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This is genuinely the dumbest thing I’ve heard today.
What, does Indiana State Treasurer Daniel Elliott want, the entire pension fund invested in Oil and Gas Futures or something?
Exactly. Indiana is embarrassing once again.
GM – problem is the benefits are fixed, so any under-performance will be borne by the taxpayers.
More heavy-handed governance by the extremists who have taken over the Republican Party.
Good to see a set of eyes placed on the ESG boondoggle. These need to be watched closely.
Black Rock manages $9T in assets. I think they know what they’re doing.
LS +1
LS but do you know what they are doing, I will answer that for you, NO!
Time will tell but isn’t it wise to be wary or careful of those who sometimes have other motives, other than what is best for their client’s best interests? I think they owe that to the public and I support our State Treasurer in staying on top of things like this. What is the harm in being placed on a “watchlist” anyway?
The state of Indiana is saying we are going to walk away from the fund managers that produce the best returns because we don’t like the choices that they make in getting them.
There was already a law directing the state to invest based on the returns. If making ESG commitments meant BlackRock would produce lessor returns, Indiana would have already left.
This, as mentioned by others, is simply foolishness to satisfy people who aren’t informed.
The harm of the watchlist is it will likely lead to the assets being moved to another asset manager, even if the returns realized by Blackrock are superior to those of other asset managers. This law, and its counterpart in other states, ignores the performance of the asset manager and focuses slowly on a social/political issue: Republicans and the WCWs are afraid of people looking for a level playing field. If the new asset manager that will almost certainly be retained does not perform as well as Blackrock, then the trustees of the state plan will have violated their fiduciary duties. The MAGAtts will have gotten their ounce of flesh from Blackrock, at the expense of the beneficiaries. And that is just wrong.
Given Indiana’s state government propensity for taking action that is aligned with Biblical foundations, it should come as no surprise the state is about to make a colossal fiduciary mistake.
“Cutting off your nose to spite your face” has its origins in the Bible (Jeremiah 44: 13-16), which warns against overreacting to a perceived problem by turning to a solution that ends up being more destructive than the problem itself.
Often such reactions come from fear or anger. Now Indiana’s fear is driving it to react with self-destructive behavior.
Shooting ourselves in the foot – big time.
Show me the money. There is no reporting here about the annual returns for any if these fund families. What is here is a lot of chatter along political thought processes. And yes, if oil and gas have the greatest returns, that’s where the money should be for State employees. Of course, everyone can put your individual funds wherever you want.
If you don’t understand what Black Rock and Larry Fink are trying to do, then you should do some research. You may have to dig a little deeper than you MSM to get to the truth.
9 trillion in assets is down from almost 11, this is not an accident!