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May 27, 2021

Woke Capitalism FINALLY Backfires! CEO’s Turn On Virtue Signaling After Sales Plummet!

TheQuartering [5/26/2021]

Can’t say I am disappointed! 🙂

According to MarketWatch:

The CEOs of some of America’s largest banks will testify before the Senate Banking Committee on Wednesday, and the House Financial Services Committee Thursday, where they are expected to be challenged on a drop in lending over the past year, efforts to fight systemic racism and defend themselves against accusations of “woke capitalism,” according to statements made by top lawmakers in both parties.

Testifying before both committees will be JPMorgan Chase & Co.’s JPM, -0.01% Jamie Dimon, Jane Fraser of Citigroup C, +0.31%, Morgan Stanley MS, +0.55% head James Gorman, Brian Moynihan of Bank of America Corp. BAC, +0.07%, Wells Fargo & Co. WFC, +0.67% CEO and president Charles Scharf and David Solomon of Goldman Sachs Group Inc. GS, +0.79%

Democrats have said that a decline over the past year in loan issuance to businesses and consumers is concerning, given the ongoing economic recovery in the U.S. and complaints from many small businesses that they do not have sufficient access to lending.

Democratic Sen. Elizabeth Warren of Massachusetts told Bloomberg News Monday that “One of the things I’d like to understand better is how these banks hold themselves out as working in the public interest at the same time that they have millions of dollars for CEO bonuses and not enough for consumer lending.”

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