Mon Nov 7, 2022 – 12:55 pm EST
(American Thinker) — One persistent myth in today’s materialistic society is that money rules everything. Those wishing to understand why people act the way they do are told to “follow the money.” The lust for power and wealth trumps everything.
However, there are more important things than money — even on Wall Street. Some liberal businessmen and investment management firms often sacrifice profits to promote their leftist ideological causes.
The case of the BlackRock index fund is one example of misplaced ideological motives. The company has used its financial muscle to browbeat others into toeing ecological, social and governance (diversity) lines. However, BlackRock is now getting a taste of its own medicine. It is paying the penalty for insisting that others bow before the gods of “woke” culture.
Introducing the ESG rating system
BlackRock is a major player in the latest Wall Street craze of using a rating system to decide who receives its massive supply of investment dollars. This new social credit scheme evaluates investment possibilities based on their compliance with environmental, social and governance (ESG) targets. A state (e.g., Utah), county, city, or company with a
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