Q&A of the Day – Finding Banks That Don’t Use ESG Standards
Each day I feature a listener question sent by one of these methods.
iHeartRadio: Use the Talkback feature – the microphone button on our station’s page in the iHeart app.
Today’s Entry: This is why the parallel economy is taking off. Give me the bank that rejects ESG and publicizes the fact. BOA pulled this SJW crap a long time ago when they started issuing accounts in the early 2000s to illegals w/o SSNs. That's why Rush called them Bank of Amigo.
Bottom Line: Good ‘ole Bank of Amigo – I remember that one. Today’s note is in response to my top 3 takeaways yesterday, where I posed the question... Who are you banking with? After Bank of America’s CEO stated at the World Economic Forum this week that ESG standards need to be standardized around the world and all businesses need to be held accountable to the established global standard. Or as Brian Moynihan said... Here’s a line that is acceptable and you’re either above it or below it. If you’re below it, we shouldn’t do business with you. Right, got it. A bunch of one world government globalists in Davos should determine the standards all businesses operate by or “we shouldn’t do business with you”. Now, what’s important about that comment is twofold. First, he’s dead serious. And ESG, which you probably hadn’t even heard of until about two years ago, is now so pervasive most publicly traded companies have adopted at least some related standards and the State of Florida has taken action to ban its use for investment purposes within our state. As part of that determination, over a billion in state assets has been divested from Blackrock – one of the biggest ESG champions of all. Additionally, 19 other states are actively involved in a civil investigation into potential ESG collusion – as part of a UN initiative – which is actively supported and advanced by Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo. So, if you’re concerned about this issue and wondering which banks are driving forces behind it...there you go. Again, I’ll refer you back to the question of...who are you banking with? But your point is to give you a bank which publicly rejects ESG. And to your point. I can’t. That doesn’t mean it doesn’t exist, however, I wasn’t able to find a bank going out of their way to say they reject ESG standards. That said, there is more to the story. And there are options in traditional banking – however it’s not the norm.
Last October, a KPMG study found 68% of all banks had incorporated ESG criteria into their policies including lending standards. Most Americans have no clue that this week the World Economic Forum is actively pushing the Great Reset with a one-world business and governance standard, with Bank of America’s CEO chairing a committee to attempt to make it happen. How many Americans do you think realize they’ve potentially received loans, or have been rejected for them and/or have had the terms dictated based upon ESG criteria? But it’s been happening with over two-thirds of them most recently. So... which banks are the most likely to be part of the 32% holding out? Smaller banks. Regional and local banks. There are far too many to attempt to name names but if you’re concerned with this issue don’t be afraid to ask the question of your bank, or a bank you’re considering using. Ask if they adhere to ESG standards. And btw, if they do and you choose not to business with them. Tell them that’s why. It could have a much more profound impact than you might think.
While a lot of companies engage in woke policies these days, a lot of the principals at the companies aren’t really on board. A recent CNBC CFO survey found only 25% of corporate CFO’s are supportive of mandatory ESG standards with 55% that are outright opposed. In other words, most companies doing this nonsense are caving to perceived social pressures. Something the leftist Davos crowd is especially skilled at applying. But what’s more compelling than Brian Moynihan's Orwellian wishes for most businesses – is actual business. I recently had a related conversation with a business executive of a large company who said that if customers started speaking out against this and changing habits it would make a difference. With Governor DeSantis having already taken substantive action in our state, which has had a direct economic impact on some of these woke companies, it hasn’t gone unnoticed. With this issue already on the minds of many operating on the Orwellian side of ESG there’s an opportunity for change.
You’re right that this issue is a key driver for many who’ve been attracted to decentralization. That said, there’s irony in that concept as well. Here we are talking about efforts undertaken to create a one-world standard for business. And the response by some is to decentralize to what amounts to a one-world digital currency. I’m not sure that’s the right answer. Regardless, for most families traditional banking is important. But so too is who with bank and do business with. Doing the same stuff, the way we’ve been doing it will continue to net similar results. DeSantis opened the door in a big way on the ESG issue in Florida. The opportunity is there for us to run through it. And for the future of our country, and the world for that matter, we probably should.