Former BlackRock ESG Chief: American Public Is Being Duped By “Greenwashing”-Wall-Streeters, by Tyler Durden

Trust Wall Street to turn a buck off of the latest social and political totems without actually doing anything to solve the underlying problems. From Tyler Durden at zerohedge.com:

Over a month ago we first exposed the “Green Scam”. ESG, or Environmental, Social, and Governance, has become the virtue-signaling tour de force for asset mangers to skim even greater margins off retail dupes under pressure from their liberal peers. And since the green movement was here to stay, so was the wave of pro-ESG investing which every single bank has been pitching to its clients because, well you know, it’s the socially, environmentally and financially responsible thing.

There is just one problem. Instead of finding companies that, well, care for the environment, for society or are for a progressive governance movement, it turns out that the most popular holdings of all those virtue signaling ESG funds are companies such as…. Microsoft, Alphabet, Apple and Amazon, which one would be hard pressed to explain how their actions do anything that is of benefit for the environment, or whatever the S and G stand for. It gets better: among the other most popular ESG companies are consulting company Accenture (?), Procter & Gamble (??), and… drumroll, JPMorgan (!!?!!!?!).

Yes, for all those who are speechless by the fact that the latest virtue-signaling investing farce is nothing more than the pure cristalized hypocrisy of Wall Street and America’s most valuable corporations, who have all risen above the $1 trillion market cap bogey because they found a brilliant hook with which to attract the world’s most gullible, bleeding-heart liberals and frankly everybody else into believing they are fixing the world by investing in “ESG” when instead they are just making Jeff Bezos and Jamie Dimon richer beyond their wildest dreams, here is Credit Suisse’s summary of the 108 most popular ESG funds. Please try hard not to laugh when reading what “socially responsible, environmentally safe, aggressively progressive” companies that one buys when one investing into the “Green”, aka ESG scam.

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