Thursday, December 1, 2022

Press Release: "the Florida Treasury will begin divesting $2 billion worth of assets currently under management by BlackRock"

In a press release issued today (here), "Florida Chief Financial Officer (CFO) Jimmy Patronis announced that the Florida Treasury will begin divesting $2 billion worth of assets currently under management by BlackRock."  Stated Patronis:

Using our cash ... to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for. 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. As Larry Fink stated to CEOs "[A]ccess to capital is not a right. It is a privilege." As Florida’s CFO I agree wholeheartedly, so we’ll be taking Larry up on his offer. There’s no lack of companies who will invest on our behalf, so the Florida Treasury will be taking its business elsewhere.

At some point, these millions/billions being divested from Blackrock are going to add up to real money.

https://lawprofessors.typepad.com/business_law/2022/12/press-release-the-florida-treasury-will-begin-divesting-2-billion-worth-of-assets-currently-under-ma.html

Stefan J. Padfield | Permalink

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