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ANALYSIS: There’s A $10 Trillion Behemoth That’s Hellbent On Forcing America To Be Woke

(Fabrice Coffrini/AFP via Getty Images)

Sarah Weaver Staff Writer
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Larry Fink, the founder and chief executive of the $10 trillion investment firm Blackrock, is using his organization’s massive financial power to pressure American companies to run their businesses in compliance with Leftist racial quotas, environmental policies and other woke ambitions.

Blackrock is growing in power and influence among Democrat administrations, even outpacing Goldman Sach’s influence in the government. For instance, the current director of the National Economic Council in the Biden administration, Brian Deese, is a former BlackRock executive, and also served as an advisor in Barack Obama’s White House. He replaced former president and COO of Goldman Sach Gary Cohn in the role. The current United States deputy secretary of the treasury was the first president of the Obama Foundation and worked as a senior advisor for Blackrock as well as interim chief of staff for Fink himself. The outsized political influence which Blackrock enjoys is the result of the careful calculation on Fink’s part.

“Goldman and other banks have sent their people into government, whereas Larry took these guys from the White House, worked with them, backed Biden, and now he’s putting them back into the White House,” a hedge fund manager familiar with Fink told the New York Post in 2020. Fink is maintaining a perpetual revolving door of Blackrock executives holding positions of power within the U.S. government. And he’s making it clear what he plans to do with that power. (RELATED: The Chinese Communist Party’s Social Credit System is the Future Liberals Secretly Want)

Fink is embracing, and pressuring other CEOs to embrace, ESG (Environmental, Social, and Corporate Governance), a method by which investors can take an organization’s commitment to environmentalism, “diversity” and racial equity into account when making business decisions. ESG was originally a brainchild of the United Nations in 2006, pitched as a way for investors to take more than financial factors in consideration, measuring, “an organisation’s socio-economic impact compared to similar companies in the same sector.”

ESG as a credit system to measure corporations’ commitment to woke policy goals is taking off. Business Wire reports that 76% of organizations in the financial sector take ESG factors into account when making investment decisions. Recently, the electric car manufacturer Tesla’s stock was removed from the S&P 500 ESG Index, a system used by investors to determine environmental and social factors within a company, shortly after the tech entrepreneur announced his transition from the Democrat to the Republican Party.

“ESG is a scam. It has been weaponized by phony social justice warriors,” Musk said in a tweet after the news.

Fink wrote a letter to CEOs in January claiming that ESG and stakeholder capitalism was actually, “not woke,'” saying it is, “capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities.” Fink demanded Blackrock’s clients demonstrate their commitment to these policy goals.

“As stewards of our clients’ capital, we ask businesses to demonstrate how they’re going to deliver on their responsibility to shareholders, including through sound environmental, social, and governance practices and policies,” Fink wrote.

Fink claims his commitment to ESG and stakeholder capitalism isn’t “woke” but Blackrock is already promising to take drastic steps for woke policy ends in light of the company’s commitment to ESG. For instance, in comments to Blackrock employees in 2019 obtained by Fox Business, Fink threatened to cut executive’s salaries if they failed to meet certain racial quotas in hiring goals. Blackrock executives told Fox Business they believe Blackrock is instituting racial quotas in its own hiring practices.

In addition, in an effort to make good on his promise to support net-zero carbon dioxide emissions by 2050, Fink is considering using Blackrock’s significant financial influence in certain companies to pressure them to adopt policies more in line with their environmentalist goals. If they do not do enough to reduce their environmental toll in Blackrock’s eyes, Fink says Blackrock will consider withholding their investments. (RELATED: ‘We Put A Price On Woke Capital’: Christopher Rufo Explains Game Plan For Fighting Radical Corporations)

The Executive Director of the educational nonprofit Consumers’ Research Will Held told The Federalist these companies are using the American consumer’s dollar to fund woke policy goals and Chinese Communist Party interests.

“[T]hey’re using the ESG (Environmental, Social and Governance) scam to hamper American companies and make it harder to serve American consumers, on the left hand they’re funneling billions of dollars to the Chinese communist owned business to help them build the Chinese economy,” Held said.

Blackrock and its CEO are not the only ones adopting stakeholder capitalism and ESG priorities to push a woke agenda. At the World Economic Forum’s (WEF) Davos Summit last week, WEF’s founder and chairman Klaus Schwab told the assembled global leaders that they should see themselves as the “stakeholders” of the future.

“This is the reason why you find many opportunities here within the meeting to engage in action and impact-oriented initiatives. To make progress into specific issues on the global agenda,” Schwab said during his remarks at the summit.