Texas Removes BlackRock from Banned List After Co. Axes Net-Zero

BlackRock, the world's largest investment firm with some $9 trillion of assets under management, has managed to get itself removed from the poopy list in Texas by ending its participation in a number of so-called ESG (environment, social, governance) groups and by groveling before Texas officials. The Texas Permanent School Fund (PSF) pulled $8.5 billion of its investments away from BlackRock in March 2024 (just over a year ago) after the state determined that BlackRock was engaged in a boycott of energy companies by pressuring companies to avoid the fossil fuel sector by using ESG litmus tests (see Texas Yanks $8.5 BILLION Out of BlackRock re ESG). BlackRock was not happy (see BlackRock Pitches a Fit Over Texas $8.5B Divestment Due to ESG). But you know the old saying...money talks and bull$@#! walks. In this case, money talked very loudly.

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