It appears that CEO Larry Fink and his asset-management firm BlackRock are looking to fill the gap left by states such as North Carolina and Florida, which decided to withdraw from BlackRock due to its support of ideology-driven ESG (environmental, social, and governance) policies. But Fink has been courting and successful in winning over Ukrainian President Volodymyr Zelensky and his now nearly triumphant country.
The announcement was made following Zelensky's recent visit to the White House. As reported by the New York Post:
“‘Volodymyr Zelensky and Larry Fink agreed to focus in the near term on coordinating the efforts of all potential investors and participants in the reconstruction of our country, channeling investment into the most relevant and impactful sectors of the Ukrainian economy,’ the Ukrainian government said on its website.
“‘During the conversation, it was emphasized that certain BlackRock leaders plan to visit Ukraine in the new year,’ the statement added.”
BlackRock boasts a staggering $10 trillion worth of assets and is the world’s largest asset manager. However, it's also been plagued by concerns raised by conservatives that Fink, who has openly expressed interest in cozying up to China, has been playing in the mud with client assets by employing the controversial and irrational ESG vision as a guideline for managing his business.
As per Reuters:
“[North Carolina’s state treasurer Dale] Folwell in a statement [this month] said BlackRock had leaned too heavily on companies to cut emissions rather than focus only on earning money for investors, citing the fiduciary duty of state officials. ‘Unfortunately, Mr. Fink’s political agenda has gotten in the way of his same fiduciary duty. A focus on ESG is not a focus on returns,’ the statement said.
“Last week Florida pulled $2 billion from BlackRock, the largest such withdrawal to date among Republican-led states.”
Florida's decision was based on the notion that Fink was too focused on ESG and not doing enough to maximize the potential profits of investors.
“‘Florida’s Treasury Division is divesting from BlackRock because they have openly stated they’ve got other goals than producing returns,’ Patronis said in the statement provided by his office.
“Asked about the move, BlackRock said in a statement: ‘We are disturbed by the emerging trend of political initiatives like this that sacrifice access to high-quality investments and thereby jeopardize returns, which will ultimately hurt Florida’s citizens. Fiduciaries should always value performance over politics.’”
Fink himself has been condemned for his zeal to participate in the Chinese market, despite the fact that the CCP (Chinese Communist Party) has been accused of engaging in genocide against ethnic minorities.
“BlackRock has faced major scrutiny for its conduct of business in China, which is accused of committing genocide against ethnic Uyghurs. Last year, Fink’s company began tapping into the Chinese market by offering mutual funds and investment products to Chinese investors—the first such foreign-owned firm to be allowed to do so.
“The research arm of the company has also encouraged investors to triple their exposure to Chinese assets. Fink’s venture into China has been met with bipartisan condemnation. Billionaire and liberal political philanthropist George Soros, seen as a bogeyman on the Right, called Fink’s move a ‘tragic mistake.’
“On its new website, Consumers’ Research highlights Fink and BlackRock’s ties to Beijing. It also points out controversial remarks the CEO has made about authoritarian regimes.”
Since Fink is now in the sights of top state officials who are concerned that he's focusing on his own business interests rather than the needs of his clients, his decision to assist Zelensky could be both a financial and a public-relations move.
In any case, Zelensky is also reportedly scheduled to attend the World Economic Forum (WEF) in Davos in January 2023, a conference that many conservatives view as a gathering of a globalist cabal, who are, as Roger Kimball writes in the Spectator, the adversaries of freedom:
“The globalist alternative dangled before us is a version of utopia. But like The Wizard of Oz, it is all show and no substance. Or rather, the substance is an erosion of traditional sources of strength and identity together with an assault on the middle class and its ‘deplorable’ values as an impediment to the realization of beatitude.”
Welcome to the cabal, Ukraine.