Investment honcho Larry Fink is attracting outrage from conservatives for an old admission that his firm would "force behaviors" on diversity, equity, and inclusion standards amid pushback on companies setting similar goals.
"Behaviors are gonna have to change, and this is one thing we're asking companies. You have to force behaviors, and at BlackRock we are forcing behaviors," Fink said in a 2017 video interview with the New York Times.
BlackRock Inc., the world's largest asset manager, with shares in companies like Amazon, Apple, MasterCard, Johnson & Johnson, Walmart ,and Walt Disney Co., bragged in the 2017 interview about adding "4 more points of diverse employment.”
"What we're doing internally is if you don't achieve these levels of impact, your compensation could be impacted," Fink said in the interview video.
"You have to force behaviors. If you don't force behaviors, whether it's gender or race or just any way you want to say the composition of your team, you're going to be impacted. That not just recruiting, it's development," Fink said. "We're gonna have to force change."
The video circulated on social media after resurfacing online, Fox News reported, with Sen. J.D. Vance, R-Ohio, tweeting on Monday that BlackRock is "destroying value and are engaged in illegal and immoral conduct."
"There are two schools of thought within the GOP on BlackRock. The old guard thinks they're creating value and need to be rewarded with tax cuts," the message stated. "I think they're destroying value and are engaged in illegal and immoral conduct. They need to be dealt with accordingly."
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