🚨 JUST IN: @BlackRock's entire core business may be in jeopardy...

CEO Larry Fink is panicking at the prospect of re-engineering large portions of his indexing business — which is both the company's largest source of revenue each year and his largest source of power in advancing his far-left political agenda.

I'll explain 🧵 Roughly every 3 years, @BlackRock is required by law to apply for "blanket authorization" from the Federal Energy Regulatory Commission (FERC) to acquire and hold over $10 million (and/or 10% ownership) in voting shares of multiple public utilities. These authorizations are required to ensure that one rogue financial entity cannot exert undue influence over energy markets.

Without this authorization, @BlackRock cannot run massive portions of their indexing business because these public utilities are critical components of various indexes (like the S&P 500, Russell 3000, etc).

In short, if they can't buy shares of utility companies, they cannot truly offer the index.

🚨 A little-known group out of Washington, D.C. — that boasts many Fortune 500 CEOs as members — is quietly working behind-the-scenes to help force ESG and DEI onto corporate America.

Meet Business Roundtable 🧵 More than 200 CEOs are members of @BizRoundtable — with the industries represented spanning from major banks, like @BankofAmerica, to farm supply companies, like @TractorSupply.

In boasting about their reach the organization claims that their members support “one in four American jobs and almost a quarter of U.S. GDP” and that “through CEO-led policy committees, [they] develop and advocate directly for policies…”

🚨 REPORT: In a newly amended class-action lawsuit, infamous "stablecoin" company @Tether_to and crypto exchange @Bitfinex are being accused of engaging in a "sophisticated scheme" to artificially inflate the price of cryptocommodities. The lawsuit alleges that the $USDT issued in this scheme did not have the 1-to-1 US dollar backing, as @Tether_to claims, and instead was backed by IOU's.

This created a *massive* redeemability risk.

The World Economic Forum (WEF) held a "Special Meeting" this week to discuss, among other things, how to continue advancing ESG globally, in the face of increased backlash & rising geo-political tensions.

@BlackRock CEO Larry Fink and his "friends" had quite a lot to say...

🧵 The discussion we'll focus on kicked off with Salman Rahman, a Bangladeshi businessman and government official, saying a "restructuring" of "the global order" is required to achieve the WEF's goals:

JUST IN: We've found proof that @BlackRock lied in their letter to the Texas Permanent School Fund, following the fund's divestment of $8.5 billion...

You'll want to see this 🧵 I thought it was *highly unlikely* that @BlackRock wasn’t given any notice that they were at risk of being fired, as they've claimed.

So, I watched 6 hours of footage of the fund's last two public board meetings. And, I know this won't shock anyone, but BlackRock lied...

The arguments made by @BlackRock in their letter attacking the Texas Permanent School Fund's divestment of $8.5 billion are complete nonsense...

Let's break them down 🧵 Quick review:

Last week, the Texas Permanent School Fund divested $8.5 billion from @BlackRock index funds over their continued prioritization of ESG over fiduciary duty.

In response, BlackRock sent a letter attacking their former client (how classy of them). The letter is full of lies, inaccuracies and intentionally misleading omissions.

Oil nearing $100 per barrel again is very bad news for American families...

We shouldn't be in this position, but the Biden Administration's sheepish compliance with the dictates of climate extremists has brought us here.

(thread 🧵)

reuters.com/markets/commod… As of today, gas prices are up over 60% since Joe Biden took office — and that's off the all-time highs already seen during his presidency.

On Biden's inauguration day (01/20/21) gas was $2.39 per gallon.

Today, it's $3.88 per gallon.

Today, the @politico Energy Summit will be bringing some of the most prominent ESG activists to Washington, DC.

So, we thought we'd say hi and send some mobile billboards to the summit, to remind attendees what ESG *actually* stands for:

washingtontimes.com/news/2023/may/… "ESG" stands for Erasing Savings & Growth:

TikTok CEO Shou Zi Chew likely just lied to Congress, claiming that TikTok's parent company is not "owned or controlled" by the Chinese Communist Party.

There's strong evidence to the contrary, allow me to explain: 🧵 ByteDance was founded in 2012, incorporated in the Cayman Islands and headquartered in China.

It was created by two college roommates who attended Nankai University, a Chinese university overseen by the CCP's Ministry of Education.

BREAKING: 16 AGs, led by Utah AG @SeanReyesUT, have sent a letter to the the Treasury, Federal Reserve, FDIC and Comptroller of the Currency accusing them of contributing to the collapse of SVB by prioritizing the ESG agenda over sound banking practices.

foxnews.com/politics/biden… As the situation continues to unfold regarding the collapse of the Silicon Valley Bank, one thing remains clear, businesses that are focused on ESG investing and woke capitalism are putting their consumers at high financial risk.

BREAKING: The Senate just joined the House in voting to strike down the Biden Administration's new ESG rule that allows/encourages asset managers to consider ESG criteria when making retirement investment decisions. For too long the intentionally obtuse investment strategy known as ESG has been used as a progressive weapon to reshape American culture and force partisan action in areas of life that have traditionally been free of political activism.

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BREAKING: The House of Representatives, under the leadership of @SpeakerMcCarthy, has officially voted to strike down the Biden Admin's new Department of Labor rule allowing/encouraging asset managers to consider ESG criteria when making retirement investment decisions. .@SpeakerMcCarthy and @HouseGOP stood firm in support of the American people by rejecting President Biden’s attempt to further politicize their retirement dollars.

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ICYMI: @AndrewRSorkin had a fascinating conversation with @GoldmanSachs CEO David Solomon about ESG and the anti-ESG backlash seen over the last year.

Though Solomon claims his position hasn't been impacted by the backlash, a few key indicators say otherwise:

(thread 🧵) $GS First, @AndrewRSorkin pressed @GoldmanSachs CEO on Vanguard's commentary that ESG investing *does not* improve fund performance.

Instead of addressing this, Solomon subtly pivots to discuss how any "climate transition" will take decades and will be risky.

🚨 ICYMI: @BlackRock CEO Larry Fink went on @CNBC's @SquawkStreet this morning and was pressed directly on his ESG activism, divestments from $BLK, and statement's made by Treasurers from @SFOF_States.

The interview was wild: CNBC's @DavidFaber pressed @BlackRock CEO Larry Fink on his ESG activism, citing how it's led to $BLK being seen as a woke activist asset manager and asking him if he regrets his choices:

(Spoiler alert: Fink remains unapologetic.)

REPORT: After a year of being exposed for trying to force Americans into compliance with their ESG agenda, @BlackRock just released their Q4 earnings...

The results were so bad that they dropped an effective tax bracket.

Let's break down the results: 🧵

In 2022, @BlackRock's assets under management (AUM) fell by $1.42 TRILLION.

But, arguably even more notable, Institutional AUM dropped by $768 billion.

🚨 State pension funds be warned 🚨

.@SenBryanHughes starts off the Texas Senate Committee on State Affairs ESG hearing by laying out how the ESG agenda poses a threat to both the security of American families and our overall national security: Texas State Sen. @LoisKolkhorst highlights how ESG investing is an abandonment of fiduciary duty, because ESG funds routinely underperform benchmark indexes:

The now infamous CEO of @BlackRock, Larry Fink, sat down with @andrewrsorkin at DealBook this year, after losing over $2 TRILLION in 2022.

The interview covered a lot, from ESG (which contributed to the $2T loss) to the future of capitalism.

Here are the highlights:

(thread🧵) .@BlackRock CEO Larry Fink equates pursuing ESG policies to fleeing an active war zone — claiming they both are just common sense:

I've followed the finance world closely for over 15 years now and that was, without a doubt, one of the wildest interviews I've ever seen.

A full breakdown of the Sam Bankman-Fried DealBook interview:

(thread 🧵) The interview began with @AndrewRSorkin reading a letter to Sam Bankman-Fried from a FTX user who lost their entire two-million-dollar life savings.

The user asks why SBF stole their entire life savings. SBF says he's "deeply sorry" about what happened.

Anyone claiming that the latest GDP report "proves" that we are not​ in a recession has no clue what they're talking about...

Let me explain what's actually happening:

[thread 🧵] The headline reading was that GDP came in at 2.6%, beating expectations of 2.4%.

Sounds like good, positive growth right? Well, let's take a look under the hood...

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🚨BREAKING: @LATreasury announced in a letter to BlackRock CEO Larry Fink that

Louisiana will divest ALL Treasury funds from BlackRock, totaling $794M to be removed by year’s end.

This the LARGEST divestment from BlackRock by any state.

Here's our statement🧵: @ConsumersFirst applauds Treasurer Schroder's commendable decision to withdraw the state's assets from BlackRock's misuse.

foxbusiness.com/politics/louis…

🚨 @BlackRock CEO Larry Fink, @Unilever CEO Alan Jope and one of the UN's ESG Czars Damilola Ogunbiyi just spoke on an ESG panel, led by Bill Clinton, at the Clinton Global Initiative's September meeting.

You can't make this stuff up. Clips incoming.

(thread 🧵) Bill Clinton praises @BlackRock CEO Larry Fink for being one of the main drivers of the ESG agenda: