Here's the memo Larry Fink, the head of the world's largest investor, just sent to staff about Trump's council (BLK)
According to a memo to staff seen by Business Insider, Fink had already decided to resign from the forum.
The move came after the manufacturing council witnessed an exodus of members in the wake of Trump's handling of the white-supremacist protests in Charlottesville, Virginia, over the weekend.
Five council members stepped down on Monday and Tuesday. On Wednesday, two more stepped before Trump tweeted he would be disbanding the group, and a further three stepped down afterwards.
In a memo to staff on Wednesday seen by Business Insider, Fink, head of $5.6 trillion fund-giant BlackRock, said he had already informed the forum's chairman, Blackstone chief Steve Schwarzman, that he would be resigning.
He said:
- "While I have disagreed with the President in certain instances this year, I continued to participate in the Forum because I believed it was important to have a voice at the table for investors, including our clients. Unfortunately, after the last few days, I concluded that I could no longer in good conscience participate in the Forum."
- "The events that occurred in Charlottesville, as I said on Monday, are nothing short of domestic terrorism. Such racism and bigotry must not just be condemned, but must be condemned unequivocally."
- "In the last 24 hours, I informed our clients on the Forum as well as the Forum’s chairman of my decision to resign. I also made clear that while I won’t be participating in the Forum, BlackRock will continue to engage on issues of public policy with governments at all levels and around the world."
Here's the full memo:
Dear colleagues,
Late last year, I joined President Trump’s Strategic and Policy Forum because I believe we need to advance policies that can spur economic growth and improve life for all Americans. Engaging constructively with governments is central to advancing BlackRock’s mission, and, in the United States, we desperately need to find common ground on which Americans of different views and from different parties can come together to move the nation forward.
While I have disagreed with the President in certain instances this year, I continued to participate in the Forum because I believed it was important to have a voice at the table for investors, including our clients. Unfortunately, after the last few days, I concluded that I could no longer in good conscience participate in the Forum.
The events that occurred in Charlottesville, as I said on Monday, are nothing short of domestic terrorism. Such racism and bigotry must not just be condemned but must be condemned unequivocally. The diversity of America works because leaders from all walks of life have always been willing to step forward and reject intolerance without equivocation.
In the last 24 hours, I informed our clients on the Forum as well as the Forum’s chairman of my decision to resign. I also made clear that while I won’t be participating in the Forum, BlackRock will continue to engage on issues of public policy with governments at all levels and around the world. For the U.S. economy, successfully enacting tax reform and rebuilding our infrastructure are of paramount importance.
BlackRock will continue to contribute to the debate on these and other important issues, but we will do so in ways that are consistent with our culture and values.
Sincerely,
Larry Fink
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