Posted on 01/24/2020 5:53:24 AM PST by Enlightened1
Goldman Sachs CEO David Solomon said Thursday that the powerful investment bank will only finance initial public offerings (IPOs) for companies that have at least one nonwhite male board member.
Solomon said during a Thursday interview with CNBC that as of July 1 in the U.S. and Europe, Goldman “is not going to take a company public unless there is at least one diverse board candidate, with a focus on women.”
“Diversity on boards is a very very important issue, and we've been very very focused on it and so we're trying to find ways to encourage that,” Solomon told CNBC’s “Squawk Box” at the World Economic Forum in Davos, Switzerland.
“This is a small step, but it's a step in the direction of saying, ‘You know what? We think this is right. We think it's the right advice,' ” he said.
Solomon argued that there is significant financial incentive for companies to diversify their boards, citing his own experiences leading Goldman and analyzing IPOs.
“We have four women out of 11, we have a black lead director. I really value the diverse perspectives I'm getting, which are helping me on the company,” Solomon said.
“Over the last four years, the performance of IPOs where there's been a woman on the board in the U.S. is significantly better than the performance of IPOs where there hasn't been a woman on the board,” he said.
(Excerpt) Read more at thehill.com ...
Fools and their money ...
Quota loving Sachs should be asked if they plan on setting quotas for other over-represented groups.
In a thirty-plus year career dealing with government contracts I have seen many “minority or female owned” companies. In every case where I dealt with them, the “owner” was a stay-at-home mother and the husband ran the company. (Can you say, “scam?” I knew you could.)
“Diversity is an important issue....”
So....the ability to produce income for investors must obviously not be important at all.
Heck, if a slime mold could make my company grow, it’s be CEO.
But, right now, all slime molds appear to rather engage in democrat politics.
One member should be chosen to identify as a female dressing as a male to get the IPO. Then reclaim their identity.
Yes, because "diversity" is what makes or breaks a company.
Rikers Island and Sing Sing have diverse people...
Pretty sure this will trigger some discrimination lawsuits, as it should.
A one eyed pirate, lesbian, Black female, with a peg leg, and is into beastiality...
Goldman will fail , and anyone using them should bail ASAP.
When White Privilege is a policy meme in the investment industry, its time to winnow the weak and chose the strong.
Goildman has become a distinct weakling, a failing liberal fascist front, bailed out by Obama in 2009, an institution that needs to advertise its political memes to obtain customers and clients is “in extremis.”
Think about it. Suppose you have 2 million dollars you have carefully accumulated over 20 years of hard work as a white privileged Caucasian and you go to Goldman, they tell you that your investments they will make on YOUR WHITE ASSES BEHALF will be politically correct , and that you should feel good about earning about 2% return per annum because your money is invested with racially representative corporations in terms of their board rooms. As a saavy white privileged Caucasian you shop down the road and realize that TD Trust Investment can pretty much return you between 9% and 16% on your 2 million annually, depending on the amount of risk you can take, AND WHAT-CHA-GONNA DO?
These liberal fascist idiots at Goldman have finally revealed they are Kool aide drinkers of the highest order.Thats sure death in the investment world these days.
Anyone with the slightest clue would bail from Goldman like they had both the Black Calcutta Syphilis enhanced by the Bubonic Plague.
Corporate America is cowardly. All other companies like Goldman will follow suit. Have any doubts about this? Just look at nearly every TV commercial. Without exception “diversity” of all ilk and scenarios is the overarching requirement for the actors chosen. Remember the geographic location of both Madison Avenue and the Financial Capital of the World.
Well said!
Blatant racism and sexism is now considered moral and correct by the “Progressives”.
And these companies should sue because of discrimination.
Goldman is an arm of the government, now.
If Goldman fails, you will pay the tab to keep them afloat.
How can this NOT be discriminatory?
Yes, by all means bring forth that IPO with the potential for huge earnings and price appreciation (or not), based on the color of its Board. /s
Seriously Goldman, do you believe that anyone is going to invest based on skin color?
Should Goldman chose which skin color is more acceptable for diversification? (Excluding Asians, of course, since they are the new “white” according to elite universities and thus must limit participation).
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