Despite his own bank’s major efforts to advance the movement, JPMorgan Chase CEO Jamie Dimon stated last week that most investors do not care about environmental, social, and governance investment.
According to The New York Post, Dimon made some inflammatory remarks regarding current geopolitical realities and US leadership during an investor meeting in Washington that was closed to the press. He said, among other things, that “investors do not really give a s***” about ESG and that corporate governance shouldn’t be “ceded” to “do-gooder kids on a committee.”
Companies that back the ESG movement may establish quotas for ethnic diversity among CEOs, set climate goals, or otherwise combine radical social agendas with profitability. American investors would prefer that firms focus purely on profit, with 58% saying that companies using their influence for political or social purposes is a “bad thing.”
JPMorgan Chase, on the other hand, has committed more than $2.5 trillion over the next decade to “advance long-term strategies that address climate change and ensure the sustainability” in order to meet global emissions targets by 2050.
Dimon, widely regarded as one of the most powerful CEOs on Wall Street, appears to have shifted his position in recent months. During the seminar, he stated that the “U.S. president needs to stand up and say we might not meet our 2050 climate objectives because this is a f***ing war,” and that officials must acknowledge that it is “time to stop going hat in hand to Venezuela and Saudi and start pumping more oil and gas in the United States.”
Many suspected that boosting stronger energy output in response to rising gas costs in the United States was a significant factor when President Joe Biden visited Saudi Arabia three months ago. That notion appeared to be confirmed last week, when the Saudi government issued a statement announcing the commander-in-chief’s request to postpone the output decrease until after the midterm elections. Earlier this month, Biden allegedly began planning to lift sanctions against Venezuela in order for Chevron, an American oil giant, to begin production in the socialist country.
Meanwhile, the Biden administration has come under fire for blocking the Keystone XL pipeline development and bringing federal oil leases to a halt. In a recent interview with CNBC, Dimon stated that, despite climate hawks’ desire to cut output in the interest of reduced emissions, emerging countries such as India, China, and the Philippines resort to coal power when oil and natural gas costs begin to climb, resulting in more emissions.
“I think we’re getting energy entirely wrong,” he continued. “You know, ever since this conflict started, you knew Europe was going to have a problem. And that it was very predictable that Putin would shut off some gas and some oil, causing oil prices to rise.”
According to AAA data, the national average price of gasoline is currently $3.89 per gallon, representing a roughly 63% rise since Biden took office at the beginning of last year.
The path of least resistance is always the motto of business because they have to maintain profitability or investors will go elsewhere. Agreeing to ESG (a stupid controlling, elite notion that won’t actually do anything good for the world or the population) is that path for now. But at some point even the most woke corporations will wonder where is the return on investment for following this agenda. We look good but we are going broke they will say. There is a more reasonable alternative.
The entire energy concept followed by this administration is childness following fantasy dreams. To shift an economy’s energy base before the replacement is actually in place and functioning is mismanagement to the nth degree. To require a shift to all electric cars before the technology is perfected and before there exists the capability of sufficient electricity production is ridiculous.
These are but two of many examples of the insane operation of our country at present.
Well said and ture!
God bless!
So much damage has been done to our country since Biden became the acting President that one has to believe it is all intentional. Their goal is “one world government”. The greatness of America is being deliberately destroyed.
You are 100% right, Billie! This has been planned for years. Why do you think they were so outraged when President Trump won in 2020? Set their game plan back four years.
It’s past time for the giants of industry to speak up against the insidiousness of this administration!! When their profits are torn to pieces by the insanity that’s going on, it is almost too late to remove the blinders!!! WAKE UP, PEOPLE!!!
So you think everything the democrats do is for the good of the country, above board and we have the fairest, most legitimate elections anywhere. Then the president goes behind everyone’s back to ask the Saudi’s to keep the price low until after the “midterms”. Does that sound like someone who was comfortable with letting the electorate make their own decisions about the direction of America, or someone who figured he better put his thumb on the scales? This guy is a thug and has been doing these kind of things his entire career. Time to take out the trash.