Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

You know social justice has become a corporate joke when Goldman Sachs are enforcing boardroom gender & race quotas

You know social justice has become a corporate joke when Goldman Sachs are enforcing boardroom gender & race quotas

The last time Goldman Sachs tried its hand at regulation it led to the 2008 financial crash which caused economic catastrophe across the world, the results of which are still felt today.
Now it’s turning its hand to social justice, with the absurd idea declaration that it will no longer back Initial Public Offerings from companies whose boards are occupied solely by straight white men.

This ultimatum was delivered with a straight face by the bank’s CEO David Solomon to an audience of head-nodding social justice warriors masquerading as the billionaire and millionaire capitalists of this world on their annual, self-congratulatory festival of money-bathing in Davos, where they plot and scheme to tell the rest of us how we should live our lives.

Solomon told his audience that from July 1 this year in US and Europe, Goldman Sachs will not take a company public unless it has at least one diverse board candidate, with a focus on women.

So what about Bulgaria? That’s a European nation known for good tech ideas and skilled workforce, but certainly less diverse, in terms of colour than the countries of western Europe.

Would this banking guardian of the world’s minorities really refuse to back a unicorn because a standout Bulgarian start-up lacked a non-white face on it’s board? What a crock.

It is tokenism posing as virtue. Woke notions as affirmative action.

Like kids say, as soon as your parents like something that you do, it is no longer cool. So with banks. The moment they get their sticky paws on anything other than money, it becomes corrupt, nasty and totally unpalatable.

Can anyone seriously imagine Goldman Sachs knocking back a billion-dollar IPO because the candidate doesn’t have a woman on its board? Don’t think so. Surely, there will be a stock of eligible proxies on tap for Goldman Sachs to offer such board services as part of their over-reaching portfolio.

Need a woman? We have just the gal for you! Need a brown face? Here you go! Need a hedgehog? We have just the thing!

For nothing is beyond, what US journalist Matt Taibbi so eloquently called, the blood-sucking vampire squid bank that is Goldman Sachs.

So far, it’s only the western world that Goldman Sachs dare even suggest this ludicrous idea to. Can imagine how such nonsense would go down in boardrooms across Mumbai, Shanghai or Seoul?

They’d be laughed out of town.

Instead, in Switzerland, rather than choke on their fondue, the audience of über-wealthy know-it-alls applaud the suggestion as if Moses had just appeared from the top of Mount Sinai with this idiocy carved in stone.

Making this announcement, Mr Solomon was voicing not just his bank’s venture into not-too-subtle social engineering on corporate boards, but also the death knell of meritocracy where the idea of “the best man for the job” is taken so narrowly that it’s very suggestion causes offence to liberals.

Let us remember that after the financial crash, Goldman Sachs was fined $5 billion for its appalling behaviour, and was even then considered to have escaped lightly. It’s top executives admitted they had defrauded the banks investors, and it took a $10 billion bailout from the American government to ensure it didn’t collapse, sucking the whole financial system down with it into the abyss.

But now, those who run this infamous bank have summoned up the nerve to lecture the rest of us on social justice, perhaps as if we had all suffered simultaneous amnesia and forgotten their past transgressions.

While that might be the case among the millennials, at whom this disingenuous bull is aimed, but don’t fathom the hypocrisy, there are plenty of us around who shudder in horror at the very thought of Goldman Sachs assuming the moral high ground on any issue.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×