- An advocacy group is urging US governors to reconsider what they see as the risks of investing in black rock in Chinese companies.
- Consumer research sent a letter to 10 state governors in which the highest amount of pension was spent with Black Rock.
- BlackRock is the world’s largest asset manager, overseeing nearly ٹ 10 trillion.
This week, a consumer advocacy group criticized Black Rock by US investors for “taking their money and betting on China” and called on some state governors to invest in Asian superpowers. Take a look at the risks associated with the world’s largest money manager.
Consumer research sent a letter to 10 governors asking them to monitor the states with the most public pension funds invested in Black Rock, which manages nearly ً 10 trillion in assets. The group said BlackRock’s “transfer of billions of US capital” to China was a threat to US security and was concerned about BlackRock CEO Larry Funk’s relationship with China’s communist leadership.
“BlackRock’s outspoken enthusiasm for Chinese markets flies in the face of concerns about China’s rise to prominence in the world, its authoritarian rule, and its ambitions to transform the United States into a world power.” Consumer research has written to governors. New York Governor Kathy Hochl and Florida Governor Ron de Santes.
The group said the US-China Economic Security Review Commission, recently convened by Congress, had recommended that the United States take further steps to reduce its economic ties with China.
Consumer Research said, “Still, Black Rock has maintained a strong attitude towards investing in Chinese firms, supporting their economies, and helping to boost the growth of their military, which is hardly possible.” Tested a hypersonic missile a month ago, “said Consumer Research, 1929.
The group said investing in Chinese companies could make US investors “unwitting partners” in the expansion of CCP surveillance and intelligence gathering tools or make them victims of human rights abuses.
The letter was also sent to the governors of Washington, Nevada, Nebraska, South Carolina, Oklahoma, Pennsylvania, Montana and West Virginia.