BREAKING: @BlackRock is in major trouble 👇
Today, a seismic shift has happened in the antitrust case brought against the ESG asset manager cartel of @BlackRock, @StateStreet, and @Vanguard_Group.
@Vanguard_Group is admitting defeat, agreeing to settle the lawsuit brought by a coalition of State Attorneys General, led by @KenPaxtonTX.
As part of the settlement they will pay $30 million in fines, turn over all documents related to their coordinated ESG activism, and end all ESG activism for years to come.
This is a massive win. The reckoning is here.
This settlement with Vanguard is a major blow to the ESG asset manager cartel that sets the stage for more to come.
The Attorneys General sought and got long overdue accountability and a massive course correction from Vanguard.
BlackRock CEO Larry Fink should be extremely worried about what could be uncovered next, and who's going to fold next.
If State Street folds and admits defeat as well, he will be left on an island on his own.
Today, a seismic shift has happened in the antitrust case brought against the ESG asset manager cartel of @BlackRock, @StateStreet, and @Vanguard_Group.
@Vanguard_Group is admitting defeat, agreeing to settle the lawsuit brought by a coalition of State Attorneys General, led by @KenPaxtonTX.
As part of the settlement they will pay $30 million in fines, turn over all documents related to their coordinated ESG activism, and end all ESG activism for years to come.
This is a massive win. The reckoning is here.
This settlement with Vanguard is a major blow to the ESG asset manager cartel that sets the stage for more to come.
The Attorneys General sought and got long overdue accountability and a massive course correction from Vanguard.
BlackRock CEO Larry Fink should be extremely worried about what could be uncovered next, and who's going to fold next.
If State Street folds and admits defeat as well, he will be left on an island on his own.
Find the full settlement, courtesy of @KenPaxtonTX's office here:
texasattorneygeneral.gov/sites/default/…
texasattorneygeneral.gov/sites/default/…
Seeing a lot of folks say $30M isn't enough to mean anything…
Lemme drop some whitepills 👇
In these types of cases, the first one to settle and agree to cooperate against the other defendants always gets the best deal, which means $30M just became the bare minimum for the other two.
This is also the first time ANY firm has been made financially accountable for costing consumers with ESG, so this opens the door to A LOT more lawsuits.
Lastly, every Compliance Department in Wall Street following this case with rapt attention.
I know this because NetZero Bankers Alliance and NetZero Asset Managers crumbled weeks after this suit was FILED.
Imagine what they are all thinking now?
Lemme drop some whitepills 👇
In these types of cases, the first one to settle and agree to cooperate against the other defendants always gets the best deal, which means $30M just became the bare minimum for the other two.
This is also the first time ANY firm has been made financially accountable for costing consumers with ESG, so this opens the door to A LOT more lawsuits.
Lastly, every Compliance Department in Wall Street following this case with rapt attention.
I know this because NetZero Bankers Alliance and NetZero Asset Managers crumbled weeks after this suit was FILED.
Imagine what they are all thinking now?
And as part of the $30M settlement, Vanguard must hand over all documents and communications involving the climate cartel — UNPRI, Ceres, NZAM, GFANZ, and CA100+.
Imagine what the State Attorneys General will find in there on @BlackRock and @StateStreet.
This settlement is the beginning of the end for the ESG asset manager cartel.
Imagine what the State Attorneys General will find in there on @BlackRock and @StateStreet.
This settlement is the beginning of the end for the ESG asset manager cartel.
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