BlackRock, the world’s largest asset manager, has faced challenges due to its association with Environmental Social Governance (ESG) investment guidelines. Despite its profitability, the firm has been criticized by red state government officials and conservative commentators who blame its ESG screening for higher gas prices and inflation. However, it’s important to note that BlackRock’s pure ESG portfolio is a small percentage of its total assets under management, which amount to $10 trillion. While CEO Larry Fink is known for his vocal support of sustainable investments, he also acknowledges the necessity of a transition to the green economy to prevent inflation and to ensure affordability for the working class.
BlackRock is currently facing opposition from red state pension funds and is working on a new messaging strategy to clarify its ESG work and avoid further political controversies. During a recent interview, Mark Wiedman, head of BlackRock’s global client business, highlighted that ESG is driven by client demand and is a part of a capitalist impulse. However, Wiedman also mentioned that BlackRock has realized the need for less talk and more action, aligning with what their clients are looking for.
Meanwhile, the trial of Sam Bankman-Fried, also known as SBF, a prominent figure in the cryptocurrency industry, has begun. SBF is facing allegations of fraud and evidence against him has been presented by former co-workers. The defense strategy employed by SBF’s lawyers is being likened to the fictional character Sgt. Schultz from the sitcom “Hogan’s Heroes” who feigned ignorance of his surroundings. While it remains to be seen what the jury’s verdict will be, the evidence against SBF appears to be strong.
It is important for SBF to have a credible defense, as his future may depend on it.
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