Texas bans BlackRock and 350+ banks/funds?
Link to article here.
Am I interpreting this wrong? To what degree is this ban being levied (just over investment, or also retail?) Is this actually enforceable? Not only that, Texas-based LPs who have investments w/ certain constituents like BlackRock have to immediately divest? Credit Suisse is one of the names in the article - surely they have existing offices in Texas - what happens to those?
This is pretty awesome if true - good for Texas
Pretty sure it means business with the state not in
Lol is texas the new california now?
Isn’t this ban just for muni bonds?
From the article OP posted: "a move critics said could cost taxpayers in the Lone Star State hundreds of millions annually in higher interest costs"
I think you're right
MAGA cancel culture striking again…
Good call. BlackRock should be given a colonoscopy investigation.
Based
These companies want to become political agents? Lets see how well it ends up for them
Financial firms have an impossible balancing act. They need to convince European states that they are committed to ESG, while also convincing US states that they are committed to financing O&G.
If I were them I would double down on the US and O&G given that Europe is entering a shitstorm for the next few years.
Blackrock holds like 300 billion in Texas oil and gas companies. It’s political theatre that mouth breathing morons lap up while the rich folks (the friends of Texan politicians whose banks aren’t on the list) make money hand over fist. It’s a farce.
Doesn't apply to any LPs, BBs, etc... they can all continue to operate. literally just muni bonds / doing pubfin business with the state of texas, not banning ANY business in the state
What's that? Sorry, I can't hear the free market dying over the sound of "librul tears". Too busy campaigning... er... what was it, for or against big government?
Not a wise move. Sherman Anti Trust Act is the best course of action. Paging Attorney General of Texas - bring the case up to your boss Merick Garland and at least force them to show they’re complicit in the corruption when they write it off as not a breach after a lengthy tax payer investigation that goes no where. It also would bring in a multiple of other departments such as FTC and SEC. Bring it to light
This'll be interesting to watch given the precedent the inevitable court ruling will set on how much power the state has vs the changing investment mandate large managers are trying to enforce with regards to ESG.
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