An editorial on Wednesday in the French economic magazine Le Point defended BlackRock as being the victim of “conspiratorial diatribes,” adding that the company was being made into a “new French scapegoat.”Suspicions that the Wall Street giant sought to influence President Macron’s overhaul of the nation’s pension system have made the company a target of protesters.Opponents insist that Mr. Macron’s plan still opens France to the influence of companies like BlackRock.BlackRock has tried to portray itself as an industry leader in responsible investing.
But as President Emmanuel Macron presses ahead with a controversial campaign to overhaul the French economy, the company has become a favorite target for growing anticapitalist sentiment.They point to a measure that would cut pension payroll taxes on people earning more than €120,000 annually — less than 1 percent of France’s work force — and encourage them to invest in private pension funds.The protests escalated with the action on Monday morning, when environmental activists who allege French workers’ pensions could be directed by BlackRock stormed the company’s offices.The news lit up social media and triggered a fresh storm of criticism that the American fund was too cozy with Mr. Macron, and would profit from the pension changes.Constant Méheut contributed reporting.Such actions have done little to placate the company’s growing cadre of critics in France, where it manages 27 billion euros in assets for local clients and invests over €185 billion, or $200 billion, in French equities and corporate and government bonds.“By attacking BlackRock, we’re attacking capitalism,” the group said.Addressing the National Assembly, Olivier Marleix, a conservative lawmaker from the party Les Républicains, said the proposal would divert money away from France’s social safety net. UK’s record spending on PPE comes under growing scrutiny Jul 26 2020; Nando’s to trial feeding chickens algae and insects in eco push Jul 26 2020; Nightingale investment before pandemic would have made NHS resilient Jul 26 2020; Anti-corruption drive floundering under Bolsonaro, says ex-minister Jul 26 2020; Keith Skeoch backs new UK fund regime post-Brexit Jul 26 2020
It is expected to move to the Senate in April.Such statements have not appeased opponents. 'There were around a hundred hardcore intruders who made their way into the headquarters, and then targeted individual offices. The protesters on Monday cited BlackRock investments in the French oil giant Total and the construction company Vinci as running counter to that.The measure seems likely to pass because Mr. Macron’s party commands an absolute majority, despite attempts by opponents to obstruct the bill with more than 22,000 amendments. Le fonds d'investissements américain BlackRock ne s'attendait peut-être pas à cette attaque. “BlackRock is an emblem,” said Benoît Martin, the head of the Paris branch of the militant General Confederation of Labor union.