Right-Wing Leader Says Conservatives Need ‘Scalps' of Woke Wall Street CEOs
Lisa Nelson, who leads ALEC, was discussing Larry Fink of BlackRock, the world's largest asset manager, and Brian Moynihan of Bank of America, the second largest bank in the country. She appeared to be speaking metaphorically, as she struggled to refer to an unknown movie. Nelson made the comments at the Consumers' Research Summit in Sea Island, Georgia. Rolling Stone has obtained exclusive audio and documents from the event.
Nelson noted she had spoken about this at breakfast. 'Whether it's Larry Fink or Brian Moynihan, we have got to take one of these guys out,' she said, presumably another metaphor. She added, 'Brian Moynihan is the guy, or Larry Fink is the guy that we should have their scalp.'
ALEC is a powerful 'bill mill' that brings corporations, conservative advocates, and state legislators together to hash out right-wing, pro-business legislation that is then introduced nationwide, with a focus on red states.
A spokesperson for ALEC declined to comment for this story.
'Over the past three years, the assets BlackRock manages on behalf of our clients have grown by $4 trillion to $12.5 trillion,' says a BlackRock spokesperson. 'We are focused on delivering for each and every client in every market we operate in around the world, including helping millions of Americans in states across the country retire with dignity.'
Bank of America declined to comment, though a person familiar with the matter says that the bank's representatives attended ALEC's annual meeting last week.
Fink and his firm BlackRock have become primary targets in conservatives' crusade against environmental, social, and governance (ESG) investing and initiatives promoting diversity, equity, and inclusion (DEI). The firm has trillions in assets under management, and manages billions of dollars for public pension funds. Because of its extensive holdings, BlackRock exerts enormous influence across the stock market through shareholder votes. In his widely-read annual letters to CEOs, Fink has written that 'climate risk is investment risk.'
Moynihan, for his part, has defended the idea of inclusion in the workplace, characterizing it as a positive business opportunity. Consumers' Research targeted Bank of America in 2023 for engaging in 'anti-consumer' behaviors: namely, having internal DEI training and offering tips for how clients can calculate their greenhouse gas emissions.
Amid Republican attacks on ESG and DEI, including from President Donald Trump, BlackRock and Bank of America both dropped out of Net Zero alliances, which require a commitment to achieving net-zero carbon emissions by 2050. Additionally, both companies have eliminated their DEI goals, while maintaining a general commitment to inclusion.
Consumers' Research, which hosted the event, is at the center of a network of nonprofits tied to the right-wing power broker Leonard Leo that is waging a 'War on Woke' against corporations and financiers who embrace ESG investment criteria — or the idea that asset managers should consider the threat of planetary devastation when deploying money. Leo's network helps fund ALEC, which has pushed model legislation in the states to ban asset managers for state retirement funds from promoting ESG.
The anti-ESG coalition has notched some wins in terms of BlackRock and Bank of America's public posturing, but these conservatives argue the fight is far from over. 'We have our good examples. We're sharing them every day when they get out of something,' Nelson noted, but 'it's words right now.'
That's why conservatives need their scalps, Nelson explained. 'And, you know, and that's — it's like the scalps. I don't know what the movie is,' she said, adding it was about 'taking the scalps.'
'Brian Moynihan would be the perfect person,' Nelson continued. 'We were talking about it at lunch, or breakfast. I think he is ideologically all-in on everything he's doing.'
Comparing him to JPMorgan Chase CEO Jamie Dimon, the ALEC chief said she doesn't believe that Dimon is 'all-in' ideologically. 'I think he is just seeing where the winds are blowing and trying to have his cake and eat it, too — and 'I'm gonna play footsie with everybody,' and all is going to be OK for JPMorgan in his mind,' Nelson asserted.
Nelson spoke with a JPMorgan executive on a panel at ALEC's annual meeting last week. A JPMorgan representative declined to comment but confirmed the firm is an ALEC member.
ALEC does not disclose its donors or a full list of its members. The organization receives some corporate funding, including from Chevron, and donations from lobbying groups for Big Pharma, fossil fuel interests, the telecom industry, and electric utilities. ALEC's Private Enterprise Advisory Council includes Mike Thompson, a top lieutenant at Leo's consulting firm CRC Advisors, which helped manage the summit; as well as execs at Consumers' Research; the American Bankers Association (ABA); oil billionaire Charles Koch's business empire; and the U.S. Chamber of Commerce, Washington's top business lobby. Bank of America previously cut ties with ALEC in 2012.
Nelson, who previously ran global government relations at credit card giant Visa, made her comments about the CEOs during a larger conversation about the necessity of political neutrality in public investments.
Fiduciaries, like BlackRock, are legally bound to act in the best financial interests of their clients. Conservative politicians and groups, ALEC included, have demanded that companies eschew ESG and DEI as part of their investment criteria, arguing the only thing that should matter is maximizing shareholder profit.
During Nelson's panel, an operative asked the panelists if they had any examples where Republican-led states had 'in their efforts to kind of correct, [and] go from liberal ESG investing, instead of going back to neutral, they over-corrected,' to a place where they're putting public money into conservative investments.
'If we want neutral, we should want neutral,' the operative said.
Debate ensued, with most participants concluding that long-suffering conservatives needed to beat back Big Banks, who are in cahoots with the Left — neutrality be damned.
'That's a very good kind of point to bring up,' Nelson said. 'But I think you know, we should plant our flag as far as we possibly can.'
Thompson, the CRC exec who moderated the panel, agreed, but was more explicit, comparing the Left and Big Banks to Hitler: 'If the Allies said, 'Hey, Hitler, will you go neutral? You've taken over France. You've got Northern Africa. You've got all this stuff. We'll stop if you stop.' OK, he'll stop for a little while and then he'll keep coming.'
He complained about an initiative attempting to get companies to reduce their climate impact, because it was rating corporations and docking them for giving money to nonprofits that do not align with their climate goals. 'Which means ALEC,' Thompson said, adding it 'means Consumers' Research should get no money from the other side.'
'We need to stop their momentum and then push back,' Thompson continued. 'We don't need them to go, 'Oh, we're neutral now. We've run over 90 percent of your world. We've burned down 90 percent of your house, and now we'll stop' … Sometimes that means not neutral. It means get us back to where we can be neutral. It's not enough to say, 'We're no longer gonna push the DEI agenda, but we're still going to have trans bathrooms, you can go to any bathroom you want, do whatever you want. No, no, no. You have to rip out all those policies.''
Tom Jones — the right-wing opposition researcher notorious for publishing a DEI Watch List of mostly Black federal officials he decided should be fired by Trump — argued that conservatives should not 'get wedded' to neutrality.
'Publicly held funds should reflect the values of Americans, and if that means we're not going to invest in companies that support boycott, divestment, and sanctions, [against Israel] or we're not going to invest in companies that use slave labor in China, or we're not going to invest in companies that invest in Iran because it's a threat to American national security, we should 100 percent have those policies,' said Jones.
'I don't know what neutral means — but legal and principled,' said perennial anti-tax crusader Grover Norquist, who seemed irritated with his compatriots' hypocrisy. 'I think you can't go to a court and say, 'We want to make decisions that aren't fiduciary, but we shouldn't be ruled to be stealing people's money, but they do.' I have no idea how you don't get laughed out of court with any argument…. This is a real slippery slope, and I don't know how you make that argument without laughing at yourself.'
Described by NPR in 2001 as a 'conservative revolutionary,' Norquist famously told the outlet: 'I don't want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.'
A spokesperson for Consumers' Research tells Rolling Stone, 'For years, megalomaniacs at the helm of powerful corporations like BlackRock and Bank of America exploited their positions to impose a political agenda and bully others into compliance. The American people have had enough and they are demanding a return to business, not activism. Neutrality means moving away from the far left and back to focusing on consumers. There is still a long way to go and damage to make amends for before these companies and others like them can earn the public's trust again.'
GOP attorneys general — long financed by Leo through their Republican Attorneys General Association — are currently suing BlackRock on alleged antitrust violations regarding its coal investments. The effort is being led by Texas Attorney General Ken Paxton, whose top deputy bragged during a different panel that he threatened another big bank, Wells Fargo, into leaving the Net Zero Banking Alliance. (Texas had similarly threatened Bank of America's bond business, until it dropped out of the climate coalition.)
Even former Congressman Ken Buck, who was the ranking Republican on the Antitrust Subcommittee, thinks Paxton's case against BlackRock is politically motivated 'lawfare.'In May, Democrats in the Senate and House announced probes into the exodus of banks from major climate change initiatives. Sheldon Whitehouse, the top Democrat on the Senate Environment and Public Works Committee, tells Rolling Stone: 'We have apparent open admissions — straight from the mouths of fossil-fuel-funded Republican operatives and lawmakers — of their phony anti-ESG scheme and their calls for the 'scalps' of the banking executives who've warned about the systemic risks from climate change.'Facing increasingly costly legal backlash from Republican state officials in the Leo network, BlackRock has tried to mend fences with conservatives. In January 2024, Texas Lt. Gov. Dan Patrick detailed Fink's moves to get back into his good graces, by lining up investors for new natural gas plants in the state's power grid. That didn't dissuade Paxton from launching the antitrust lawsuit against BlackRock last November.
Fink's firm withdrew from the Net Zero Asset Managers alliance in January, but the attacks from conservatives have not abated. They've continued even after the financier made a huge overture to Trump, in helping to achieve one of his key priorities: wresting control of the Panama Canal from China. Multiple agencies in the Trump administration have since written letters in support of Paxton's antitrust lawsuit.
From the sounds of it, no amount of concessions will satisfy these conservatives, only scalps.
More from Rolling Stone
Jimmy Fallon Responds to Colbert Cancelation: 'I Don't Like What's Going On'
Stephen Colbert Addresses Cancelation by Telling Trump to 'Go F-ck Yourself'
Jon Stewart to CBS After Colbert's 'Late Show' Cancellation: 'Go F-ck Yourself'
Best of Rolling Stone
The Useful Idiots New Guide to the Most Stoned Moments of the 2020 Presidential Campaign
Anatomy of a Fake News Scandal
The Radical Crusade of Mike Pence
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
21 minutes ago
- Bloomberg
Private Credit Wants in on $12 Trillion US Retirement Pot
Welcome to Going Private, Bloomberg's twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at private credit's plans to tap into retirement savings and Brookfield's secondaries miss. Plus, a key investor is looking to part ways with BlackRock. If you're not already on our list, sign up here. Have feedback? Email us at goingprivate@ — Silas Brown


Time Business News
an hour ago
- Time Business News
How Is AI Used in Investment Management?
The world of investment management is changing fast. Nowadays, AI is playing a significant part in the making of decisions, risk management and portfolio building. Big US based companies such as BlackRock, JPMorgan Chase, Goldman Sachs, and Morgan Stanley are making their way. They've already launched their own AI platforms — like BlackRock's Aladdin and JPMorgan's LLM suite — to help make smarter, faster choices. The demand for a reliable FinTech software development company such as Hidden Brains is all-time high. These tools aren't just for big players. More firms are now turning to AI to manage the growing flood of data and stay ahead in the market. In this article, we'll look at how AI is being used in investment management and why it matters for the future. Managing investments today isn't easy. The amount of financial data out there is just too much for people to handle alone. That's where AI is involved. It can swiftly identify patterns, trends and risks that a human might not catch. Data then enables investors to make better, more informed decisions without having to drown in information. AI is already becoming a must-have tool. In 2024, the US AI in the asset management market was valued at $1.65 billion. It's expected to reach a huge $14.17 billion by 2034, growing at a fast pace of 23.99% CAGR over the next decade. Right now, over 90% of US asset managers are already using some form of AI. They even depend on it in areas such as portfolio optimization, risk management and even communications with the clients. In the most basic explanation, AI assists the investment worker to work smart rather than hard. AI isn't just a buzz word in the investment world. It's a tool used in many different ways to make work easier, faster and smarter. From constructing portfolios to identifying risks, AI is supporting companies to be a step ahead in the rate of technology marketplace. Partnering with a FinTech software development company can help you implement artificial intelligence in your asset management solution and make accurate decisions. Let's dive in a little bit more deeply on how AI is being used. A major advantage of AI is that it enhances portfolio management. Artificial intelligence tools are capable of analyzing masses of market data, tendencies, and even the world news to determine the most efficient investment decisions. This is not all speculation, AI employs insights in real time to assist companies in the development of portfolios which compare to various levels of risk and financial objectives. Some companies also work with robo-advisors (Betterment or Wealthfront). The tools save time and limit the number of human errors since they automatically form and tinker investment strategies according to the needs of each client. Another field where AI is leaving a significant impression is risk management. Markets are highly dynamic and they can shift within a second and AI assists in identifying the possible threats before becoming actual issues. AI can be used to analyze past information and current trends by using predictive analytics to alert a firm about potential losses. This allows investment managers to have ample time to change tactics and not to wander into avoidable risks. Artificial intelligence is also useful in real-time monitoring of market fluctuations, thus enabling companies to be ready. When it comes to trading, AI works quicker than any human could possibly do. AI algorithms equipped can understand market signals and historical data to make a smart trade in less than a second. These tools are used to execute trades extremely fast and large in volume, they help companies stay competitive. AI also takes away emotions in trading choices. It is based on facts and trends and not on fear or guesswork that can lead to more accurate results down the line. Preserving investments is as important as increasing investments. AI contributes by monitoring abnormal trends in financial dealings that leads to possible fraud. It can detect suspicious activities in a manner much quicker than conventional systems. AI is equally assisting companies to be current in the compliance regulations. Regulations are repeatedly modified, and with the use of AI tools, updates are tracked so that corporations did not commit a mistake that might result in fines or a court case. It is not only in money management that AI is playing a role since it is also assisting companies get to know their customers better. AI can service clients more personally by observation of their behavioral patterns and preferences. It is easy to see how AI can enhance the experience of clients, whether by providing custom investment advice or, more proactively, by informing them of changes. Clients who can feel understood and supported are more inclined to be loyal to the firm, having the trust. The use of AI in the management of investments is no longer a matter of theory, but it is already being practiced in several of the largest financial establishments. These companies are demonstrating how AI can generate true value both among institutional customers and retail investors. So, what better way to do that than let's take a closer look? The Aladdin investment platform introduced by BlackRock is among the most sophisticated AI-driven investment platforms in the world. Not only BlackRock but other financial institutions use this to monitor risk, portfolio analysis and data-driven investment decisions. Aladdin combines massive amounts of data with machine learning to help investors see potential risks before they happen. It's like having a smart assistant that continuously watches over your investments — quietly, efficiently, and 24/7. JPMorgan Chase has already spent a lot on AI and large language models (LLMs) to improve their approach to trading strategies to customer service. They use AI to analyze market sentiment, predict economic shifts, and even write earnings summaries. The goal? To help their teams — and clients- move faster with better insights. JPMorgan's LLM suite reflects how seriously the bank is taking AI's role in the future of finance. Its Next Best Action platform does not leave behind Morgan Stanley. This AI-assisted working tool enables financial advisors to provide more customized suggestions to their respective customers. When taking into consideration the economic history, aspirations, and even the market transformations of each particular client, the platform can presuppose what an advisor should discuss or present next, which makes the experience seem much more natural and initiative-oriented. Artificial intelligence is rapidly transforming to be a game-changer in investment management. Whether it implies smarter and faster decision-making in companies such as BlackRock and JPMorgan or the possibility to provide common investors with access to automated robots (robo-advisors), AI is not only the future, but the present as well. The rapid adoption of AI in financial institutions, such as banks, is significantly impacting the overall industry and transforming the nature of their business. The technology is only getting bigger; hence, even more personalized, data-led, and efficient investment strategies can be anticipated just about everywhere. TIME BUSINESS NEWS
Yahoo
2 hours ago
- Yahoo
Billionaires Sell Nvidia Stock and Buy a BlackRock ETF Wall Street Experts Say Can Soar Up to 8,595%
Key Points Hedge fund billionaires Ken Griffin and Steven Cohen sold shares of Nvidia and added to their positions in BlackRock's iShares Bitcoin Trust during the first quarter. Nvidia was battling headwinds related to DeepSeek and chip export restrictions during the first quarter, but those potential problems have since become less worrisome. More companies and institutional investors are buying Bitcoin, a trend likely to continue due to its status as digital gold and the increasingly favorable regulatory environment. 10 stocks we like better than iShares Bitcoin Trust › Nvidia (NASDAQ: NVDA) shares have advanced 1,080% since January 2023 as demand for artificial intelligence (AI) infrastructure has surged. Nevertheless, the hedge fund billionaires listed below sold Nvidia in the first quarter and bought shares of the iShares Bitcoin Trust (NASDAQ: IBIT), a BlackRock fund that could soar in the coming years if certain Wall Street experts are correct. Ken Griffin of Citadel Advisors sold 1.5 million shares of Nvidia, reducing his position 50%. He also added 2 million shares of the iShares Bitcoin Trust, increasing his stake 195%. Steven Cohen of Point72 Asset Management sold 2 million shares of Nvidia, trimming his position 50%. He also added 1.3 million shares of the iShares Bitcoin Trust, increasing his stake 49%. These details come from Forms 13F filed with SEC. While those forms provide insight into what hedge fund managers are buying and selling, the information is somewhat outdated because the trades were made at least four months ago. Here's a more current look at Nvidia and the iShares Bitcoin Trust. 1. Nvidia Nvidia is the market leader in data center graphics processing units (GPUs), chips used to accelerate complex workloads like training large language models (LLMs) and running artificial intelligence (AI) applications. "Nvidia sets the pace for AI infrastructure worldwide. Without Nvidia's GPUs, modern AI wouldn't be possible," according to Forrester Research. Nvidia was battling a few headwinds that have since been resolved when billionaires Ken Griffin and Steven Cohen sold shares in the first quarter. Investors worried demand for Nvidia GPUs would slow after Chinese AI start-up DeepSeek reportedly used fewer and less powerful chips to develop LLMs rivaling those from U.S. companies. But demand has stayed robust because cost efficiencies have made AI accessible to more companies. Additionally, the Commerce Department under former President Joe Biden announced a strict export control framework (called the AI Diffusion Rule) that would have limited Nvidia's ability to sell semiconductors in most countries. The Trump administration has since rescinded that rule and even restored Nvidia's ability to sell H20 GPUs in China. Looking ahead, Grand View Research estimates AI spending across hardware, software, and services will increase at 35% annually through 2030. Nvidia remains one of the companies best positioned to benefit. Wall Street expects earnings to grow at 29% annually in the next three to five years, which makes the current valuation of 56 times earnings look tolerable. Patient investors should feel comfortable holding Nvidia stock for years to come. 2. iShares Bitcoin Trust The price of Bitcoin (CRYPTO: BTC) has rocketed 612% since January 2023. The cryptocurrency currently trades at $118,000 and has a market value of $2.3 trillion, but these Wall Street experts expect monster returns in the coming years. David Puell at Ark Invest has outlined a bull-case scenario in which Bitcoin hits $1.5 million by 2030. That implies 1,170% upside from its current price. Bernstein analyst Gautam Chhugani thinks Bitcoin will hit $1 million by 2033. That implies 745% upside from its current price. Tom Lee of Fundstrat Global Advisors recently told CNBC Bitcoin can hit $3 million or more in the long run. That implies 2,440% upside from its current price. Strategy (formerly known as MicroStrategy) chairman Michael Saylor thinks Bitcoin will be a $200 trillion asset by 2045. That implies 8,595% upside from its current market value. Bitwise CIO says Bitcoin is the "largest, most liquid, and most established" cryptocurrency. Also, Bitcoin's fixed supply makes it a hedge against the inflation-driven devaluation of fiat currencies like the U.S. dollar, drawing comparisons to gold. Those qualities should encourage more retail investors and institutional investors to participate in the market in the years ahead. Indeed, the Bitcoin supply held by public and private companies has increased more than 30% year to date due to the increasingly favorable U.S. regulatory environment under the Trump administration. Most notably, the president signed an executive order establishing a strategic Bitcoin reserve, which may eventually let the federal government buy Bitcoin. Spot Bitcoin ETFs make it particularly easy to get exposure to the cryptocurrency. They let investors add Bitcoin to existing brokerage accounts without the high fees associated with cryptocurrency exchanges. For instance, the iShares Bitcoin Trust charges 0.25% per year, but Coinbase charges between 0.4% and 0.6% per transaction under $10,000. Consequently, institutional investors are piling into newly minted spot Bitcoin ETFs. In fact, recently filed Forms 13F show the number of large asset managers (i.e., those with $100 million-plus in securities) with positions in the two largest spot Bitcoin ETFs -- iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund -- nearly tripled in the past year. As a caveat, investors should never put too much confidence in forecasts because there is no guarantee Bitcoin reaches these prices. Also, prospective investors should be aware Bitcoin has historically been very volatile. Its price has dropped more than 50% from a record high three times in the last five years, and similar downturns are likely in the future. Investors comfortable with those risks, especially those with a long time horizon, should consider adding Bitcoin exposure to their portfolios. The BlackRock iShares Bitcoin Trust is a cheap and convenient way of doing that. Do the experts think iShares Bitcoin Trust is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did iShares Bitcoin Trust make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. After all, Stock Advisor's total average return is up 1,037% vs. just 182% for the S&P — that is beating the market by 855.37%!* Imagine if you were a Stock Advisor member when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $634,627!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,046,799!* The 10 stocks that made the cut could produce monster returns in the coming years. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Trevor Jennewine has positions in Nvidia. The Motley Fool has positions in and recommends Bitcoin and Nvidia. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy. Billionaires Sell Nvidia Stock and Buy a BlackRock ETF Wall Street Experts Say Can Soar Up to 8,595% was originally published by The Motley Fool