Blackrock’s Larry Fink Wants You to Work Longer and Give Him Your Money

Everyone knows Larry Fink. He’s the founder and CEO of Blackrock, the world’s largest asset manager with over $10 trillion of assets under management. Needless to say, Fink is extremely wealthy and politically powerful. Still, that has not stopped him from leading one bone-headed ideological crusade after another over the past ten years.

Fink was a leader in the ESG movement (for Environment, Social and Governance), which rated companies not based on profits or solid capitalization but on whether they devoted resources to the “environment” (understood to mean wasted resources on dumb schemes like windmills, solar modules and EVs), “social” standing (understood to mean adherence to income distribution schemes and other counterproductive wealth transfers), and “governance” (understood to mean letting activists run companies instead of competent business people).

Fink allocated billions of dollars to companies and funds with high ESG ratings until it became apparent that these companies consistently underperformed the market, at which point Fink quietly took down his tent and walked away. More recently, Fink has supported the climate change cult (which is really the green new scam) and COVID vaccines (which are really experimental gene-modification treatments with deadly side effects).

All of these hare-brained schemes have produced underperformance or outright losses for investors. Undaunted, Fink now wants to amend Social Security laws to extend your retirement date and force you to work longer to make him richer. He also wants to curtail Social Security benefits and move retirement savings into 401(k)s (using new investment formulas) so he can presumably gather more assets under management for his financial empire.

There may be some need to reform Social Security in the years ahead, but there are much better ways to do it than with Fink’s self-interested solutions. Ending ESG, climate investing, and support for Biden’s higher tax rates would be a good start.

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