Thread regarding ExxonMobil Corp. layoffs

@1ooi

401(k)s belong to each respective employee, not the company.

Go ahead and invest in ESG funds in your plan if you want, but A. It is not sound to make it the default, B. If you take away employee choice then you are the one causing "scary times."

@1ooi+1k8V7jiz

Both parties attack rights.

But to speak to your claim that companies are told where to invest: This is about 401(k) plans, in which money grows for individual employees, with the company acting as a fiduciary.

We already let companies invest their employees' 401(k) amounts however they wished. It was an unmitigated disaster for Enron employees.

Don’t we have a higher ESG score than Tesla? I know Elon was complaining about it.

I’m not sure which side the ESG supporters in here think they’re supporting lol

Amazing how certain people out there will not stop attacking until they dominate every aspect of a citizens rights. From telling companies where to invest to telling women when they can have children. Scary times!

If you don’t like your options at your 401K provider, you can always just roll over to a self managed IRA at whatever institution you want and buy whatever you want. You always have options. If enough people don’t like that there’s no ESG option available ant a 401k provider and they see the money flowing out, the institution will correct it and include regular funds too. No need to get the government involved in any of this. Not to mention they were already offering you regular and ESG options, so you weren’t being forced into ESG if you didn’t want anyways.

It’s republicans trying to get a quick meaningless win.

@dht here. To be clear, the claims in @dht and @ins have been quite thoroughly fact-checked.

It is simple math. Maybe @kre doesn't understand what "idiosyncratic" means (though they seem really sure of it, and are huffing and puffing about fact-checking), but it is what it is.

Republicans telling private companies how to run their businesses, color me shocked.

@dht It doesn’t appear that you’ve fact-checked any of those claims.

Anyway, I’m not going to play pigeon-chess with you. Believe whatever you want. Enjoy the holidays.

@zfp+1k8V7jiz no, actually the republicans are right about this. Even if perfectly implemented, ESG funds have idiosyncratic risk compared to total market funds.

At the same time, an anti-ESG fund would also have idiosyncratic risk.

Stop pretending that the fundamentals don't apply here because you are ba--s deep in your hugbox to see the real world.

ESG is the just the latest front the never-ending culture wars. It’s mostly people on the right who are upset about it, so it’s a safe assumption that ESG probably does at least some minimal amount of good.

@ins They’re not. They’re just putting out distorted information to whip-up their base. Seems to be working.

The simple fact is, ESG funds have idiosyncratic risk compared to total market funds (also, ESG funds don't live up to their own goals, but that's another issue).

You can invest in what you want, but do not pretend that forcing everyone's 401k into ESG is prudent. The republicans, for once, are 100% right.