Breitbart Economics Editor John Carney made a keen observation on the state of woke capitalism in a Monday interview with Fox Business Network’s “The Bottom Line.”
He compared the diversity, equity, and inclusion (DEI) programs shoved onto corporate America by asset management firm BlackRock to Communist China. Specifically, Carney noted that the effort strongly mirrors the Chinese social credit system.
The conservative journalist was asked for his thoughts on BlackRock CEO Larry Fink’s 2017 declaration that the company meant to “force change.”
Those comments, delivered at a New York Times DealBook conference, gained new life on Monday. That’s when Sen. J.D. Vance (R-OH) tweeted them and called the program “illegal and immoral.”
In his remarks six years ago, Fink stated that “behaviors are going to have to change, and this is one thing we’re asking companies. You have to force behaviors. And at BlackRock, we are forcing behaviors.”
BlackRock really enjoys forcing people to be woke. American capitalism is under attack like never before. We must cancel ESG before it completely cancels us.
— Charles R Downs (@TheCharlesDowns) June 5, 2023
This startling statement is also back in the spotlight after glaring corporate missteps by Anheuser-Busch and Target. Many blame those egregious policy failures on DEI initiatives being shoved onto corporations by leftist activism propelled by giant investment firms.
In a May interview with Fortune’s “Leadership Next” podcast, Target CEO Brian Cornell lauded the efforts of woke capitalism. He called the trend “great” for the Target brand and “the right thing for society.”
Those unfortunate comments, however, came just days before the company became embroiled in controversy. The rollout of Target’s 2023 Pride Month lineup of merchandise included LGBT items specifically aimed at small children.
Perhaps even worse, some of them were created by an infamous Satanic clothing designer in the U.K.
Target stock tanked, and the company was forced to relocate and trim down the aggressive displays it had already erected for June. Now, many believe this behavior is spurred in large part by edicts from investment firms that literally control trillions of dollars.
On Monday, Carney noted that BlackRock executives are attempting to backtrack from Vance’s explosive comments after they were posted by Sen. Vance.
He observed that the company said “this is very old. This is how we were thinking of things in 2017. We don’t really want to do it. But they do.”