SPICER: “There’s big asset management company BlackRock, it manages millions and billions of dollars for states for institutions. You guys have released a statement this morning in part that says, using our cash, Florida’s state money to fund BlackRock’s social engineering project isn’t something Florida ever signed up for. Florida’s Treasury division is divesting from BlackRock because they’ve openly stated they’ve got other goals than producing returns. So here’s the thing that I want to ask you as a financial guy. My understanding as a layman is that companies like BlackRock are considered fiduciaries. They have a responsibility to make me money if I invest in them. It doesn’t sound like that — when you’re worried about being woke, it doesn’t sound like your number one responsibility is to be make me money. And what are you guys doing to counter that?”
PATRONIS: “You’re exactly right. I need a business partner with our fund managers. And what we’re seeing right now, we’re seeing a privilege to access capital. We’re seeing Larry Fink pushing out an agenda that is not in the best fiduciary interest of the bottom line of the state of Florida. Cost of health care, roads, all these things are going up because inflation that Washington is doing nothing about. So I’ve got to do everything in my power in the state of Florida. So what I need to make is going to maximize the bottom line and we just don’t see that with BlackRock, where there’s too many good other players out there that we can move our dollars to.”
SPICER: “ So what are you doing?”
PATRONIS: “So, we’re later — later today, we’re actually putting BlackRock on notice that from our state treasury’s position where where I have 100 percent control over, we’re moving all assets away from BlackRock and we’re putting them on notice today.”
SPICER: “How much is that?”
PATRONIS: “A little bit over $2 billion.”
UNKNOWN FEMALE: “Oh! Wow!”
SPICER: “That’s a real money.”
UNKNOWN FEMALE: “That’s a lot of money.”
PATRONIS: “Yeah.”
UNKNOWN FEMALE: “So I mean, what is their response? I mean, obviously, they know that you guys have not been happy. Are they trying to court you say we’re going to change paths at all, or are they just setting their ways right now?”
PATRONIS: “They probably won’t know until they watch your show tonight.”
UNKNOWN FEMALE: “All right.”
PATRONIS: “So, we haven’t — we haven’t — [crosstalk] — you know, literally we — we — we — we broke the news for you tonight.”
SPICER: “Thank you”
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