JP Morgan CEO Defends World Economic Forum’s ‘Stakeholder Capitalism’

“I’m not woke,” urges JP Morgan CEO Jamie Dimon.

QUICK FACTS:
  • JP Morgan CEO Jamie Dimon defended ‘stakeholder capitalism’ during a Wednesday conference in New York organized by Autonomous Research, where he pushed back against claims from conservatives that the new economic policy is “woke.”
  • During an interview, the JPMorgan Chase chief executive described himself as “a red-blooded free-market capitalist,” arguing that people had misread his promotion of stakeholder capitalism.
  • Dimon was apparently responding to recent criticism from conservatives against U.S. banks like JPMorgan for their stance against companies such as gun makers or those involved with fossil fuels. His bank was among 19 financial institutions to receive a letter from Texas officials demanding they clarify whether or not they were boycotting fossil fuel companies. Sen. Pat Toomey (R-PA) last year voiced concerns “about increasing pressure on banks to embrace ‘wokeism,'” following a hearing in which Dimon testified.
  • “I’m not woke. And I think people are mistaking the stakeholder capitalism thing for being woke,” Dimon told the conference. “All we’re saying is when we wake up in the morning, what we give a [expletive] about is serving customers, earning their respect, earning their repeat business,” he went on to say.
  • But Dimon nevertheless emphasized his bank was committed to classically woke causes, saying JP Morgan is “quite serious about climate” and is paying attention to equity regarding ethnicity, race, and sexual orientation.
  • “Any senator or congressman who says that’s woke, they’re not thinking clearly because I want to win in the marketplace. I want the best employees, I want happy employees,” Dimon said. “I don’t think people should get involved in some of these issues where it’s far more detailed than you think and people [are] just getting jazzed up about, you got to do this. No, you don’t.”
‘STAKEHOLDER CAPITALISM’ EXPLAINED:
  • Stakeholder capitalism was invented in 1971 by German engineer and economist Klaus Schwab, founder of the World Economic Forum (WEF), an organization he created “to help business and political leaders implement [this new economic model],” according to Schwab.
  • The “ultimate purpose” of stakeholder capitalism is to coordinate the actions of every major international company, across every industry, to work toward a “common future” in alignment with, for example, the Paris climate agreement, the United Nations Sustainable Development Agenda, and ‘Environmental, Social, and Governance’ (ESG) ratings.
  • Stakeholder capitalism opposes and replaces ‘shareholder capitalism,’ which is the current form of Western capitalism, whose primary goal is maximizing profits for shareholders. Schwab wants to do away with shareholder capitalism even though, as he admits, shareholder capitalism has already made it so “hundreds of millions of people around the world [have] prospered, as profit-seeking companies unlocked new markets and created new jobs.”
  • When the WEF is “imagining the societies of tomorrow,” they predict that by the year 2030 we will “own nothing. And you’ll be happy,” that the United States “won’t be the world’s leading superpower,” and that we will “eat much less meat” (instead of meat, “we’ll soon be voluntarily crunching insects,” according to the WEF).
  • JP Morgan is an official partner of the WEF.
Screenshot from weforum.org taken June 2, 2022
BACKGROUND:
  • The term ‘woke’ is defined as being “aware of and actively attentive to important facts and issues (especially issues of racial and social justice)” and has become a catchall term to describe most leftist politics.
  • Dimon’s attempt to distance himself from the term comes following Disney’s loss of nearly $63 billion in market capitalization after the company embraced woke, far-left politics, including LGBTQ ideology, when it publically opposed Florida’s ‘Parental Rights in Education’ bill meant to protect young children from sexualized school curriculum.
  • Coca-Cola faced similar backlash last year, when Sen. Rand Paul (R-KY) and President Donald Trump called for a boycott of Coca-Cola after the company pushed woke “diversity” training and other “social justice” causes.