Yes, you read that headline correctly.

In a perverse twist of logic, New York City Comptroller Brad Lander, a close ally of the newly-elected mayor Zohran Mamdani, has commanded three of the city’s pension funds to drop BlackRock Inc., Fidelity, and PanAngora Asset Management because of “inadequate” climate plans.

Seriously?

What in the world does “climate” have to do with earning solid returns on workers’ pension funds?

This threat from Lander is in direct response to our newly issued and widely-cited study which grades firms from A to F on which are honoring their fiduciary duty to get the highest returns for their clients.

BlackRock and Fidelity’s sin is that they got an A on our report card, meaning they didn’t play politics with their clients’ money the way Lander apparently wishes to.

Lander apparently thinks getting the highest possible returns on worker pensions will “put our investments at risk needlessly.” He wants the pension trustees to terminate contracts with these three high-performing firms.

Just who’s the one here “putting pension investments at risk?”