Tuesday
January 16
2018

Billionaire Sam Zell: BlackRock’s Larry Fink is ‘extraordinarily hypocritical’ to push social responsibility

BlackRock‘s Larry Fink and other CEOs are “extraordinarily hypocritical” to push companies for more social responsibility, billionaire investor Sam Zell told CNBC on Tuesday.

The New York Times reported Fink will tell business leaders in a letter on Tuesday that their companies need to do more than just make profits. Companies need to contribute to society as well if they want to receive support, Fink argues in a draft letter obtained by the Times.

Fink’s BlackRock manages more than $6 trillion in investments through 401(k) plans, exchange-traded funds and mutual funds.

Fink and seven partners founded BlackRock in the late 1980s, and the firm has grown to the largest asset manager in the world.

Photo courtesy of GotCredit.

Source: CNBC (link opens in a new window)

Categories
Investing
Tags
corporate engagement, corporate responsibility, corporate social responsibility, CSR, impact investing, public policy, social business