A senior BlackRock executive said on Thursday the world’s largest asset manager was “dismayed” by a Texas state fund’s move to pull $8.5 billion in assets, and urged the fund’s administrators to reconsider.
Texas State Board of Education Chair Aaron Kinsey said on Tuesday the Texas Permanent School Fund (PSF) was terminating a contract with BlackRock, covering around 15% of its assets, to comply with a 2021 state law that curbed agencies’ business with financial firms accused of boycotting energy companies.
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BlackRock Vice Chairman Mark McCombe wrote to Kinsey on Thursday that the firm had generated $250 million for PSF since 2006 and repeated previous rejections of the allegation it discriminates against oil and gas firms.
“We urge you to reconsider your decision and prioritize Texas schools and families who have benefited from BlackRock’s consistent, long-term investment out-performance,” McCombe wrote in the letter.
BLACKROCK is one of two companies, Vanguard being the other, that has a hand in the 15-companies that makes/sell everything we buy. They are top two ‘Deep State’ manipulating companies around. Only way to get away from them is be off grid and be self- sufficient.
https://buildremote.co/companies/own-everything/
Incorrect, one of one company, Black Rock, State Street and Vanguard each own pieces of the other two, it is basically a shadow monopoly. The 3/1 own portions of most of the larger companies in the nation and around the world they are heavily invested.
I hope the Texas’s state funds stay away from BlackRock and Vanguard. Both are anti-free markets and despise oil based products. Who is $ John Galt?
McCombe, ethics and nationalism are more important than your dirty money.