Breaking: Consumer Group Blows The Whistle On BlackRock Investments

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Yikes! A consumer group has raised several red flags against the investment company BlackRock for allegedly having deep ties with China. The company currently manages roughly $9 trillion in the US for hard-working Americans.

“Where [is BlackRock] investing your money? China. Pouring in billions, propping up Chinese communist leaders, putting money into surveillance companies used by the Chinese military. Even left-wing billionaire George Soros knows BlackRock is harming U.S. national security,” says Will Hild, executive director of Consumers’ Research.

Hild was interviewed by The Daily Signal’s Doug Blair. It’s an interview worth reading:

“Blair: Your organization, Consumers’ Research, is in the process of launching a campaign about U.S. investment firm BlackRock and their connections to the Chinese Communist Party. So, what do you want us to know specifically about this relationship?

Hild: Absolutely. Two things, namely that BlackRock is taking American investment dollars and they’re funneling them into companies controlled by the Communist Party in many cases. And as many people know, China’s become our greatest geopolitical adversary.

At the same time that they are funding investments for Chinese companies, sometimes Chinese companies that are being used to oppress the Chinese people, they’re hamstringing U.S. corporations here in the United States, bullying them, trying to get them to divest of, in some cases, their main product—oil and gas.

In other cases, just getting involved and bean counting around race and gender, board diversity quotas, that kind of thing. At the same time that they’re advantaging foreign corporations, namely Chinese corporations that we’re competing with, they’re hamstringing U.S. corporations here at home.

Blair: And why should this matter then? You mentioned that some of the corporations here are being hamstrung. Americans here being hamstrung. But what about this relationship to the Chinese Communist Party should concern Americans?

Hild: Absolutely. Well, let me take a step back just to say Consumers’ Research is the nation’s oldest consumer protection organization. We try to protect and educate consumers in all ways. And there’s actually twofold problems here for U.S. consumers. Let me start with the most important one.

The effect of all these things that BlackRock is doing to U.S. corporations, trying to get them to divest their oil, gas, trying to distract them from their business model and focus on, like I said, bean counting our own race and gender, it’s going to drive up the price and drive down the quality of the goods that these companies are producing.

Let me give you a specific example. BlackRock was just instrumental in getting elected three activist board members to Exxon’s board. Those directors’ stated purpose is to get Exxon to focus on meeting the Paris accord agreement targets, which would effectively get them out of the oil and gas business within the next few years.

Well, this is a time, obviously, when we’re seeing energy prices skyrocket in an unprecedented way. The American consumers are already having to tighten their budget because of inflation. And this is only going to make things worse.

Energy is a cost of production for pretty much every good or service. And so, if the price of oil and gas goes up because of lack of exploration or recovery, we’re going to see prices go up across the board. And so, that’s No. 1. We’d like BlackRock to cut that out because we think it’s really bad for the American consumer.

But No. 2, often American consumers are also American investors. That’s why they call them retail investors. And we thought that they needed to know how their money was being used in ways against their own interests, as I just noted. Their money as investors was being used against their interest as consumers, but also as Americans.

We’re obviously locked in sort of a frenemy situation with China that’s growing in its bellicosity, and it doesn’t look like it’s going to slow down anytime soon. And the Chinese seem bent on making sure that’s the case. So we don’t think it’s wise, at a time like this, that the American dollars, investment dollars, BlackRock would be taking those and betting on China. Sometimes they’re hamstringing U.S. corporations.”

A report by Business Insider shows that the problem goes deeper than you might think:

“BlackRock, the world’s largest investment manager, has become an increasingly influential Wall Street player in Washington, DC as a poster child of the revolving door between finance and politics.

The firm has hired notable policy-makers over the years, and at least three leaders with the New York-based asset manager on their resumes now hold prominent roles in President Joe Biden’s cabinet.

Former BlackRock investment executive Brian Deese leads Biden’s National Economic Council, effectively serving as his top advisor on economic matters. Biden also tapped Adewale “Wally” Adeyemo, a former chief of staff to BlackRock chief executive and longtime Democrat Larry Fink, to serve as a top official at the Treasury Department.

Meanwhile, Michael Pyle, BlackRock’s former global chief investment strategist who had worked in the Obama administration before joining the firm, serves as chief economic advisor to Vice President Kamala Harris.”

If what Hild is saying is true then BlackRock is positioning for China while their former executives are in office helping to direct the country. That’s pretty alarming.

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