BlackRock Says the Quiet Part Out Loud: The Climate Cartel is Collusive and Unlawful
Internal emails obtained by the Life:Powered Initiative of the Texas Public Policy Foundation suggest that even Larry Fink recognizes the radical climate activists are violating U.S. antitrust laws.
In February, Fink’s asset management firm, BlackRock, dropped its US operations out of Climate Action 100+ (“CA100+”), an advocacy group made up of far-left and U.N.-backed organizations, liberal state pension funds, and companies trying to capitalize on punishing the energy industry. BlackRock announced its departure around the same time as State Street, JP Morgan Chase, and other financial institutions. Many firms, however, remain committed to CA100+ and its mission of driving up the cost of power and diminishing our quality of life.
Life:Powered made open-records requests to some of the state and municipal pension funds who are members of CA100+, asking for their communications regarding BlackRock’s departure. One of the pension funds targeted was the California State Teachers’ Retirement System (“CalSTRS”), which remains an active member of CA100+.
Those internal documents show that the senior management of CalSTRS engaged directly with Fink regarding BlackRock’s decision to drop out of CA100+. According to CalSTRS’s then-Chief Investment Officer, Fink said that CA100+ proposed new requirements last year for its members to “pledge together to certain actions.” Mr. Fink allegedly expressed his concern that “the collective agreement was an Anti-Trust violation in the US.” And, according to the account of the conversation, “Larry predicts virtually all US firms will pull out once their General Counsels look the new requirements over.”
But, of course, dozens of U.S. firms remain in CA100+. The collusive and unlawful actions of Climate Action 100+ and its remaining members are not going unnoticed, even by those who once participated.
Download a copy of the emails obtained by Life:Powered here.