now esg cover nothing else. the for the left this radical environmentalists power grab would suffice. suffice. but there are other issues that fall under the esg rubric under the essence esg so called diversity, equity and inclusion, or dpa, which subverts merest merit based hiring policies and promotes race and sex based hiring. exactly the opposite of what americans have been striving. striving to overcome since at least the passage of the civil rights act in 1964, which made race and sex based hiring illegal. since at least the early 1960s, we've been building a society in which you are judged by the content of your character, not the color of your skin. as reverend martin luther king stated in his most famous speech at the washington mall, ye or the s in esg would destroy those efforts. but the key with esg, the key point is that it includes whatever the current guardians of collectivist ideology like larry fink want it to include, and little, if anything, that priority is the financial interests of the big

for the work on the esg. i love the time line on slide 73 had shoes how we built on prior successes. and taken on new challenges. -- especially reasonable in the labor and human right's questions added due dill jenls i appreciate staff educating me on this. focussing on making sure and come per with the highest level of our duties and responsibilities while leading in an area where we can cammure risk associate weaponed labor disputes or freedom of association. i'd like to follow up on commissioner driscoll's question kwuchl might have answered it. when we say whether a private market or something, the questions are not just for the initial business but the portfolio companies. the ones you read to us. >> that's correct. we have the various touch points during diligence and then on going monitoring. post investment. so we have opportunity to get updates and monitoring questions over time. understood in terms of huwe calgary this risk depends on when business we look at. would you say that -- if a company is r

now we have esg movement and i run a public company. in esg movement in the big picture stenting reverse both of those. top-down about what values and what boxes you should check and an explicit war against hydrocarbons. based on mainstream climate narrative that go something like this. there's an ever-growing climate crisis sweeping the world, wreaking destruction in its wake, particularly harming low income people around the world and, therefore, all the countries must unite in a battle to drive fast as possible in the transition to cleaner greener cheaper fuels. and only denying retrograde, get in the way we will be there soon. this is the narrative. there's one problem with the narrative. it's simply not true. let me a few of those things. first of all the image transition, the kyoto protocols were 1992, 30 years ago and launch the image transition movement to combat the climate crisis. we moved from 87% to global energy for hydrocarbons in 1992 and plummeted all the way down to 83% today. 30 years, choice of dollars of subsidies, c

so for us it's not as if we just started esg went esg became trendy. it's not something new.nvironment, caring for our communities as being intrinsically linked to the success of our business. we are a travel company so for not protecting the destinations where all of us are traveling to, that is our business. its core to our business to protect and preserve all the decisions that we travel. >> is sustainability, i mean do you break up the letters of a more now and is sustained but on a different track than some of these other political corporate goals? >> i would say that we are focused on the core, kind of the center of the win-win-win for our owner, for our guests, and for the environment. so, for example, energy efficiency, operating in more energy efficient way cuts cost. good for the 500 a delivers cost savings for our owners. it can also be really helpful to our teams. many may not know the number one highest maintenance request in any hotel, not just at hilton, is to change a lightbulb. so by investing in led lighting, leveraging our skill to bring down the cost can m

they transformed human society to be an unrecognizable state.d you have esg movement i run a public company. they are attempting to reverse both of those. this shows what boxes you should check and war. based on a main stream narrative that goes something like this. there is an ever growing climate crisis causing destruction.or it's particularly harming low income people aroundd the world. they must unite in a battle in an energy transition. they have cleaner and cheaper fuel. we will get in there soon.e this is the narrative. there is one problem with the narty. it is not true. let me hit a few of those things. first of all, energy transition. protocolsan was 1992. 30 years ago combatting the climate crisis. we wentat from 87% of global hydrant and dropped down to 83% today. 30 years. trillions in so you says subsidies and countless mandates. we moved it 4 percentage points. everyone the small movement drove up the price of electric. this was in direct proportion of the amount of adopting low energy density unreliable sources and driven up the price of electric. there are 10 times as many

. >> esg.oring. >> dei at the fed, it's insane. >> of course there's no diversity of the fed. >> of course 90% of political donations. larry: the doge brothers, they don't dance as good as blues brothers but they're pretty good. this is vivek and the doge brothers will blow this up. >> i hope so. larry: blow it up across the government and corporate sector. this is not a fluke. >> government is not there to perform social engineering and there to create laws and rule sos private citizens going among their lives without the long arm of government telling them what to do. >> i think it goes beyond the doge brothers. remember, with gary gensler saying the sec chair and does it on everything, climate does closures and making up stuff and my mandate under the 33 and 34 access and investors care about dei and i want dei at nasdaq. what's going to happen is paul atkinses runs the sec under trump. people throughout ministrative agencies have to go by what congressman dated those to do. >> if you can't

there are issues about esg within investment funds. some people say black rock is just doing what they choose to do. it is a free market. on the other hand, they are fiduciaries for passive investors. are they pursuing their own interests? let me throw all that to you. what is your commentary? wallace: interesting question. i would look to the writings of matt levine on this general subject. his daily bloomberg newsletter and now podcasts are essential reading for any securities lawyer. this is a topic -- for those who are not familiar with the premise of the question, we are talking about large fund complexes. no need to mention particular names. we are talking about general fund complexes that hold large swaths of entire industries. there has been some academic research suggestive of the idea that this cross shareholding pattern, which is some ways reminiscent of the japanese cadence in a way, maybe anticompetitive. if you own every airline perhaps you are not so interested in price competition over ticket prices. the counter argumen

they weren't there for esg and then -- as dan describes public backing off the whole concept of, youpposed to listening to markets. that was a way out for them. you know, the anti-fossil fuels movement has been a disaster in europe americans look that is bad for living standard in this country. so it was both at the corporate level and also amongst the public people just said we don't want to be part of this. >> another element of this kim is the transgender algd had a big setback republicans used it across the country particularly when it came to transgender sports, man and women's sports. other policies, what happened there? >> well i think that was important paul is that republicans and other prom innocent voices in the libertarian space or on the right found their voices. and what we've seen happening for a decade now is that the threat of being canceled kept many americans quiet about how they felt about a lot of this stuff. and what republicans did successfully along with folks like elon musk is say actually now this is opinions held by a small elite people in the media, in wea

they won't call it esg but they'll pursue the same policies.rock, state street, vanguard, if you read their proxy voting guidance, how they're going to vote the shares they hold, they're still promoting these radical environmental policies, these dei policies, so they may not use the acronym but they're just -- it's socialism in ship's shes clothing. they're backing off what they say publicly. charles: what do they get out of it? is it greater control? they have trillions of dollars under management. they own everything. if it moves they'll buy into it. trailer parts, they want a piece of it. now they're buying into hvac. if there's cash flow, they want a piece of the action. is it to put a moat around their business and no one else is encouraged? what do they get out of this. >> this is initially passive investment firms. they're supposed to invest in companies and let the ceos run them and you buy a group of companies and you expect them to profit. 2018, larry fink changed that. he said we're going to come in and tell the companies what to do

on the left it would be also potentially esg and and so they and forth with blackrock, and they now haveadline of january 10th to potential give measures of oversight if they're going to own 10%. this largely applies to blackrock for smaller community and mid-sized banks. those are the ones they own about 39 banks where they have a more than 10% ownership. and blackrock's perspective is, look, if you put these onerous rules on us, you're going to make bank investing less attractive. we are not going to want to do it. but the government says, well, you need to comply with these rules so we can ensure you are truly passive since you and some of your peers hold all this concentration in the sector that is critical to the economy. kind of an interesting dynamic. >> yeah, for sure. it is interesting how the concept of passive has evolved in multiple directions. the january factors is small cap up performance but more specifically laggards leading. i have the worst performance on a year to year basis ranked. walgreens, estee lauder. most of the worst top performers of the year are being scoope

we have dei and esg multiculturalism biculturalism all for thlture purpose of undermining a nationalolution by immigration it will destroy this country as fast as it destroyeds the roman empire. they lasted a thousand years. we're not even at 300. i'll see you tomorrow night on life, liberty, and "life, "iberty & levin. ♪ ♪ as multiple reports of drone sightings continue to come in on the east coast, boston police now arresting two men accuseof

it certainly would be a kudos, of course, there are real concerns over shein's esg credentials essentiallyy through the supply chain having been raised. shein addressed that, but there is an issue. it will list in london of course, the first choice was new york, but having hit an obstacle and road block in its ambitions there, london looks like the second choice i think you will -- it could potentially propel a fresh flurry of other firms to list. it's very much wait and see. >> we will wait and see. we appreciate your time. susannah streeter. >>> rachel reeves is set to head the conference this afternoon with areas of common interest such as aid for ukraine. we'll have more details for you on that front here tomorrow. >>> meanwhile, volkswagen says they have to find alternative pathways in the german plants. they are set to hold a fourth round of talks over plant closures today perhaps this will bring the vw board to its senses threatening to tighten the thumb screws or not. we'll see. >>> coming up on the show, oil prices are declines next year according to the report by citi. we'll disc

except for a few, in charge of dei and esg programs. which don't count. and will be blown away by the new president elect. over 2 trillion worth of regulations and most particularly the biden war on fossil fuels. this modern brand dumped sand into the gears of business and undermined the kind of entrepreneurial capitalism espoused by mr. reagan and mr. trump. mr. trump will move rapidly to make good on his tax cut plans, supposedly, include ago 15% corporate tax for domestic producers, and include that along with the other key propses to end the crime ridden wave of illegal immigration. it could become the center piece of his first weeks in office. already, american business and consumer confidence soared in anticipation of gails of creative destruction. haven't used that in a while. the national mood is turning positive. trump's win is reviving america's lost energy. it'll be rem removed and merck d others replaced. mr. trump told them assassination attempt in pennsylvania they became religious including members of his own family. and he reiterated his t

. >> what are the implications here in terms of esg?o you have to rethink or rechange some of the strategy here? >> i think when it comes to those things, we need to understand that better when we make the company and how we look into that. of course, we have a strong focus on that and we will build on the values we have from the company. it is up to the new company also to set those targets. so, this will kind of be operated by quinor with the non-operated assets. of course, we work closely with our partners and all assets to improve the footprint. >> in terms of what this means for equinor at this stage, should the investors expect further deals of this size? what are you planning in terms of potential consolidation going forward? >> good question. i'll speak on the business development externally. >> same n i'm frayed we afraid to leave the conversation there. that was the head of equinor. >>> and the new york times deal book summit as leaders look to the president-elect's return to the white house. >> here's what we don't know about

. >> companies also realize that dei, esg, those programs are in trouble right now and they want to seehey're going to best adjust to the new political force in washington. cheryl: i want to ask you about this, because this is an economic story we're seeing playing out. one of the big stories to end 2024 has been the home buyer story. american homeowners are feeling the crunch of home insurance and property tax payments. that is really pushing up their monthly mortgages. the wall street journal found that in september 32% of the average single family monthly mortgage payment went to insurance and tax payments. that's the highest since 2014. the climbing costs of property taxes and home insurance is not going to come down, putting burden on homeowners even if they refinanced or got a low rate on the mortgage, 3 and-a-half to 4%, prince. >> this is going to be really tough on the housing market. right now, of late, the worst performing sector in the u.s. equity market has been housing related shares. they're under a lot of pressure. they've been sinking by double digit percentage for the

we have to get dei, esg and crt out of our schools, and our military, and out of our corporations. we need to get back to actually allowing each individual to be able to go ahead aand thrive because of their merits, not because of any type of inclusivity that they call it by race, gender, religion or otherwise. but also getting men out of women's sports. look, women's sports not a plan b for failed male athletes. we need to make sure that we are actually securing title ix, strengthening that and guaranteeing that women have the right to be able to succeed in their endeavors to play sports at the collegiate levels. >> katie: the economy, of course, war the top issue for voters in november. the left is down playing trump's economic agenda. watch. >> look, is he being handed an economy that is in good shape. trump is looking at, you know, tariffs. >> i think the best thing trump could do for the economy is just basically nothing at all. you know, be the hype man that this u.s. economy needs. as i said it has a lot going for it even if consumers aren't yet recognizing it. >> congressma

under the president-elect but he also says don't start popping the champaign just yet for the death of esge'll find out why he's saying that. i hope he's not right. we'll see you at the top of the hour. lock in let's go. rated e for everyone. [rock and roll music playing] xfinity. made for gaming. rewards members, get early access to an ea sports fc25 kit. visit xfinity.com/rewards. >> jason: could have, would have, should have. president biden reportedly regrets dropping his june decision to dropout of the presidential race. according to the washington post, he has since told others that he still believes he could have beaten president-elect trump in november despite his poor debate performance, low approval ratings that forced him to exit the race. fox news lucas tomlinson has the latest details live from st. croix, in the virgin islands where the president is on vacation yet again. lucas? reporter: well, good evening jason. that's right according to the washington post president biden has reportedly told aids he regrets dropping out, despite having a 39% approval rating of course that a

we have dei and esg multiculturalism biculturalism all for thlture purpose of undermining a national identity in unity. i we have more thaden that.y massive migration, with an emphasis on illegal immigration burt right citizenship chain, migration evolution by immigration it will destroy this country as fast as it destroyeds the roman empire. they lasted a thousand years. we're not even at 300. i'll see you tomorrow night on life, liberty, and "life, "iberty & levin. ♪ ♪ as multiple reports of drone sightings continue to come in on the east coast, boston police now arresting two men accused of flying a drone dangerously close to logan international airport. the white house still insists there are no threats to public safety. but local officials from coast to coast are still demanding answers. good evening i'm jon scott and this is the "fox report." ♪ ♪ jon: so as those drone reports continue to come in c.b. colt season live in elizabeth, new jersey with the latest. c.b.. >> hi jon boston police say two men are facing trespassing charges for flying a drone off logan airport and using

esg and i but i got justin danoff who was at founding of strive with vivek ramaswamy to write that chapter. and i got tiffany, co-founder of moms for liberty, to write our education chapter. and i got, abby johnson, to write our life chapter. and i billboard chris to write our transgender chapter. and i got neil chatterjee to write our energy. so it's like i conscripted the top subject matter experts on all these issues that have some of them. you know, grover nark, grover norquist did our taxes. i mean, like i made them give me their life's work in 3000 words through lens of what if we put kids first? so that is what we have outside for you today. and i hope that it will not only be informative, but it will fuel your for justice on behalf of children in every area of and politics and life. thank you. how katie, that was fantastic. thank you so much. and katie has agreed to. stay with us for lunch and. signed some books. her books are available for sale, but before we do that, we have a tradition here at the luce center. we have a beautiful mug for you with favorite quote by clare boothe l

we have dei and esg, multiculturalism biculturalism all for the purpose of undermining a national identity and unity. we have more than that massive migration with an emphasis on illegal immigration, birthright citizenship, chain migration. this is revolution by immigration. it will destroy this country as fast as it destroyed the roman empire. they lasted a thousand years. we're not even at 300. i'll see you tomorrow night on life, liberty and levin. ♪ ♪ o, say can you see by the dawn's early light -- ♪ what so proudly we hailed at the twilight's last gleaming? muck -- ♪ whose broad stripes and bright stars through the perilous figh- ♪ if o'er the ramparts we watched were so gallantly streaming. ♪ and the rockets' red glare, the bombs bursting in air -- ♪ gave proof through the night that the our flag was still there ♪ ♪ o, say does that star-spangled banner yet wave -- ♪ o'er the land of the free and the home of the brave ♪ [cheers and applause] will: good morning and welcome to "fox & friends" on this sunday morning. that was your national anthem performed by both military academies yes

we have dei and esg, multiculturalism biculturalism all for the purpose of undermining a national identity and unity. we have more than that massive migration with an emphasis on illegal immigration, birthright citizenship, chain migration. this is revolution by immigration. it will destroy this country as fast as it destroyed the roman empire. they lasted a thousand years. we're not even at 300. i'll see you tomorrow night on life, liberty and levin.

a very tense time in the world of esg. we are looking at a selloff. rally has faded. the s&p 500 below the 6000 level. we will be speaking next to michael reynolds from glenn mead. he will bring us his outlook for 2025. stick with us for the conversation next. this is bloomberg. ♪ if your business needs a new application, then developers will have to write code. a lot of code. if an application needs to be modernized, then you'll need time, resources... and caffeine. if this sounds daunting, then use watsonx code assistant. built with ibm's granite code model, it's ai designed to multiply developer productivity, so you can generate code quickly. ibm. let's create. sonali: welcome back to our bloomberg radio nt the audiences. this is sonali basak -- this is "bloomberg markets," and i am sonali basak. even if the holiday season comes to an end retailers are still competing for consumers. earlier this week we spoke to the ceo of a company that is helping retail brands target consumers using ai. michelle: our ai trains on what the brand's editorial point

we have dei and esg, multiculturalism biculturalism all for the purpose of undermining a national identity and unity. we have more than that massive migration with an emphasis on illegal immigration, birthright citizenship, chain migration. this is revolution by immigration. it will destroy this country as fast as it destroyed the roman empire. they lasted a thousand years. we're not even at 300. i'll see you tomorrow night on life, liberty and levin. >> hi, everyone. >> welcome to one nation. i'm brian kilmeade. thanks for dating early or dating late. you make your choice. coming up on tonight's show, we made our choice, ben shapiro, with some insight on d e i and so much more. adam carolla, the media moments that matter the most, and michael francis michael is an interesting perspective. they're saying that donald trump's a mobster. he was a mobster. he'll tell you the difference. but first to this, you know, last week we told you, as donald trump tones it down, the media has come around never claiming the media was fair. i would say claiming they were never fair before. they were never

for us it is not as if we just started when esg became trendy.ing for the environment and our communities as being intrinsically linked to the success of our business. we are travel company. if we are not protecting the destinations where all of us are traveling to that is our business, so it is our business to protect and preserve the destinations where we travel. a >> is sustainability -- the breakup the letter is more now? is it on a different track? >> i would say that we are focused on the center of the win-win for our owner and guest and for the environment. energy efficiency. operating in a more energy- efficient way. cuts costs. good for the environment. delivers cost savings for our owners. it can also be really helpful to our teams. many may not know the number one highest maintenance request and any hotel is to change a lightbulb appeared by investing in l.e.d. lighting and leveraging our skill to bring down the cost and make it more affordable for the owners they last about seven times longer than traditional inefficient bulbs. those

. >> both esg and petitioner suggested that a better approach would be the appr of west virginia. what is your reato that? >> my friend's arguments with respect to the alternative approach is pure policies about making. as brett kavanaugh recognized they cannot stand up here and say if these alternativesere imposed they would know d transition is, they can't illuminate the risk so it becomes a purexeise of weighing the benefits versus risks and the question h many miners have to have their bodies irreparably harmed or for unproven benefits is one best left -- >> i am sorry, counselor, every medicatment has a risk. even taking aspirin. there is always g to be a percentage of the population after any medical treatment that is going fer harm. the queioin my mind is not due policymakers decide whether one person's life is more valuable than the millions of others who get relief from this treatment, the question is can you stop one sex from another sex fromving that benefit. so if the medical condition is unwantedr buyer 9-year-old boy who can r estrogen for that because at 9 years old

governance frameworks, ethical guidelines, even with the esg pushback uic and, you could potentiallyyou think about shareholder activism coming into the next year. romaine: absolutely. it will be interesting to see the proxy battles sometimes go nowhere but this is a big issue, front and center for investors and users alike. something to keep an eye on in 2025. meanwhile, here on the penultimate day of 2024, let's give you a bit on some other stories out there this morning. sonali: this morning, we are remembering of course jimmy carter, the 39th president of the united states, who died at the age of 100 sunday. is compliments during his one term included brokering a historic peace accord between israel and egypt. after leaving office, he was awarded the nobel peace prize in 2002 for his efforts to promote peace, democracy, and human rights. president biden addressed the nation sunday night, calling card or statesman and humanitarian. biden says he will order a state funeral for the former president in washington and designate january 9 as a national day of mourning. the u.s. stock m

i know that esg is dead and over, god rest it's soul, but some people might want a different perspectiveu might want a female perspective. that could be a reason that you go with a smaller fund, a newer fund over izzy englander or ken griffey. sonali: there was a time when calpers and other funds were giving effort to female ledge -- female lead hedge funds. even from the allocator perspective, you have seen a lot of shrinking of that. plus the opposite is happening, you covered what was it, trying to raise $5 billion and raised much more. millennial money? it's more money than you can imagine going to the bigger managers. >> that's exactly the trend. matt: i have a negative violence against hedge funds. that's my personal opinion, i've held it since 2005. when i did raise a fund, it was $500 million, but it was not sticky money, unfortunately. i just think a lot of the money is going to the really big firms. therefore, it feels more institutional, less entrepreneurial, less opportunity for alpha. i'm not paying for beta. i'm paying for alpha. sonali: are you paying for diversification?

this came in the aftermath, i don't know in the aftermath, back in the 2020 era with esg and what we big backlash have come back. >> there was backlash from a lot of companies who were irritated by this and when there was talk of the texas setup of the competing -- a competing -- >> exchange. >> in texas. companies were saying we're tired of getting harassed about this and the expectations on this and the competing exchange in texas were what people were talking about. >> i remember the conversation with her in davos and a conversation with david solomon. they made efforts to diversify the board. there has been a move afoot, but clearly the move is going in the opposite direction now. >>> we're going to talk about new jersey congress member josh gottheimer. he admitted yesterday that he faked his spotify wrapped list. the list summarizes each top played songs for the year. gottheimer posted the songs appearing to be all by bruce springsteen. the font and numerals in the spacing looked off. he created the list for fun. just relax. he said he shares an account with his children and the

initiative where he has been working with companies and pushing companies to pursue causes often times with esgi issues. his view was not walk away from it. he was like lean into it. stop. why? he thinks that sort of, you know, the wind is blowing one way so everyone is going this way now. meaning the backlash is happening. he said if you are a believer, you are a believer. you shouldn't go with the wind. that is the take away i took away from what he said. >> being a believer and where we want to get, obviously. if what are you doing to try to get there is actually counter productive, you need to face that and realize your own efforts are counter productive to getting there. >> all i could think of watching that was james carvell who worked to get bill clinton elected and what he had to say about some of these things. he said the reason you're in this position is because of what you've done with these things. focus on the economy. it's the economy, stupid, that was the famous tag line and picked up and so success. . >> you all want to get there. you don't want to turn people off and you end up

either esg compliant new build buildings or highly a minute ties to buildings. michael: increasingly people are finding the efficiency of that is much less than being in person. hybrid has become more like four days a week, not two or three days a week. we just heard recently the announcement that many of the companies on the west coast are going back into the office. we saw that with salesforce in san francisco. while i think it has not been great news for the office market, and i think you will see less overall back office, things that can be taken out of the physical place will continue to happen. i think what you will see is a genesis of new building. the cranes in cities like london are over the skyline. as you think about what that means to new product coming online, i think there are exciting things yet to come. vonnie: tell us about how you actually make a six ton ball of christmas -- crystals drop. i did not realize it is six tons. michael: it is on a 135 foot tall mast. and it's very digitally advanced, or was in 2008 when that ball was created. this i

and a lot of those companies in america that went along with this esg score and all this dai nonsensey're all dropping it like hot rocks. i mean, i'm not surprised. you know why? why would you subscribe to something thatis would you subscribe to something that is going to destroy your business just because you may potentially look to good a few people? i don't really get it. >> no. well, i think trump will put america first, which is what he said he will do very, very clearly. i think i think a lot of advice from elon musk, and i think he'll be very transactional and there'll be no particular favours for britain or anyone else. it will just be america first. >> well, listen as well as donald as well as prince william meeting with donald trump any moment now, french president emmanuel macron will meet the us president elect. and then with ukrainian president volodymyr zelenskyy at the elysee palace ahead of notre dame's reopening in paris. so we'll bring you as much of that coverage as we can as it happens. right? well, 29 minutes after 3:00, this is dup news. we are live on tv, online