Previously, we reported that Mississippi Secretary of State Michael Watson claimed the Justice Department is using the U.S. Marshals Service and jails to encourage illegal immigrants and imprisoned felons to register to vote. Now we have something even more interesting. They’ve been issued a cease and desist order.
The order accuses BlackRock of repeatedly misleading Mississippi investors regarding its ESG practices, particularly concerning non-ESG funds, such as exchange-traded funds (ETFs), which do not purport to follow a sustainable investment strategy. BlackRock doesn’t incorporate ESG considerations, misleading investors about their broader ESG commitments.
In other words, Black Rock is committing fraud with deceptive practices.
“BlackRock made untrue statements that certain of its funds do not incorporate ESG considerations. As detailed extensively in this order, BlackRock stated on multiple occasions, either expressly through publications or by action, that the company does, in fact, incorporate ESG considerations into its non-ESG funds,” the order from Mississippi states.
The Cease and Desist Order points out that each misrepresentation BlackRock has performed is a violation of Mississippi’s Securities Act. As the company has been uncovered to have conducted ‘thousands of potential violations,” BlackRock is facing tens of millions of dollars worth of fines.
“Investment companies will not push their political agenda on Mississippians, especially through fraudulent and deceptive means,” said Secretary Watson in a press release.
The Cease and Desist Order comes at a time of growing scrutiny over the accuracy and transparency of ESG practices within the financial industry.
No one in Mississippi or anywhere needs a political whore telling them what to do. Watson’s going up against a company with trillions to spend. We’ll see how it goes. Black Rock’s Larry Fink has too much money and too much power.
Subscribe to the Daily Newsletter
wpDiscuz
