Posted on 11/08/2022 10:35:18 AM PST by MtnClimber
A blatantly illegal discriminatory move that a new GOP Congress should act on.
As if America already didn't have enough of what fascism-savvy Argentines call "the corporate republic," we now learn that big banks are conditioning their credit to big businesses based on "diversity" quotas, not creditworthiness.
According to the Washington Free Beacon:
Amid an uptick in race-conscious hiring programs throughout corporate America, many prominent businesses are now writing racial and gender quotas into their credit agreements with banks, tying the cost of borrowing to the companies' workforce diversity, a Washington Free Beacon analysis found.
The businesses that have struck such agreements include the pharmaceutical giant Pfizer, the consulting groups Ernst & Young and AECOM, insurers Prudential and Definity Financial, private equity firms BlackRock and the Carlyle Group, the technology company Trimble, and the telecommunications giant Telefónica.
Over the past two years, each of those companies has secured a lending agreement, known as a credit facility, that links the interest rate charged by banks to the company's internal diversity targets, creating a financial incentive to meet them. If the business achieves its targets, it won't have to pay as much interest on the loans it takes out; if it falls short, it is required to pay more.
That's got to be an illegal practice, given that lending money on the basis of skin color, rather than a borrower's capacity to repay, is nothing but naked racial discrimination.
To start, how the heck do they determine how well these quotas are filled? Do they do a blood test on every employee, or use percentages, such as x many drops of Race A blood and x many drops of Race B blood, the way the old Brazilian bureaucrats who kept track of such things once did
(Excerpt) Read more at americanthinker.com ...
Their competition should have ads showing the racism and fiduciary negligence.
Smart business people will take the higher rates rather than the alternative. They’ll come out ahead.
Remind me again what caused the 2008 crash triggered by mortgage-backed securities?
They have to do DNA tests on all potential borrowers if they want to fully comply with “anti-racist” racist mandates.
Printed, fiat money issued by a central political/government authority is the foundation of the woke/progressive state and its 1000 social-engineering schemes.
Contractors with the Feds have used black “front men” to get “minority” contracts and pays them a piece of the action—has worked for decades.
In the real world they use black “contractors”—the front person—and then white sub-contractors who actually do the work.
I have seen this up front and personal—everybody laughs about it—and the black dude laughs all the way to the bank.
Isn’t that extortion?
Actually... I think this is great.
If the “big” Banks are going to penalize companies that don’t act “their way”.
Then any potential loaning companies can easily find a smaller bank or credit union, in line with their values with lower rates.
It would be great for “woke” lending institutions to see a massive drop in loans, revenue and market place power (e.g. BoA)
p
It’s a conspiracy to reduce the value of white male labor.
It’s a conspiracy to deny employment to white male workers.
States need to break up these racist banks and corporations.
DeSantis? Abbott?
That's what the ESG scores fad is all about - Environmental, Social, Governance. Chinese-style social credits for corporations. They've taken a bit of a hit recently once the implications of making business decisions on social justice terms have surfaced.
Being in banking, I don’t believe this.
Hey, it worked well with mortgages, right? /s
It is illegal and unconstitutional, and they know the current administration will do nothing about it.
Denying a loan to an unqualified POC is “racial profiling.”
Approving a loan to an unqualified POC is “predatory lending.”
See how that works?
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