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Mississippi issues cease and desist letter to investment giant BlackRock | Mississippi

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www.thecentersquare.com – By Steve Wilson | – 2024-03-28 13:22:00

(The Center Square) – Securities fraud in environmental, social and governance policies is being committed in Mississippi by investment giant BlackRock, says the state in a cease and desist letter.

Mississippi Secretary of State Michael Watson, with jurisdiction over securities, gave the company 30 days to respond to his office’s Wednesday letter. Penalties could include massive fines for what the Republican says is the misleading of investors. 

“You’ve got a company with trillions of dollars of assets under management and they’re playing political with Mississippi’s hard-earned money,” Watson told The Center Square. “BlackRock speaks out of both sides of its mouth depending on who they’re talking to. One day, it’s about maximizing return and the next day it’s about holding a company hostage to further their decarbonization efforts.

“Mississippians deserve to know the facts about their investments on the front end. BlackRock didn’t play by those rules and that’s why we’ve ordered them to quit committing securities fraud in our state.”

There are two primary claims that Watson’s office makes against BlackRock. it says the company is defrauding investors with funds that are not related to environmental, social and governance policies, yet BlackRock’s ethos incorporated those principles. The company has backtracked on some of those claims and says it wants to “act in the best interest of our clients and to be solely focused on their investment objectives.”

A second claim is that in its funds related to environmental, social and governance policies, the company touts these investments are beneficial to investors. The state says in its letter, “These statements are untrue, or omit to state material facts to make them not misleading, because the consideration of ESG factors does not provide an indication of better financial returns or current or future risk profiles.”

BlackRock denied any wrongdoing in a statement sent to The Center Square.

“Many policymakers and have ideas on how we should invest our clients’ assets,” BlackRock said in a statement. “We are always bound to invest consistent with our clients’ choices, their best financial interests, and applicable law.

“Our only agenda is maximizing risk-adjusted returns consistent with the funds’ investment objectives. We operate in one of the most highly regulated industries in the country and are committed to the law in every respect.”

Tennessee and Texas have already taken regulatory action against BlackRock.

“My hope is, once you start bringing more attention to this, more states will start paying attention,” Watson said. “Eventually, we all work together to push back as hard as we can. Hopefully BlackRock will pay attention and quit committing securities fraud in Mississippi.”

He also said that the letter gives the state the opportunity to get more information on BlackRock’s investment policies. Watson said his office will provide information to the state’s defined benefit pension system, the Public Employees’ Retirement System of Mississippi, and assist them in divesting those funds if securities fraud has been committed in the state. 

BlackRock is managing nearly $9 trillion in assets, more than 65 times Mississippi’s entire gross domestic product of $138 . Yet, the state has fought the David . Goliath battle before.



TCS - Mississippi Secretary of State Michael Watson

Mississippi Secretary of State Michael Watson




Watson, a former state senator from , was on the Senate floor during passage of the state’s abortion ban law, known as the Heartbeat Bill. That law later became the center of the Dobbs case that superseded the and sent abortion policy back to the state legislatures. 

“People would tell me that you’re wasting money, you’re wasting time, you’re not going to make a difference,” Watson said of the Heartbeat Bill. “And here we are, we flipped the abortion world on its head and saved a lot of lives because of it. Little old Mississippi, we rose up and we did something great. I think it takes courage, the ability to do the right thing no matter what the consequences.”

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News from the South - Georgia News Feed

Georgia officials announce $100 million relief plan for farmers | Georgia

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www.thecentersquare.com – By Kim Jarrett | – 2024-11-01 12:28:00

SUMMARY: The Georgia Financing and Investment Commission has proposed a $100 million relief plan for the state’s agriculture sector affected by Hurricane Helene. This will be sourced from the Capital Projects Fund included in the amended fiscal budgets for 2024 and 2025. The plan allocates $75 million for loans to the agriculture industry and $25 million for timber industry cleanup efforts. Lt. Gov. Burt Jones emphasized the significant losses by farming and timber communities. With agricultural losses estimated at $6.46 , this investment aims to recovery and rebuilding efforts as the state collaborates with federal partners.

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News from the South - Florida News Feed

Senate seat, amendments on the line in Florida elections | Florida

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www.thecentersquare.com – By Steve Wilson | – 2024-11-01 16:11:00

SUMMARY: On Tuesday, Florida voters will decide on two important ballot initiatives—recreational marijuana legalization and rights—alongside a competitive U.S. Senate race between Republican incumbent Rick Scott and Democratic challenger Debbie Mucarsel-Powell. Polls show Scott leading by narrow margins, with his trailing behind that of former . Amendments 3 and 4 enjoy strong backing, with recreational at around 60% support, and the abortion rights amendment close to 58%. Both initiatives have raised significant funds, totaling $256 million, primarily from notable and donors in the respective causes.

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News from the South - Tennessee News Feed

Tennessee students pick their favorites in mock election | Tennessee

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www.thecentersquare.com – By Kim Jarrett | – 2024-11-01 14:09:00

SUMMARY: In Tennessee’s 2024 Student Mock Election, former and U.S. Sen. Marsha Blackburn emerged as top favorites, securing 65% and 63.4% of votes respectively. Over 43,744 from various schools participated, with Trump outperforming Vice President Kamala Harris, who garnered 35%. Blackburn surpassed Rep. Gloria Johnson, who received 36.6%. This year’s mock election aimed to engage students in the , a program initiated by Secretary of State Tre Hargett in 2016. Meanwhile, early voting for the actual general election saw a turnout of 45.88% of registered voters in Tennessee, slightly lower than 2020.

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