by Mitch Kokai
Senior Political Analyst, John Locke Foundation
And Disney takes another blow on the chin, this time from South Carolina.
According to Moneywise, South Carolina State Treasurer Curtis Loftis has divested the state’s money from Disney over the corporation not doing its fiduciary responsibility. Loftis blamed a “structural rot” within the company that he doesn’t see it getting away from:
“I think it’s clear to anybody paying attention that there’s a structural rot inside of Disney. It’s deep, it’s pervasive, and I suspect Bob Iger, since his return as the CEO, now realizes it can’t be fixed,” he told Fox Business Digital, adding that it “does not bode well” for the future of the company.
The amount of money South Carolina is pulling out of Disney isn’t small either:
“Fox Business Digital reported that the portfolio of the State Treasurer’s Office included $105 million in Disney debt securities, which will not be renewed upon maturity. In total, Loftis is responsible for managing $67 billion in public funds.”
Loftis nails down Disney’s decline into lunacy as a product of ESG criteria, and he’s not wrong. Environmental, Social, and Governance checklists stop a company from focusing on making the best product it can and more on fulfilling left-leaning agenda items.
“People sometimes forget that ESG has nothing to do with investing,” said Loftis. “ESG is a speech and behavior code that was … created by the left and delivered to everybody else under these virtuous circumstances, or presumed circumstances.”
Loftis also noted that Disney’s leadership is now a mess of incompetence and activism.
“The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney,” said Loftis. “That’s why their movies are flops and their market cap, I think, is about half what it used to be. It’s a tremendous loss to America, we all grew up on Disney.”