Texas, Florida, and other red states are spending hundreds of millions more in bond fees thanks to their hatred of ESG principles.
The governors of Texas and Florida have declared war on Wall Street bankers who dare to consider environmental, social, and governance factors in making their business decisions. Companies committed tofavor protection of natural resources, human rights, health and safety, and community engagement.
That’s OK. Everyone should be free to choose who they do business with, and if Greg Abbott and Ron DeSantis want to preen and posture for the howling jackanapes who represent the worst aspects of our species, that’s fine. But in all good conscience, while they are blathering about their anti-woke scruples, they should also inform those voters that their anti-ESG policies are costing them hundreds of millions of dollars a year.
In Florida, DeSantis’ attacks on money managers and securities underwriters who oppose fossil fuels, voter suppression, and the criminalizing of reproductive rights as part of their investment strategies are poisoning the market for AAA rated Florida debt. Without the liquidity that comes from a robust group of underwriters, Florida now pays 43 basis points more in yield than California, which has a AA rating. That’s only 0.
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