If this is what Wall Street calls taking a stand against an insurrection, we’re in trouble

clean up capitol broken window washington

Summary List Placement


In the aftermath of last week’s deadly insurrection at the Capitol, Wall Street banks and other businesses in the financial services industry have announced what they consider a “strong” response to the violence against the American people and its institutions.

These responses have been a display of moral cowardice and false equivalence that should make the members of these companies’ C-suites ashamed to look in the mirror.

In statement after statement Goldman Sachs, JP Morgan, BlackRock, Charles Schwab, and others have said that they will pause political donations to both political parties in the wake of violence from President Trump’s supporters pending “reviews” of their policies. Of course, we know that the Democrats had nothing to do with bolstering the lie that set a mob on the Capitol — the lie that President Trump won the 2020 election. Only Republicans participated in this outrageous behavior, no “review” needed. 

And only Republicans should be punished for this crime against democracy. In pausing donations to both parties, Wall Street is displaying a stunning lack of comprehension of the gravity of this week’s events. Only Morgan Stanley has done the right thing and paused donations exclusively to Republican members of Congress who participated in a stunt attempt to question the validity of Joe Biden’s win — the very stunt that drew Trump’s hoards to the Capitol in the first place.

These companies are continuing the harm to our democracy by refusing to state clearly what happened and who is at fault. Their “both sides” fecklessness effectively excuses the lies Republicans are continuing to tell. It gives those who continue to harm our democracy cover by seeming to blame the state of our politics instead of specific actors for what happened. These people will use that false moral equivalency to pretend they themselves are not to blame for this assault on our democracy. What happened at the Capitol was not the fault of all our politics. The true aggressor in America right now is a political party that has sold its soul to a selfish, amoral egomaniac who would be dictator if he could. 

How do you sleep at night?

It’s hard to think of a group of people who’ve benefited more from the peace and security of the United States than those who make their money from the strength of the US dollar and the stability of American capital markets.

JPMorgan CEO Jamie Dimon — who I daresay has robed himself in hypocrisy with this decision — never ceases to remind us that America has the “widest, deepest most transparent” capital markets in the world. There is never any transparency in autocracy, and by failing to stand against those responsible for injecting autocratic behavior into our politics, Dimon is exposing the shallowness of his patriotism and commitment to the American project. 

What these Wall Streeters are doing is hedging their bets, and the fact that they consider this a time to do so is disgusting. 

I’m not saying that these corporations or their leaders are as bad as …read more

Source:: Business Insider


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