He nevertheless appeared to support arguments extolling the benefits of stakeholder capitalism for investors. JPMorgan’s Dimon, who suffered a rare rebuke last month when shareholders shot down a proposed $53 million bonus, described himself on Wednesday as a “red-blooded, free market capitalist.” In particular, Cruz took issue with applying environmental, social, and governance (ESG) criteria to its screening, a practice that has become so pervasive some fund managers are being investigated for greenwashing. Ted Cruz accused BlackRock CEO Larry Fink of renouncing capitalism in favor of “woke” investments, and proposed the money manager be barred from voting on behalf of its investors to prevent it from advancing its own political interests. “And I think people are mistaking the stakeholder capitalism thing for being woke.” Attacks on “woke” investing “I’m not woke,” countered the JPMorgan CEO during an Autonomous Research conference held on the inaugural day of Pride Month. Now Jamie Dimon, the public face of investment banking, refuted on Wednesday any notion that a greater focus on customers, employees, and local communities-known as stakeholder capitalism in corporate governance lingo-was a misguided attempt at appeasing a perceived leftist agenda. Yet after decades during which other governance issues were secondary, an increasing number of boardrooms are discovering that being a good corporate citizen can be its own reward, and it has some lawmakers steaming under the collar. Greed, for lack of a better word, was good for the country. If Wall Street is the beating heart of American capitalism, the life-sustaining financing it pumps through the economy long served the sole purpose of maximizing shareholder value.
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