The leader of one of the most powerful and profitable investment asset firms in the world was grilled by his former “sustainable investing” chief for making the company a “political football” and a target of Republican politicians.
BlackRock former sustainable investing czar Tariq Fancy called his one-time boss, BlackRock CEO Larry Fink, an “emperor with no clothes” and called for him to step down.
“Larry Fink should stop ducking the fight and enter the [ESG] debate to clarify what he’s saying. If he’s not going to do that then he should resign,” Fancy told The Telegraph.
ESG FALLOUT: BLACKROCK CEO LARRY FINK SHOULD RESIGN, SAYS STATE TREASURER
BlackRock is one of the “big three” asset managers, along with Vanguard Group and State Street Global Advisors. In total, the three companies hold around $20 trillion, a Treasury putting them on par with the total GDP of the United States.
DESANTIS PRAISED FOR PULLING MONEY FROM BLACKROCK OVER ESG CONCERNS: ‘ILLEGAL LEFTIST SCAM’
BlackRock controls roughly $8 trillion in assets, making it one of the most powerful pro-ESG [environmental, social, and governance] voices in the financial world.
Fancy’s comments came just days after North Carolina State Treasurer Dale Fowell fired off a letter to BlackRocks’ board of directors, also demanding that Fink step down as CEO of BlackRock.
Fink has taken flack for pursuing controversial ESG policies and pushing for an “energy transition” despite resistance from governors, especially in red states across the country.
Energy expert Steve Milloy told Fox News Digital that the billionaire businessman may have committed a crime.
“Larry Fink should resign or be fired as CEO of BlackRock because his conduct is at the very least hypocritical and unethical, and he may have violated the law,” he said adding that Fink violated his responsibility to “invest exclusively for the financial benefit of the beneficiaries” and not just for political gain.
Fink also has “pushed net-zero climate policies” without proper “due diligence,” Milloy said.
BLACKROCK’S ESG PUSH PUTS CEO LARRY FINK IN ACTIVIST CROSSHAIRS
Gov. Ron DeSantis, Fl., Re and Gov. Greg Abbott have both opposed BlackRock publicly. DeSantis was praised for withdrawing $2 billion in assets from BlackRock, with one commentator calling ESG investing “an illegal leftist scam.” Abbott tweeted on Dec. 1 that “Texas was the first state to ban BlackRock from doing business with our state. “
Florida’s chief financial officer, Jimmy Patronis also took to Twitter to blast BlackRock on the same day.
“Using Florida’s cash to fund BlackRock’s social-engineering project isn’t something we signed up for,” he tweeted.
Fancy told The Telegraph that “BlackRock’s biggest mistake was getting involved in political issues,” arguing that Fink buried the company in a grave of his own making.
“They’ve now found themselves in a place where they’re a political football and there’s no way to satisfy either side,” he said
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Criticism of Fink by one of his former chiefs rounds out a difficult year for BlackRock. The company has bled money this year, losing almost $250 billion, according to The Telegraph.
FOX Business’ Eric Revell contributed to this report.