Economy Blackrock laying off employees from ESG division while abandoning ESG/DEI narrative's amid $4 Billion Losses

[Super_Nintendo]

reading off pilot logs be like

 

[Tatra]

Nothing but respect to those white dudes who pioneered that industry...has little to do with my assertion.

It has everything to do with it. Don't play dumb. They didn't simply "pioneer" it, they dominated it through to the present and made it what it is. Only now are we seeing calls for the need for diversity.

 

[calavera2]

It has everything to do with it. Don't play dumb. They didn't simply "pioneer" it, they dominated it through to the present and made it what it is. Only now are we seeing calls for the need for diversity.

Bitch please, do I really need to point out what really gets a person ahead in this world.

 

[Tatra]

Bitch please, do I really need to point out what really gets a person ahead in this world.

 

[calavera2]

 

[Super_Nintendo]

Come on, say what you really want to say. We know you want to.

i'll say it. you a ugly, green, broccoli face'd muthafucka

 

[blackheart]

No, but most people think that a cabal of billionaires shouldn't be controlling companies via threats from a global mega-investment company that is bigger than most governments, which also happens to be too big to fail and closely intertwined with our actual government and monetary supply (they advise and actively work with the Federal Reserve). Also, there is the concept of corporate fiduciary responsibility, where it is the duty of a company to act in the best interests of their stakeholders and not to push their own agenda at the expense of stakeholders.

That's how capitalism works my friend. Capital and "power" are interchangeable. Capitalism is an economic system in which capital is given supremacy and deference. The people that hold the capital/power are going to wield it in any way they see fit - using their power to buy your government, using their power to bully smaller capital holders to conform to what they want, etc. You are complaining about capitalism while upholding it.

 

[PoundForPound]

Flashback Video - Larry Fink - CEO of Blackrock - Explaining how Blackrock uses its massive financial influence to "Force Behaviors" (for ESG/DEI) from Corporations

Investments in trendy 'ESG' assets collapsed by $5 trillion in just two years,​

Woke capitalism comeuppance: ESG assets tanked by $5 trillion in 2 yrs

'Sustainable bonds make for bad investments when they meet the radical left's definition of sustainable, and when they don't, Wall Street greenwashes them to justify the higher fees,' said Will Hild.

www.dailymail.co.uk

Global investments in trendy sustainability assets shrank by nearly $5 trillion over two years, researchers say, as US and other financiers soured on investments seen as risky and opaque.

In its biannual assessment, the Global Sustainable Investment Alliance (GSIA) said on Wednesday that investors had $30.3 trillion in sustainable assets in 2022, down from $35.3 trillion in 2020.

In the US, where Republicans have railed against ESG funds, which push for environmental, social, and governance benefits, such assets plunged from more than $17 trillion to just $8.4 trillion over the same period.


Not terribly shocking... As using ESG as a base of investment strategy is complete retarded.

The latest Prime example is Boeing's ongoing saga. Boeing's 737 Max has turned into a giant clusterfuck of multiple issues. Maybe its coincidence?

​

Boeing's ongoing 737 MAX crisis​

https://www.reuters.com/business/aerospace-defense/boeings-ongoing-737-max-crisis-2024-01-06/

CTOBER 2018: A Lion Air MAX plane crashes in Indonesia, killing all 189 people on board.

NOVEMBER 2018: The FAA and Boeing say they are evaluating the need for software or design changes to 737 MAX jets following the Lion Air crash.

MARCH 2019: An Ethiopian Airlines MAX crashes, killing all 157 people on board. China's aviation regulator becomes the first in the world to ground the MAX, followed by others including the U.S. Federal Aviation Administration.

APRIL 2019: The FAA forms an international team to review the safety of the 737 MAX. Boeing cuts monthly production by nearly 20%.

JULY 2019: Boeing posts its largest-ever quarterly loss.

SEPTEMBER 2019: Boeing's board of directors creates a permanent safety committee to oversee development, manufacturing and operation of its aircraft.

OCTOBER 2019: Boeing fires Kevin McAllister, the top executive of its commercial airplanes division.

DECEMBER 2020: The company fires CEO Dennis Muilenburg in the wake of the twin crashes.

JANUARY 2020: Boeing suspends 737 production, its biggest assembly-line halt in more than 20 years.

MAY 2020: Boeing resumes 737 MAX production at a "low rate."

JUNE 2020: Boeing begins a series of long-delayed flight tests of its redesigned 737 MAX with regulators at the controls.

SEPTEMBER 2020: An 18-month investigation by a U.S. House of Representatives panel finds Boeing failed in its design and development of the MAX as well as its transparency with the FAA, and that the FAA failed in oversight and certification.

NOVEMBER 2020: The U.S. FAA lifts the grounding order, allowing the 737 MAX to fly again.

DECEMBER 2020: Congress passes legislation to reform how the FAA certifies new airplanes, including requiring manufacturers to disclose certain safety-critical information to the FAA.

JANUARY 2021: The European Union Aviation Safety Agency approves the MAX's return to service in Europe.

MARCH 2021: China's aviation regulator says major safety concerns with the MAX needed to be "properly addressed" before conducting flight tests.

APRIL 2021: Boeing halts 737 MAX deliveries after electrical problems re-ground part of the fleet.

NOVEMBER 2021: Current and former Boeing company directors reach a $237.5 million settlement with shareholders to settle lawsuits over safety oversight of the 737 MAX.

OCTOBER 2022: The FAA tells Boeing that some key documents submitted as part of the certification review of the 737 MAX 7 are incomplete and others need a reassessment.

DECEMBER 2022: Congress agrees to extend a deadline for new standards for modern cockpit alerts stemming from the 2020 legislation after intense lobbying from Boeing.

APRIL 2023: Boeing pauses deliveries of some 737 MAXs to deal with a new supplier quality problem involving noncompliant fittings.

JULY 2023: Boeing's first delivery of the 737 MAX 7 is delayed to 2024.

AUGUST 2023: Boeing identifies a new 737 MAX supplier quality problem involving improperly drilled holes on the aft pressure bulkhead.

SEPTEMBER 2023: Boeing 737 MAX deliveries fall to their lowest levels since August 2021.

DECEMBER 2023: Boeing makes its first direct delivery of a 787 Dreamliner to China since 2019, seen as a precursor to China potentially unfreezing deliveries of the 737 MAX.

JANUARY 2024: An Alaskan Air flight is forced to conduct an emergency landing after a cabin panel blowout on a brand-new 737 MAX 9 plane. The U.S. FAA grounds certain 737 MAX 9 aircraft for safety checks.


But hey... Boeing's focus on DEI is completely on point.

Yeah... not sure why I bother replying to this, but I am curious to see what your explanation is for the complete history of Boeing incidents since 1968, which is way before people went "woke" according to modern culture.

504 incidents since 1968.

Link to Wikipedia

 

[HereticBD]

Yeah... not sure why I bother replying to this, but I am curious to see what your explanation is for the complete history of Boeing incidents since 1968, which is way before people went "woke" according to modern culture.

504 incidents since 1968.

Link to Wikipedia

Laziness in general. That sensor fuck up was ridiculous. However, that doesn't mean that DEI isn't an idea that will produce nothing but negative results, as it doesn't push hiring the very best people for the job. The second you introduce some box check into hiring practices, means you're gonna turn away a lot of good people, simply because they don't check a box, and hire a lot more not so good people, because they do.

You can buy into some fantasy that everyone considered for the job is equally qualified and capable, but we wouldn't need these programs in the first place if that was the case, unless you believe that every single business were simply just racist, before DEI forced them not to be. Which is of course, absurd.

 

[mkess101]

I think the multinational corporation with countless billions at its disposal and entire buildings full of analysts and researchers, probably know more about what's going to make the most money, than you do.

That's a weird take. Past success doesn't mean it's an inevitability that an entity will enjoy ongoing success in perpetuity. The criticism isn't "OMG this company has made bonehead moves throughout its existence but somehow became one of the largest companies on earth!" The criticism is of decisions currently being made. And those buildings full of analysts and researchers can make recommendations and do their jobs well even, but if those actually determining the direction of the company don't listen...doesn't matter much. You get a few board members that get a bug up their ass to do __________ and that's what's gonna happen.

Or do you think multinational, billion dollar corporations with "buildings full of analysts and researchers" haven't failed before? Because 2007 says hi, with S&P and all its resources rating what turned out to be junk bonds as AAA. Experts buying more and more bad debt (and then their buddies insuring it through CDS's) until the whole thing crashed on top of them.

Bear Stearns had a lot of resources at its disposal iirc...made plenty of $ for a long time, until bad leadership and direction sunk them pretty damn fast. Not saying that's gonna happen to Blackrock necessarily but let's not act like these companies are invincible.

 

[tenniswhiz]

DEI needs to be done at the childhood level.
Prepare underserved communities and provide them with more funding and resources. Supervise and audit the funding they receive and make sure it goes to benefit the kids.

College should still have SOME DEI but shouldn’t be dominated by it.

DEI should NEVER matter in the professional world.

 

[Mr Holmes]

It’s more from an executive who joined Boeing after being absorbed, making his way back up the ladder and implementing shit safety standards to increase profits.

I just listened to something claiming their board puts tremendous pressure on them to get things out ASAP so they can beat their competition.

 

[tastaylvr]

Apparently the best people for the job were always prioritised lol

That survivorship bias in action

 

[ColemanwastheGOAT]

Bitch please, do I really need to point out what really gets a person ahead in this world.

Hard work, intelligence and sacrifice. Only losers think otherwise

 

[PoundForPound]

Laziness in general. That sensor fuck up was ridiculous. However, that doesn't mean that DEI isn't an idea that will produce nothing but negative results, as it doesn't push hiring the very best people for the job. The second you introduce some box check into hiring practices, means you're gonna turn away a lot of good people, simply because they don't check a box, and hire a lot more not so good people, because they do.

You can buy into some fantasy that everyone considered for the job is equally qualified and capable, but we wouldn't need these programs in the first place if that was the case, unless you believe that every single business were simply just racist, before DEI forced them not to be. Which is of course, absurd.

Well human error can stem from various factors - laziness included. The point I was trying to make was, that I have seen a couple of posters here blame the current Boeing issues on this diversity movement while also claiming that companies were doing so much better when companies were run by majority white men. I just wanted to point to the fact that plenty of accidents and quality issues were present even during the times where white men were the dominating majority at these companies (they still are, just to a lesser extent).

To your points - yes, I agree that in theory the best candidate may not get the job with affirmative action and diversity programs. I also agree with you in "whole companies are cannot be racist." You you seem like a reasonable person and perhaps you can agree with me on this: it only takes some people with biases at the top to favor certain people (white men in this case) over others. How shocked would you be to you to hear that some old white man overlooked a better qualified POC over a white guy? Heck, imagine they both are equally qualified, but the old white man insists on just hiring white guys. That is what these programs are for - trying to balance the scale.

Scoping out from the racial thing: getting certain positions has always been highly influenced by the people you know anyways. Heck, I have benefited from this myself. I've been given high-paying positions without being fully qualified simply because I have worked with the CEO before. Diversity programs may also help balance the scale in this regard as well.

 

[Jesus X]

What is the final solution to solve this issue?

 

[Source]

Here's a hypothetical thought experiment for you: if there was some initiative that said 25% of a doctor's office has to be at least 7 feet tall, would you think that would impact the quality of care you received?

People 7ft and above make up something like 0.000038% of the population. Women and people of color make up over half of the population in the US. It’s not a comparison unless you think only the same percentage of women and poc are capable of doing those jobs. I am not surprised someone like you would think this was some thought experiment.

 

[tastaylvr]

Scoping out from the racial thing: getting certain positions has always been highly influenced by the people you know anyways. Heck, I have benefited from this myself. I've been given high-paying positions without being fully qualified simply because I have worked with the CEO before. Diversity programs may also help balance the scale in this regard as well.

This has always been the case but people are trying to rewrite history with this "meritocracy" nonsense. Most positions are filled with people who are not the "best" at their job.

A lot of companies don't even want the most qualified person for the job if their personality doesn't match the company culture. Even beyond that a lot of managers don't want to hire people more gifted than them as well or people that have high ambitions. It's just so stupid to say that every company was filled with the most qualified personnel when it was only white people.

The gift of gab is a much better skill to move up in the world compared to technical ability.

 

[calavera2]

Hard work, intelligence and sacrifice. Only losers think otherwise

Don't disagree but do you know what else gets you ahead without any of that? Being born ahead, connections, cronyism, nepotism, classism, tribalism, etc etc

 

[ColemanwastheGOAT]

Don't disagree but do you know what else gets you ahead without any of that? Being born ahead, connections, cronyism, nepotism, classism, tribalism, etc etc

Wah wah wah. Being tall's an unfair advantage in basketball. If someone's 6'10" should we break their knees?

Being handsome is an unfair advantage with women should we scar good looking people's faces?