin, Dunedin and Deland – not Davos. pic.twitter.com/hBfvWvOlr8
— Ron DeSantis (@GovRonDeSantis) August 22, 2022
“Corporate 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,” DeSantis said.
BlackRock tried to blame their losses on the economy under the Biden administration, which has floundered pushing the same radical agendas embedded in the ESG standards BlackRock promulgates.
“The first half of 2022 brought an investment environment that we have not seen in decades,” BlackRock CEO Larry Fink wrote. “Investors are simultaneously navigating high inflation, rising rates, and the worst start to the year for both stocks and bonds in half a century.”
In a memo to employees, which was obtained by Business Insider, Fink and BlackRock President Rob Kapito spun an optimist outlook.
“Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,” the duo wrote.