This is not A.I.
No one was paid to be here.
No one was bussed in from out-of-town.
And there was no twerking
This is a stadium of 35,000 real people in a swing state celebrating two of the largest political dynasties on earth uniting to destroy the corrupt establishment 👊🏼
11:14 PM · Aug 23, 2024
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https://x.com/bennyjohnson/status/1827182670243053890
By Kevin Killough
Published: August 23, 2024 11:01pm
Indiana's state securities regulator issued a cease and desist order against BlackRock Thursday, accusing the investment giant of fraudulent actions related to its ESG products and offerings. The company denies the allegations.
According to the Indiana Securities Division, BlackRock has repeatedly made false and misleading statements to Indiana investors with regards to the company’s ESG products. Indiana accuses BlackRock of pushing ESG factors on portfolio companies and informing clients they would see better long-term returns on their investments through ESG-backed funds. Though, according to the order, there was little to no evidence to substantiate the claim.
“Investment companies that engage in fraudulent activities not only betray the trust of their clients but undermine the integrity of our financial markets. My office is committed to rigorously enforcing the law and strengthening our regulatory frameworks to ensure Hoosier investors are protected and that those who exploit the system are held accountable,” Diego Morales, Indiana Secretary of State, said in a statement.
BlackRock, which has $10.5 trillion in assets under management, told Just the News that the allegations are baseless.
“Yesterday’s action by Mr. Morales is a politically motivated attack that completely mischaracterizes BlackRock’s approach to investing. We are only focused on helping hundreds of thousands of Hoosier clients achieve their investment goals. We intend to defend ourselves and our clients against this arbitrary use of state power,” BlackRock said. Both BlackRock and Morales refer to Indiana's citizens as "Hoosiers."
Indiana’s order points to statements the company made, saying that BlackRock claimed ESG-backed funds would produce better long-term outcomes, and advocated for climate disclosures. The company, according to the order, doesn’t explain what these disclosure reporting frameworks are or why they should be a priority for investors.
In March, Mississippi issued a cease and desist order against BlackRock making similar allegations.
"Investment companies will not push their political agenda on Mississippians, especially through fraudulent and deceptive means. All citizens should have the opportunity to make informed and educated decisions when investing their hard-earned money. If not, our office will hold these bad actors accountable,” Mississippi Secretary of State Michael Watson said in a statement. Under Mississippi law, investment managers are prohibited from making untrue statements of material facts regarding the sale or offer of securities. For each infraction, violators can be fined up to $25,000 in penalties, according to the Magnolia Tribune.
A spokesperson with the State of Indiana told Just the News that through securities registration, regulation, enforcement and protection, the state has received complaints and concerns about misrepresentation of ESG investments from individual and institutional investors.
“Many Hoosiers manage their own investment and retirement savings. A much larger number of Hoosiers are beneficiaries of institutionally managed pension funds, which can be adversely impacted by false or misleading ESG representations,” the spokesperson said.
BlackRock can request a hearing in response to the cease and desist order, but if a request isn’t filed in 45 days, the order becomes final. Indiana's investigation of complaints regarding BlackRock’s ESG funds, according to the spokesperson, is ongoing.
https://justthenews.com/politics-policy/energy/indiana-issues-cease-and-desist-order-against-blackrock-alleging-misleading