Simon Reader writes that Environmental Social Governance is just wokeness replacing the Greed is Good mantra, which, by practise and extension, triumph and disaster, he believes has become one of the greatest features of our western civilisation. Using new but no less absurd terminology such as âstakeholder capitalismâ, ESGâs seizure of climate and coof and culture wars has given it the stature it does not deserve. The truth is that ESG is just another instrument of competition. Read his column below for more of his views. – Sandra Laurence
ESG vs Wall Street
By Simon Lincoln Reader*
Last week, the Chair of the United States Federal Reserve Bank, Jerome Powell made an announcement on the lawns of the White House. âI am to become a woman.â For assembled reporters, it was Victor Verster February 1990 again – one particular fact-checker, weighing in at 600lbs whose attendance would have been impossible without the use of a crane, was visibly moved to tears. Powell continued: âowing to relentless pressure from the not remotely dishonest and overwhelming talented Press Secretary Karin Jean-Pierre, my gender reassignment surgery will take place in the Oval Office itself, with the castration and bone shaving instruments kindly donated by the Albert Bourla Endowment Fund to Make the World Completely Toilet.â
Just kidding, boys – all Jerome said was: âthe Fed shouldnât be involved in matters of climate change.â
Now, if you were some Euro financier whoâd spent the day spittle-flecking about what a great anti-racist you are and were now seeking to take a load off with a bottle of plum schnapps and a surge-charging Estonian hooker, the notification revealing Powellâs sentiments would have sent you Charlie Foxtrot Mach 10. âUktivate ze azzet!!!!â youâd scream into your phone, at which point Greta Thunbergâs handlers would stage an arrest at a staged German coal mine protest. When it would later emerge that it was staged in a way that made it staged-staged embarrassing, hopefully your rage would prompt you into smashing the bottle over your own head, much to the amusement of the Estonian (most of her clients this time of year are married men – with consciences apparently – so sheâs resigned to the unimaginative “Dutch Rudder”).
They donât call Jerome âprivate equity Powellâ for nothing: unlike his associates, in particular Janet Yellen, he actually knows finance. And he has come to the conclusion, whether by influence from men such as Ken Griffin or Jamie Dimon, or even elementary cause and effect, that the incentives of the upstart ESG, or Environmental Social Governance, are not aligned to those of actual, Gordon Gekko Wall Street.
Let me explain: ESG is just white collar intersectionality (wokeness) that has been popularised as an alternative to Greed is Good, which, by practise and extension, triumph and disaster, has become one of the greatest features of our western civilisation. Using new but no less absurd terminology such as âstakeholder capitalismâ, ESGâs seizure of climate and coof and culture wars, coupled to support from people like Salesforceâs Marc Benioff and Rippleâs Brad Garlinghouse, has afforded it the stature it does not deserve. The truth is that ESG is just an instrument of competition.
If its handbags between ESG and Wall Street, the banks are in an undeniably weaker position, thanks to the footsy theyâve been playing with aspects of the former. Because ESG, like true intersectionality, accommodates zero nuance – youâre either all in, or youâre out: you canât be sceptical of madness such as ânet zeroâ but adjust your recruitment policies to favour minorities. You canât invest in new oil companies, then try offset this by the construction of gender neutral toilets. ESG demands absolute compliance, no compromise.
But Wall Street is resisting. Joe Biden, in as much as his remote controllers can manage or allow, is ESG. His departing chief controller, Ron Klain, is very ESG. The unlikeable Klain has just been sacked and the man replacing him is reportedly worth hundreds of millions of dollars – Bain Capital alumni no less. So Wall Street to his fingertips.
Western civilisation underwritten by ESG would inch the doomsday clock to within ten seconds of the end. Among other things, it would compromise lockdowns (climate), digital ids, food restrictions (again, climate), identity usurping talent, mandatory this and that – basically the legislation of all the most stupid and reckless ideas to have emerged from the European Union over the past two decades.
If Wall Street prevails, then the bankers are back, and at the very least it will be fun to watch: thereâs over a decade worth of cocaine to snort, jet-ski accidents in the Mediterranean, balconies in Acapulco to fall off. Progressives will self-detonate, and difficult decisions will be deferred to the next decade, then the decade after that.
Choose your fighter.
- Simon Lincoln Reader works and lives in London. You can follow him on Substack.
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