Posted on 09/03/2021 4:01:59 AM PDT by MtnClimber
Woke capitalism arrogates to corporations what should be adjudicated through our democracy.
In 2020, at the World Economic Forum, David Solomon, the CEO of Goldman Sachs, proclaimed that the investment firm wouldn’t take corporations public unless they had at least one “diverse” member on their board. The ostensible logic: a diverse leadership performs better by avoiding groupthink. But the proclamation came too late. Six months before, the last S&P 500 company with an all-male board had inducted a woman. Goldman was actually virtue-signaling to divert attention from its role in the 1Malaysia Development Berhad scandal, described in 2016 as the “largest kleptocracy case to date.” Goldman had paid $1 billion in bribes to win work raising money for 1MBD, a slush fund linked to then Malaysian prime minister Najib Razak and corrupt officials. Fined $5 billion for its machinations, Goldman was embracing “woke” to burnish its credentials.
It’s not just Goldman. Corporate America has learnt to invoke buzzwords like ‘stakeholder capitalism’ and ‘social justice’ to boost their profile, cache and profits. In Woke, Inc.: Inside Corporate America’s Social Justice Scam, biotech entrepreneur Vivek Ramaswamy lays bare this duplicitous con. He writes in the introduction, “Here’s how it works: pretend like you care about something other than profit and power, precisely to gain more of each.” Worryingly, this deception is subverting democracy.
Like most American capitalists, Ramaswamy believes that the job of business is to provide products, maximize profit, and deliver value to shareholders. It’s not the realm of business to impose one particular vision of “social responsibility” on society. Corporate law limits boards’ focus to the financial interests of shareholders. This protects democracy from corporate overreach, for with financial power, businesses can easily crowd out dissent, whether from employees or from ordinary Americans.
(Excerpt) Read more at americanthinker.com ...
saw wokeness destroying the defense contractor I worked for. They put performance evaluation criteria on me that was all wokeness and specifically did not include job performance. I left.
So they want diversity above performance. I think HR departments are the most destructive thing that has ever happened to Corporate America.
I will never buy Coke again. I will never fly Delta or buy anything at Dicks Sporting Goods. I paid down my credit cards to next to nothing even though I could buy a house with my credit limits. I think most Woke companies have idiots for leaders.
Maybe they are not so stupid.
I think, they learned in China, that the most important thing in business is to keep the powers happy. If you do not do that, you will be out of business regardless how great your management and product are.
“I think, they learned in China, that the most important thing in business is to keep the powers happy. If you do not do that, you will be out of business regardless how great your management and product are.”
That’s a good point, but in China business is essentially owned by the government. In the U.S., the government is essentially owned by business.
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