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The Problem with ESG Investing
Michael Barry in PLANSPONSORLink to more items from this source
[Opinion]
Oct. 30, 2015

"What's really happening is that the power of capital, concentrated in retirement plans, is being used for political ends. Obviously. Does anyone not believe that is what is going on? ... The real problem is when you use someone else's money to advance your political agenda.... Thus the problem isn't prudence -- that standard (competitive 'expected returns), in this dimension at least, is so baggy almost anything would be permitted. The problem is exclusive purpose. Note to fiduciaries: this isn't your money and you shouldn't be using it to advance a personal agenda."

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