[NYPOST] Florida said Thursday it has begun to divest $2 billion in funds overseen by BlackRock — a sharp rebuke of the giant asset manager’s investing policies under CEO Larry Fink that right-leaning critics have blasted as "woke capitalism."| And if BlackRock happens to collapse as a result, actions have consequences, even for the woke left. |
Florida’s chief financial officer, Jimmy Patronis, accused BlackRock of attempting to "use their power to influence societal outcomes."
"Using our cash, however, to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for," Patronis said. "It’s got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do. "
"Florida’s Treasury Division is divesting from BlackRock because they have openly stated they’ve got other goals than producing returns," he added.
Florida’s state treasury has removed BlackRock as manager of roughly $600 million in short-term investments and have its custody bank freeze about $1.43 billion in long-term securities. The decision was first reported by Rooters.
Florida joined other Republican-led states, including Louisiana and Missouri, who have pulled state funds from BlackRock’s control in response to concerns about ESG.