ESG's Are the Reason for Woke Corporate Interests (JRE)
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Yeah, these guys went after Exxon a few months ago. Well, technically it was a fund backed by the California pensions, but BlackRock and Vanguard got on board and had an unbeatable voting bloc.
Passive funds should not be allowed to vote. It’s fucking ridiculous. Between BR, Vanguard, State Street and Fidelity you basically have a voting bloc that can do whatever the fuck they want to big corporations.
The thing about ESG is it mashed together a bunch of unrelated shit and then tries to create some sort of score for a company. Companies have very little ability to materially move the needle on environmental shit (e.g. if you’re Coke you’re gonna use a fuckton of plastic and oil moving product around for the foreseeable future) so they are going really hard into the “social” component of ESG. For that to have an effect, they must continue to push a narrative about how awful it is for non-whites, gays, women, etc. and show how committed to social change they are. It’s a helluva lot of easier for a company with a massive environmental impact like Coke, Amazon, GM, The Southern Company or UPS to do that than change their business in a way that makes it environmentally friendly.
Interesting. I guess if they modified corporate law to eliminate fund-owned shares in calculating voting thresholds that might work. Problem with passing through voting rights is your guy with eight grand in an SPY fund would get at least 500 proxies per year.
I’d let active funds vote because there are alternatives to them and some of them actually want to be activist. But the passive funds, which own a massive amount of the aggregate market cap, are just supposed to be along for the ride.
Man this is one of the most important clips I’ve seen in a long time. We need to sticky this.
Is the entire podcast good OP?
If you like this clip I highly suggest listening to Adam Curry’s podcast. No Agenda Give it three episodes to figure out the rhythm and how they do the show and you’ll be hooked.
Thanks. What about this entire podcast with Rogan? Should I listen to that or just Curry’s latest podcast?
The entire episode is good, so listen to them all! audio link
There’s only one real SEC and it ain’t the commie fucks that Roosevelt vested with power. Roll Tide.
I had a commie prof in college who was actually a pretty brilliant guy (though I disagreed with him on a lot). He made us read Noam Chomsky, another commie/near commie. Chomsky developed a theory in the ‘80’s called “The Propaganda Model” where he laid out several of the points this guy made in the video.
You guys should look up the propaganda model. The US mass media makes much more sense when you have that framework for thinking about it. We need more Americans to wake up to it. I seriously thought it was preposterous when I first heard it but I dusted off my Chomsky book from college not long ago and was thinking “holy fucking shit” as I read through it.
It lays out the model and then goes into a few specific examples of the MSM creating “worthy and unworthy victims” and a detailed discussion of “legitimate versus meaningless” elections on the basis of whether US interests were able to rig the election or not. The book is from 1988 and could be rewritten today using modern examples because it’s so on point.
He’s really old now. Maybe that explains his “falling off”
I don’t agree with the guy’s politics, but his model is pretty good at explaining why the mass media is utter shit.