Fink and China's Xi: Strange Bedfellows or Happy Couple?

Joan Sammon01 Sep, 2023 4 Min Read
"Forcing behaviors," whether you like it or not.

By recalling the idiom that we are judged by the company we keep, the accusations against investment bank BlackRock in a recently announced investigation by the House Select Committee on Strategic Competition between the United States and China, doesn't seem entirely surprising.

In their announcement the committee asserts that BlackRock and ESG rating firm, MCSI have been using Americans’ investment savings to invest in blacklisted Chinese companies. While a serious accusation, BlackRock’s alleged behavior didn’t start with China. It is merely the latest manifestation of a well planned and orchestrated effort to use the capital markets to fund a new world order, where overt Communists and fascist-adjacent corporations control every aspect of government, society and even one's life… all while enriching themselves and living outside the rules they establish for everyone else.

Led by CEO, Larry Fink, BlackRock is the world’s largest investment bank, with $9.1 trillion in assets under management. With such undeniable power, Mr. Fink has bragged about his intention to force companies to change their behavior. "Behaviors are going to have to change and this is one thing we are asking companies, you have to force behaviors and at Blackrock, we are forcing behaviors."

The social and political change Fink and his colleagues seek must necessarily be forced, because their desired change cannot withstand scrutiny in the arena of ideas, the marketplace, and now potentially not even the realm of law. But forced change is expensive. So Fink and his investment bank cohorts have been re-orientating the capital markets by changing investment focus using clients' money,  and possibly without investors' full knowledge. These advocates of societal and political control are funding their proposed future society, while also greatly enriching themselves.

But for the select committee that's just announced its investigation of BlackRock, such hubris is undaunting. The committee notified Fink about its investigation in a letter in which they claim that BlackRock has used investor capital to invest in multiple blacklisted Chinese companies identified by the U.S. intelligence community as entities that develop and build weapons for the CCP military. According to reports, the companies present national security risks, use or support forced labor, or are affiliated with China’s military and security apparatus. The committee estimates that five BlackRock funds have more than $429 million invested in Chinese companies “against the interests of” the U.S.

It is unconscionable for any U.S. company to profit from investments that fuel the military advancement of America’s foremost foreign adversary and facilitate human rights abuses.

A sophisticated "global citizen," known for his high-minded, preachy diatribes about a range of topics including the need to use the phrase “compassionate capitalism,” instead of ESG to describe the mechanism with which he and his globalist colleagues are re-orienting the capital markets, Fink knows well that any company that manufactures weapons, blacklisted or not, for the Chinese government, IS the Chinese government.

Xi's gotta have it.

Deepening the seriousness of the select committee’s claim come new revelations that the Chinese military is providing weapons to the Russian military in their war against Ukraine. The committee now must confront the possibility that BlackRock is funding the Russian side through its investments in these blacklisted Chinese government-controlled companies using U.S. investor capital without investor knowledge and in violation of U.S. law. 

The select committee Chairman, Mike Gallagher (R-Wis.) and his colleague, ranking member Raja Krishnamoorthi (D-Ill.) allege in their letter that BlackRock is using the capital of its “unwitting” American investors to fund Chinese companies that 'develop and build weapons for the People’s Liberation Army — the PRC’s military — and advance the CCP’s stated mission of technological supremacy.” Fink denies the accusations.

The veracity of the committee’s claims are buttressed by Fink’s own leadership activities at the World Economic Forum (WEF), which advocates global governance and classically fascistic corporate/government/non-profit collaboration – a society essentially identical to that which Chinese President Xi overseas in China and which is now benefiting from Americans’ investment dollars. Does Fink really believe he and his company are so powerful that blowing past national security dictates is simply beneath his attention?

Using investor capital to achieve WEF political and social objectives was most recently outlined by the Carbon Disclosure Project (CDP), one of the earliest non-profit activist organizations funded and controlled by the WEF. In 2021 the CDP released its five-year strategy document, entitled, Accelerating the Rate of Change: 2021-2025. In the document, whose language and sentiment are parroted on the BlackRock website, in Fink interviews, and in Fink's annual letters to CEOs, the objectives of WEF and BlackRock are clearly articulated: 

We want governments to introduce ambitious legislation that drives market changes. We create space for this by running a reporting mechanism [ESG] that incentivizes good behavior, catalyzes the creation of new standards and prepares the market for the change to come… CDP helps align corporate and governmental strategies with international goals, supports investors to shift capital to finance the low carbon transition and changes expectations, ambitions and practices to pave the way to a new restorative and sustainable society.

So as the select committee continues its investigation, it is essential that they listen to Fink’s own words, read the plan that he helped create and promote as a WEF Trustee, and observe the company he keeps as he uses U.S. investor capital to fund his dystopic, but personally lucrative vision for the world.

Joan Sammon is the founder of a boutique oil and gas advisory firm that develops strategies for an array of business & market challenges. As an ESG expert she explains the threat of ESG to her corporate clients.


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