Vivek Ramaswamy – an entrepreneur has launched a fund to take on woke corporations with an approach dubbed “excellence capitalism,” The Wall Street Journal announced Tuesday.
Strive – situated in Ramaswamy’s home state of Ohio instead of Wall Street – will act as an alternative to managers Vanguard, BlackRock, and State Street, which Ramaswamy named an “ideological cartel” in a meeting with the Journal. Instead of pushing “stakeholder capitalism” and other progressive viewpoints on organizations in its portfolio, Strive will urge films to seek maximizing profits for their investors.
“We will tell oil companies to be excellent oil companies and coal companies to be excellent coal companies and solar companies to be excellent solar companies,” Ramaswamy told the Journal.
Ramaswamy, the previous CEO of biopharmaceutical organization Roivant Sciences and author of “Woke, Inc: Inside Corporate America’s Social Justice Scam,” explained in a piece last year that the liberals and conservatives both are duped by enormous firms’ strategies. The former by their “love of woke causes,” and the last option by their conviction that “the market can do no wrong.”
“A majority of Americans want companies to stay out of politics. They want to have a separate space for where they shop, where they work, and where they invest from the places where they cast their ballots or engage in their political debates,” Ramaswamy said. “This new woke-industrial Leviathan gains its power by dividing us as a people. When corporations tell us what social values we’re supposed to adopt, they take America as a whole and divide us into tribes. That makes it easier for them to make a buck, but it also coaxes us into adopting new identities based on skin-deep characteristics and flimsy social causes that supplant our deeper shared identity as Americans.”
If the CEOs of Exxon, Chevron, and Shell decided to cut gas production and prices then spiked, we’d call that an antitrust violation.
But when BlackRock and Vanguard pressure them to do the same thing, they celebrate that as “ESG.”
Funny how that works. pic.twitter.com/HUWVofkx3j
— Vivek Ramaswamy (@VivekGRamaswamy) May 11, 2022
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Without a doubt, other business pioneers have sounded the alarm over stakeholder capitalism and Social, Governance, and Environmental standards.
“Corporations win. Woke activists win. Celebrities win. Even the Chinese Communist Party finds a way to win. But the losers of this game are the American people, including both sincere progressives who are used as pawns and everyday conservatives who are silenced, our hollowed-out institutions, and American democracy itself,” Ramaswamy noted.
Environmental-Social-Governance (ESG) measures are “a set of standards for a company’s operations that socially conscious investors use to screen potential investments,” per Investopedia. For example, an organization might emphasize its utilization of environmentally friendly energy, relationship with the LGBT providers, or otherwise arrange its activities to such an extent that delivering shareholder value is inseparable from the leftists agenda.
Whenever programmer and entrepreneur Marc Andersen recently criticized ESG finances’ willingness to “make the weapons required to fight wars with hostile regimes we buy energy from” and synchronous refusal to put resources into companies, SpaceX and Tesla CEO Elon Musk called out that “ESG rules have been twisted into insanity.”
The Biden admin has all-too-frequently flirted with squeezing American companies into embracing ESG. In February 2021, Allison Lee, who filled in as acting chairwoman of Securities and Exchange Commission (SEC) – guided the Division of Corporate Finance to “enhance its focus on climate-related disclosure in public company filings.”
“Now more than ever, investors are considering climate-related issues when making their investment decisions,” the official wrote. “It is our responsibility to ensure that they have access to material information when planning for their financial future. Ensuring compliance with the rules on the books and updating existing guidance are immediate steps the agency can take on the path to developing a more comprehensive framework that produces consistent, comparable, and reliable climate-related disclosures.”