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The Latest Breaking News from Larry Fink

Stale corporate boards pushed to think deeper than the bottom line

More diverse boards are proven to lead to more successful and profitable organisations. And just possibly there will be younger people who care deeply about what the future will look like.

Newsroom.co.nz

‘Other things will break.’ Legendary investor Jeremy Grantham warns of more financial chaos and wants to see Powell ‘channel a little bit of Volcker’

Jeremy Grantham predicted the financial crisis in 2008. Now, he thinks the financial system could expect more chaos after the two banks failed in March.

Fortune

Weeks after his ‘big failure’ losing almost $2 billion on SVB, Sweden’s top pension fund chief sacked ‘with immediate effect’

Magnus Billing urged Alecta to “take actions based upon the lessons learned.” The action was his dismissal.

Fortune

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Americans want to invest in a clean energy future

We want to put our money where our aspirations are. Opponents of this responsible approach to investing derisively label it “woke” because they know that term creates confusion and for some, fear. So it’s a perfect wedge to divide us.

Chicago Sun-Times

No, BlackRock is not leading a Marxist assault on capitalism

Five years ago it would have been unimaginable, but today there is a global movement convinced the world’s largest corporations are engaging in stealth warfare to transform liberal democracies into neo-communist dictatorships.

The Conversation

The bank collapses triggered by SVB have uncanny parallels to the savings and loan crisis of the 1980s

“The arithmetic behind it was timeless," George Ball of Sanders Morris Harris told Fortune.

Fortune

BlackRock CEO Larry Fink walks tightrope on climate investing

In his annual letter, Fink places climate change as a somewhat lower priority than in year's past.

Axios

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BlackRock's Larry Fink sees the possibility of a broader banking crisis on the horizon: 'Are the dominoes starting to fall?'

Larry Fink, chief of the largest asset managers in the world, compared the SVB fallout to a "slow rolling crisis" similar to the Savings and Loan crisis.

Fortune

SVB collapse may be start of ‘slow-rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

The Guardian - UK

Montana governor announces ban on ESG considerations in state investments

The office of Montana Gov. Greg Gianforte (R) released the following statement on January 18 announcing that Montana has joined several other states in prohibiting non-financial considerations, including considerations related to ESG, in the state’s investments:

Ballotpedia

Davos 2023: China reopening? Good for growth, but tread with caution

China's declaration that it is open for business was welcomed by attendees at the World Economic (WEF) as a likely boost to global growth, though many also expressed caution over how it could drive up global COVID-19 cases and inflation.

Reuters

Larry Fink, the face of ESG, says ‘the attacks are now personal’ for the first time in his career. ‘They are trying to demonize issues.’

“It’s hard—because it’s not business anymore, they’re doing it in a personal way,” Fink said at the World Economic Forum in Davos.

Fortune

Bank of America tops stakeholder capitalism rankings

Under Brian Moynihan, the bank has increased the minimum wage, expanded parental leave, and avoided layoffs.

Fortune

Republicans ramp up anti-ESG campaign for 2023

The investing strategy known as ESG is under attack, and virtually no one expects the backlash to die down.

Tribune News Service

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Ballotpedia

Voters approved 71% of constitutional amendments on the ballot in 2022

Welcome to the Friday, December 16, Brew.

Ballotpedia

Vanguard announces exit from net zero climate investment alliance

On December 2, the Federal Reserve’s board of governors released its proposed rule on climate risks for big banks, including its proposed environmental stress tests. The board asked for public comments:

Tribune News Service

BlackRock facing more blowback over ESG as GOP pressure mounts

It’s been a tough couple weeks for BlackRock Inc., the world’s largest money manager, which endured fresh blows from Republican officials sharply critical of ESG.

Fortune

Pro-ESG and anti-ESG activist investors have more in common than you might imagine

They want companies to stay out of politics.

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The Guardian - UK

BlackRock CEO faces call to step down amid claims of hypocrisy

Hedge fund says company still too attached to fossil fuels as it promotes eco-conscious strategy

Fortune

Even BlackRock is too woke for Florida

The sunshine state's conservative CFO is pulling $2 billion of taxpayer assets from BlackRock for promoting environmental, social, and governance (ESG) principles.

Miami Herald

Florida pulls $2B from BlackRock, cites differences in investing philosophy

Florida will pull $2 billion from the largest asset-management firm in the world over ideological differences.

Fortune

3 takeaways on SBF, Mark Zuckerberg, and Larry Fink from DealBook’s buzzy Summit

The former FTX CEO took the lawyerly route, while the Meta chief blasted Apple and the BlackRock leader forecasted change in tech.

Fortune

BlackRock's Fink predicts most crypto firms will go under

BlackRock CEO Larry Fink thinks that most crypto companies won't survive in the wake of Bankman Fried's FTX collapse.

The Guardian - US

FTX chief Sam Bankman-Fried says he ‘screwed up’ but rejects fraud claim

Disgraced chief executive tells summit he ‘didn’t knowingly commingle funds’ with FTX’s sister company Alameda Research

The Guardian - UK

‘You’ll have to talk to the UK staff’: can global water investors be held to account?

Will Malaysia’s YTL, US-based BlackRock and Hong Kong’s CK Hutchison Holdings answer questions about environmental damage?

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People

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