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Has ESG been cast into the dustbin of history?

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Posted By: Dreadnought, 9/2/2023 11:15:47 AM

Suffice to say, champions of Environmental, Social, and Governance (ESG) scores have had a “cruel, cruel summer,” as the classic Ace of Base lyric goes. First, BlackRock CEO Larry Fink, one of the foremost champions of ESG investing, disavowed the very term, saying, “I don't use the word ESG anymore, because it's been entirely weaponized.” Apparently, Fink “saw the sign,” as Ace of Base might say. Then, just a few weeks later, the first-ever lawsuit over ESG investing practices in a private company’s 401(k) retirement plan was filed. The lawsuit, filed against American Airlines and Fidelity Investments, accuses Fidelity of offering several funds to plan participants that “pursue nonfinancial and nonpecuniary

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Reply 1 - Posted by: Jesuslover54 9/2/2023 11:33:56 AM (No. 1547937)
Since these were savvy investors, what is the subtext here? Fools will buy into anything? I smell Yuval Harari and His Krautness.
1 person likes this.

Reply 2 - Posted by: kono 9/2/2023 11:48:24 AM (No. 1547952)
When any part of the Left's "progressive" march to global servitude becomes unpopular, they just change its name and slip it back into place. The plan will not go away; resistance is futile...
14 people like this.

Reply 3 - Posted by: sw penn 9/2/2023 12:19:31 PM (No. 1547967)
' The lawsuit, filed against American Airlines and Fidelity Investments, accuses Fidelity of offering several funds to plan participants that “pursue nonfinancial and nonpecuniary ESG policy agendas” and “have underperformed compared to other similar investment funds.” ' The retired, cold and hungry, sitting in the dark, will not be able eat "virtue".
4 people like this.

Reply 4 - Posted by: BeatleJeff 9/2/2023 1:25:00 PM (No. 1548004)
"Cruel Summer" was originally written and recorded by Bananarama. It was a Top 10 hit in 1984. Ace of Base recorded a cover version several years after the release of the original. I really wish so-called journalists today would do the minimum of research and give credit where credit is due.
3 people like this.

Reply 5 - Posted by: joew9 9/2/2023 2:09:26 PM (No. 1548015)
Not saying "ESG" and not doing ESG are two entirely different things. It's just like not racially discriminating against whites for college. The supreme courts said you couldn't do it decades ago. Hasn't stopped them at all. They just keep doing it and call it something else. But everybody knows. Wink wink nod nod.
3 people like this.

Reply 6 - Posted by: JHHolliday 9/2/2023 2:42:57 PM (No. 1548026)
I sold my Blackrock in my investment portfolio months ago. Apparently, so did a lot of investors because something has gotten their attention. I will also sell anything else that displays ESG thinking. I quit buying any Gillette products after their "toxic male" ads lecturing us men about what brutes we are. We have the power of the marketplace at least. Ask Bud Light about that.
3 people like this.

Reply 7 - Posted by: Cynical Backstory 9/2/2023 4:23:30 PM (No. 1548073)
We went to our stock agent two weeks ago and examined our investments closely. I told her we absolutely didn’t want our piddly little amount of investment money in companies who were more interested in their ESG score than their investors returns. We left reassured about our investments, she understood perfectly where our concerns were being the cool conservatives girl she is but I’ll be darned if I let some social justice Harvard grad CEO squander away the money my husband and I wore ourselves old amassing. An interesting story: last winter she and her family took a weeks vacation in Florida. After lolligaging in the sun for a week they gathered at the airport for their return flight and as they were coming in the terminal door, with a three year old and a baby in a stroller, some Karen came up to them and raked her over the coals for not wearing masks. They had just gotten in the stupid door for heavens sake. She was so astonished she just stood there and took it. She was still upset about it two weeks later. What nerve.
0 people like this.

Reply 8 - Posted by: DVC 9/2/2023 5:58:37 PM (No. 1548124)
Not likely. Perhaps going more underground. I divested from all things BlackRock about 8 or 9 years ago. Fink is a dangerous lunatic.
3 people like this.

Reply 9 - Posted by: OhioNick 9/2/2023 6:15:46 PM (No. 1548138)
Two weeks ago at my six-month check up, I was greeted with a Mexican nurse who couldn't speak English, No, really, she couldn't. She tried, but her English was atrocious. I couldn't understand much of what she said and she mumbled. Clearly, this medical practice was trying to pander to growing local illegal population -- at the cost of English-speaking Americans. I'll be switching doctors before my next appointment.
1 person likes this.

Reply 10 - Posted by: red1066 9/2/2023 8:32:25 PM (No. 1548200)
ESG isn't going anywhere. It will just go underground in business and schools and may be implemented under a new name and agenda with the same objectives.
3 people like this.

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Has ESG been cast into the dustbin of history? 10 replies
Posted by Dreadnought 9/2/2023 11:15:47 AM Post Reply
Suffice to say, champions of Environmental, Social, and Governance (ESG) scores have had a “cruel, cruel summer,” as the classic Ace of Base lyric goes. First, BlackRock CEO Larry Fink, one of the foremost champions of ESG investing, disavowed the very term, saying, “I don't use the word ESG anymore, because it's been entirely weaponized.” Apparently, Fink “saw the sign,” as Ace of Base might say. Then, just a few weeks later, the first-ever lawsuit over ESG investing practices in a private company’s 401(k) retirement plan was filed. The lawsuit, filed against American Airlines and Fidelity Investments, accuses Fidelity of offering several funds to plan participants that “pursue nonfinancial and nonpecuniary
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