The stock market

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Years out, but interesting to watch closely.

[URL unfurl="true"]https://www.foxbusiness.com/politics/tennessee-sues-blackrock-first-of-its-kind-esg-lawsuit[/URL]

FIRST ON FOX: The State of Tennessee [is suing BlackRock]('https://www.foxbusiness.com/politics/blackrock-state-street-face-subpoenas-house-esg-probe'), the world's largest financial asset manager, in a first-of-its-kind lawsuit alleging the firm has harmed consumers through its environmental commitments and climate strategy.

According to the lawsuit filed in state court Monday and first obtained by FOX Business, BlackRock has articulated two inconsistent positions: one prioritizing financial returns and the other prioritizing investment policies to combat climate change. While BlackRock [has faced widespread opposition]('https://www.foxbusiness.com/politics/republican-state-bans-more-dozen-woke-banks-doing-business') over its so-called environmental, social and governance (ESG) strategy, Tennessee's action on Monday is the first legal challenge to accuse BlackRock of violating consumer protection laws.

Critics have specifically argued that ESG-focused asset managers like BlackRock are [[U]sidestepping their legally-mandated[/U]]('https://www.foxbusiness.com/politics/republican-states-planning-assault-woke-banks-wont-do-business') fiduciary duty to consider the well-being of clients whose money they manage. Promoting climate policies may lead to worse financial performance given the high profitability of fossil fuel industry, according to officials.

**[SIZE=5]In addition, the lawsuit highlights that [BlackRock CEO Larry Fink]('https://www.foxbusiness.com/media/blackrock-fink-wont-mention-esg-anymore-been-weaponized-left-right') has publicly stated that his firm asks companies it holds investments in to set greenhouse-gas-reduction targets, which it polices through voting and engagement.

"Attorney General Skrmetti is protecting consumers and calling out deception from asset management firms turned tyrants like BlackRock and its CEO Larry Fink who are attempting to foist a political agenda on the people of Tennessee and all Americans," said Will Hild, the executive director of Consumers' Research, a right-leaning consumer advocacy group. [/SIZE]**
[SIZE=5]****[/SIZE]
[SIZE=5]"Larry Fink has been forgoing his fiduciary duty by taking consumers’ money and using it for Leftist causes such as ESG and arbitrary net-zero goals for far too long," Hild told FOX Business. "This lawsuit is taking the fight directly to Larry Fink and BlackRock to let them know these policies will not be tolerated. I applaud his commitment in protecting Tennesseans, and Consumers' Research will continue to support actions that push back on ESG policies that do much more harm than good."[/SIZE]

Years out, but interesting to watch closely.

Yes, will be one hell of a soap opera. Dibs on the popcorn concession!!!

Not sure a soap opera. Pretty serious issue.

Not sure a soap opera. Pretty serious issue.

I need a sarcasm emoji. Yes, very serious, and has been and is being fought out on many fronts. Costco & LL Bean here are being picketted because their CCs are with Citibank, who hasn't divested from oil company holdings.

Great philosophical question, does Fiduciary responsibility trump ethical, but legal, responsibility? I'm sure shareholders will disagree with ecologists.

It's easy for an individual investor to divest from holdings that are weighted on corporations one doesn't philosophically agree with, but what about things like a pension fund that one can't control? Does one cut their nose off to spite their face?

My personal philosophy is along the Gordon Grekko school. Regardless, I still have dibs on the popcorn concession...

This just seems very different than others I read. But a scary thought.

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But there was no clear culprit for Wednesday's sharp slide, and a range were put forward: Worries about the US economy after bellwether FedEx's ([FDX]('https://finance.yahoo.com/quote/FDX')) downbeat revenue forecast, year-end profit-taking, and [zero-day options trading]('https://finance.yahoo.com/news/fingers-point-vilified-zero-day-015830186.html') among them.

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[URL unfurl="true"]https://www.foxnews.com/opinion/bidens-boasts-2023-economy-jobs-jobs-jobs-more-spin-than-reality[/URL]

Careful what you read or listen to.

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[URL unfurl="true"]https://www.foxbusiness.com/economy/big-three-get-big-subsidies-but-still-do-big-layoffs[/URL]

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Santa Claus Rally? Is that the new, PC replacement for Fund Managers' "Dressing the Pig", which has been used in the past for the predictable December uptick...