No way to write a short headline to describe this story, so....
A federal judge in Texas on Friday said American Airlines violated federal law by basing investment decisions for its employee retirement plan on environmental, social, and other non-financial factors.--AOSHQ quoting NYPost
Pilots sued, showing that AA's inane pursuit of ESG cost the 401(k) plan about $15 million or so.
Judge wrote thus:
... “The facts here compellingly established fiduciary misconduct in the form of conflicts of interest and the failure to loyally act solely in the Plan’s best financial interests. BlackRock’s ESG influence is evident throughout administration of the Plan. The belief that ESG considerations confer a license to ignore pecuniary benefits is mistaken. ERISA does not permit a fiduciary to pursue a non-pecuniary interest no matter how noble it might view the aim. Plaintiff therefore proved by a preponderance of the evidence that American [Airlines] disloyally acted with an intent to benefit a party other than Plan participants and in a manner that was not wholly focused on the best financial benefit to the Plan."...So if your Corporate Masters are directing your 401(k) dollars into ESG crap-stock, sue the bastards.
1 comment:
https://meaninginhistory.substack.com/p/zealotry-how-many-rabbits-can-trump .....It’s the common thread that ties so much together that we see going on around us. When Judge Nap refers to the “donor class”—does anyone doubt that he’s referring to a class that is overwhelmingly Jewish in terms of public influence and dollar amounts contributed to political campaigns? That’s simple fact, easily confirmed, and the effects are obvious both domestically (support for radical anti-normal leftist agendas) and abroad (support for forever wars in the Middle East and against Russia). This is not simply an American problem—it appears that way because of the brief unipolar moment in history which led to the deceptive appearance of America as a colossus bestriding the world. But the same influence is apparent in other parts of the West—especially in the UK and in Paris........
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