Leftist ESG Is KILLING Your 401K
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Yeah, ESG DEI blowing up 401Ks. And we told you so. Yeah, we did. A district court ruled that American Airlines failed to prioritize the financial interests of its employees’ retirement funds by enabling fund managers to pursue environmental, social, and governance investments. This is interesting.
I’ll you why. This is interesting in more ways than one. There was a lawsuit. Lawsuit back in 2023 filed against American Airlines and the company’s employee benefits committee alleging that the defendants violated their duty of loyalty under the ERISA, Employee Retirement Income Security Act, which requires that fiduciaries managing retirement investments must act in the best financial interests of their participants. What did they?
Do they hired investment managers that were all in DEI ESG and their 401ks underperformed the markets by a lot, by a lot. Let me tell you what’s funny about this is that Joe Biden, was.
I can’t remember the exact year, it was 2022. was the day, it was a Friday after Thanksgiving, signed a law basically protecting advisors, the Black Rocks of the world, the Goldman Sachs, and Morgan Stanleys from any sort of lawsuit with their ESG DEI products that they were putting together. See, this suit doesn’t name.
the actual money managers, okay? The advisors that were hired to put these together. It actually goes after the company itself for hiring them. Which is funny if you think about it. They can’t sue BlackRock, they can’t sue any of the big brokerage firms out there that put these products together because Biden said, no, no, no, no, no, So they’re go after American Airlines. And I get it. But then, you you’re American Airlines and you get a phone call from…
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Joe Biden and his, his people, his henchmen, okay. The Obama people saying you better start doing this or else. Okay. yeah, we played it out. We told you all of this stuff was going to happen. What? Again, it’s, it’s amazing to me. You left wingers out there, you destroy everything. Whatever you do, you end up wrecking.
Everything. This was as plain as day that this was gonna underperform. This was gonna be absolute utter dog shit as far as investments were concerned. And we, you’re right. Again, I gotta go back in time a little bit.
Got to go back in time here a little bit. When I mentioned this, I went to Buffalo, New York. Went to Buffalo, New York to, there was a firm that was interested in having us take them over. Having Markowski Investments take them over. And I went up there and met with this firm. And these people were far left. I looked at how they were investing their
their clients money, had everything, everything was set up and like, yeah, it’s socially conscious, it’s ESG. And I’m like.
Okay, I mean, do you want your clients to lose money? But that was their pitch. Maybe some people, don’t care. Maybe they’re not interested in actually watching their money grow. They’d rather flush it down the toilet in some BS pie in the sky crap. Hey, we gotta make sure that every board has LGBTQs in every gender. I mean, it’s just so stupid. Oh, our strength is our diversity.
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No, it’s not. Okay? Diversity is not strength. Competence!
Competence is strength. That is one of the biggest bunches of bullshit. Our diversity is our strength. You’re so full of crap. It’s not funny. Competence is a strength. Anyway, again, gotta go off on a rant there. Watchdogonwallstreet.com.
