Is anyone really surprised? Anyone?

The state of Indiana issued a cease-and-desist order against BlackRock Thursday for alleged securities fraud tied to the asset manager’s range of environmental, social, and governance investment products.

Indiana Secretary of State Diego Morales (R) is accusing BlackRock of misleading investors about its efforts to push ESG goals onto portfolio companies and the long-term financial performance of its ESG products.

“Investment companies that engage in fraudulent activities not only betray the trust of their clients but undermine the integrity of our financial markets,” Morales said.

BlackRock, of course, denies the allegations.

“Today’s action by Mr. Morales is a politically motivated attack that completely mischaracterizes BlackRock’s approach to investing,” BlackRock told National Review in a statement.

“We are only focused on helping hundreds of thousands of Hoosier clients achieve their investment goals. We intend to defend ourselves and our clients against this arbitrary use of state power.”

BlackRock’s CEO Larry Fink has been a vocal advocate for ESG, but following state legislation challenging the progressive investing trend, the company has started avoiding the term. Critics argue that BlackRock hasn’t abandoned its commitment to ESG principles but is instead rebranding the movement.

Climate investing is booming at BlackRock. Just don’t call it ESG.

After crusading for years for investment funds and companies to take into account environmental, social and governance factors, Larry Fink has purged the letters from his vocabulary.

He attempted to use BlackRock’s clout as the steward for millions of investors to prod companies toward climate-friendly policies and press them to disclose the social effects of their businesses. He long argued that the world’s largest asset manager and its peers could make money and make the world a better place at the same time.

During March of last year, Republican Attorneys General, including Indiana’s Todd Rokita, sent a letter to asset managers, including BlackRock, alleging that ESG investing has led to breaches of fiduciary duties and violations of antitrust laws. They also criticized the asset managers for their role in pushing for greater public disclosure regarding the risks and effects of climate change.

It is not surprising Larry Fink is doing this since he has always been dedicated to the cause of politicizing free markets as part of his power-hungry aims. Hopefully, an antitrust investigation will be initiated against BlackRock and other asset managers based on the allegations of breaches of antitrust statutes and their fiduciary duties. Doing so would be the appropriate retaliation against Fink and other like-minded asset managers.

PHOTO CREDIT: Looking north from East 51st Street at BlackRock HQ entrance – By Jim.henderson – Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=5251990