Opinion | Wall Street ESG ‘goon squad’ a direct threat to economic freedom WashTimesOpEd
“They win, not by forcing transparent decisions by accountable individuals in the open, but by stacking the decks of corporate governance so that their causes become the path of least resistance. They win by changing what is considered ‘normal’ in the market.”has become a quasi-regulatory mechanism orchestrated by the federal government, it requires a federal response.
The second problem is that three large investment firms — BlackRock, Vanguard and State Street — have $20 trillion under management and are the goon squad for thecrowd. Such a concentration of power makes it difficult for companies to resist instructions from these funds. At a minimum, these funds should be subject to a lot more scrutiny and transparency so investors can act on better, more complete information. Investors should have the ability to approve or condition the actions of their fiduciaries.
There should be size limits on funds. No one person or any one group of people should control that much money. It invites abuse, and it probably poses a significant threat to the economy. The possibility of fraud and collusion requires complete legal and political ventilation.• Michael McKenna, a columnist for The Washington Times, co-hosts “The Unregulated Podcast.
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