In this year’s annual reports to shareholders, America’s largest banks proclaimed their allegiance to climate activism, racial equity, and other progressive causes, spending billions in shareholders’ money to support this agenda. Similar in vein to BlackRock CEO Larry Fink’s annual letter, which often pushed other CEOs to get in line with initiatives like renewable energy,…
Banks Spend Billions on Climate, Racial Equity
April 12, 2023
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Bank of Americabanking crisisBusiness & MarketsCitibankCompanieseconomic policiesenergyESGJPMorgan Chasepersonal financeSocial IssuesUSWells Fargo
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Biden Vetoes Joint Resolution Against His Water Rule
April 6, 2023
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President Joe Biden has vetoed a joint resolution from the House and Senate that would have repealed his Waters of the United States (WOTUS) rule, delivering what could be a fatal blow to that specific challenge to his environmental agenda. The expected veto was issued on the afternoon of April 6. “I just vetoed a…
Shareholders Say JPMorgan Chase Has ‘Disturbing Trend’ of Political Bias
April 5, 2023
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Business & MarketsCompaniesESGInvestmentJPMorgan Chasepersonal financepolitical discriminationreligious discriminationSEC - U.S. Securities and Exchange Commission
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Investors who are fighting the politicization of America’s banks scored a rare win last week with a Securities and Exchange Commission (SEC) ruling that allowed a shareholder proposal in favor of political and religious diversity at JPMorgan Chase to go forward, despite the bank’s objections. On March 29, the SEC green-lighted a shareholder proposal that…
As ESG Consulting Booms, Consultants Push Small Business to Get on Board
News Analysis The business of ensuring compliance with environmental, social, and governance (ESG) factors is booming, and a study by the Business Development Bank of Canada (BDC), a government agency that works with entrepreneurs and smaller businesses, suggests that its clients get on board the ESG train or be left in its dust. However, ESG…
The Energy Transition Is a Delusion Indeed
Commentary The “energy transition” continues to receive thunderous applause from all the usual Beltway suspects, an exercise in groupthink fantasy amazing to behold. For those with actual lives to live and thus uninterested in silliness: The “energy transition” is a massive shift, wholly artificial and politicized, from conventional energy inexpensive (Table 1b and here), reliable, and very clean given the proper policy…
Kentucky Governor Signs Bill Banning ESG Investment in Public Pensions
March 31, 2023
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Big Tech, Censorship, and SocialismESGFeatured TopicsGov. Andy BeshearKentuckypension fundsRegional & State NewsState NewsUSUS News
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Kentucky Gov. Andy Beshear, a Democrat, has signed into law a measure that requires the state’s public pension funds to make investment decisions on financial risks and returns, rather than environmental, social, and governance (ESG) factors. Beshear signed House Bill 236 into law on March 24, mandating the state’s fiduciaries to solely consider factors that…
21 State AGs Warn 53 Banks Against Adopting the ESG Scoring Systems
March 31, 2023
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A group of attorneys general (AG) representing 21 states have issued a letter to 53 of the largest asset management firms in the United States, warning that they may be in breach of their legal duties to their clients if they pursue Environmental, Social, and Governance-based (ESG) investment programs. The letter, organized by Attorneys General…
BlackRock’s Larry Fink and the New Post-ESG Realism
Commentary As regular as the turn of the seasons, each January sees Larry Fink, founder and CEO of BlackRock, the world’s largest asset manager, publish a lengthy letter on the state of the world and its implications for finance and investors. This year, January turned to February, and still no letter. Instead, February saw Tim…
Why the Banking Crisis May Just Be Beginning
March 30, 2023
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News Analysis Silicon Valley Bank (SVB) failed in spectacular and sudden fashion on March 10, becoming the second largest bank to do so in our nation’s history and triggering panic in our banking system in the process. Although virtually everyone knows of SVB’s failure, not everyone understands exactly why Silicon Valley Bank failed. Many have…
Investigation Reveals ‘Revolving Door’ of DOJ, Big Tech Employees
March 27, 2023
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In the midst of an ongoing lawsuit against the Biden administration alleging collaboration with social media companies to censor Americans, a new report has detailed the extent to which former Justice Department (DOJ) employees are now working at Big Tech firms. The American Accountability Foundation (AAF) investigated the resumes of recent hires and found that…
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