Nasdaq: Companies with boards that are entirely white men could be delisted under new proposal

Share:

NEW YORK, NY- Bet you didn’t know that in order to earn money on the NASDAQ stock exchange, you had to invest in companies who had “at least two diverse directors” on their board of directors.

That is a new directive being considered by the NASDAQ stock exchange, Entrepreneur Magazine reported.

The exchange is threatening to delist the companies if they do not meet the new woke, virtue-signaling requirement.

Under the proposal, it would require the 3,249 companies listed on the NASDAQ’s main US stock exchange would have to have a minimum of one female director and another who identifies as either an underrepresented minority or LGBTQ+, according to The New York Times’ DealBook.

Because as everyone knows, the ability of a company to run in a proper manner is dependent on having a female and a minority or gay member on their board.

Companies which do not meet the criteria would have to explain why they haven’t met the requirement, and if apparently do not offer a legitimate excuse they would be delisted.

NASDAQ is defining “underrepresented minority” as “an individual who self-identifies in one or more of the following groups: Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander or two or more races or ethnicities.”

NASDAQ CEO Adena Friedman told DealBook, “It’s not like we’re saying this is an optimal composition of a board, but it’s a minimum level of diversity that we think every board should have.”

The exchange will have to get permission from the Securities and Exchange Commission in order to implement the policy. It will likely be weeks before the SEC comes up with a verdict.

The proposal would require all listed companies to have at least one of the diverse directors within two years of the SEC’s approval, while the biggest companies would be required to have at least two of the directors within four years.

Friedman told DealBook that the benefits of a diverse board include “higher-quality financial disclosures” and “fewer audit problems.”

Honestly, we are not sure how someone’s sexual orientation or the color of their skin has anything to do with getting better financial disclosures or improving the audit process. Friedman did not explain the reasoning behind such a statement.

Other large companies are also buying into the political correctness narrative. This past July, Goldman Sachs ceased doing initial public offerings (IPOs) for companies that didn’t have at least one diverse board member, the focus being on women.

The CEO of Goldman Sachs explained that while the company might “miss some business,” it would “in the long run…” be “the best advice for companies that want to drive premium returns for their shareholders.”

In addition, investment firm BlackRock said that it is trying to increase the number of female and black leaders within that organization.

Do you want to join our private family of first responders and supporters?  Get unprecedented access to some of the most powerful stories that the media refuses to show you.  Proceeds get reinvested into having active, retired and wounded officers, their families and supporters tell more of these stories.  Click to check it out.

LET Unity

Meanwhile, we previously reported on how Wall Street is infiltrating a proposed Biden administration. For more on that, we invite you to;

DIG DEEPER

MANHATTAN, NY – As we reported previously, while Joe Biden was casting stones at other candidates about being tied to Wall Street, donation records proved that it was he who gained the most favor among big banks and stock investment companies. 

Now, it appears that several people with close ties to Wall Street are getting key positions promised to them in the Biden administration, provided Biden’s claimed win is certified.

Biden has devised his transition team before the election has been certified by the Government Services Administration (GSA) or the Electoral College meeting in December.

Yet, The New York Times entails his planned personnel strategy:

“Biden’s list of transition team members includes former Wall Street employees and those with close ties to Wall Street. Many of the big banks with links to Biden’s transition team members were major donors to the former vice president.”

The Times goes on to explain:

“Commerce Department: The review team is led by Geovette Washington of the University of Pittsburgh, who previously served as general counsel and senior policy adviser at the Office of Management and Budget.

Other members include Anna Gomez, a partner at the law firm Wiley Rein; Arun Venkataraman, who works in government relations at Visa (and was director of policy at the Commerce Department under Mr. Obama); and Ellen Hughes-Cromwick of the think tank Third Way, who served as chief economist at Mr. Obama’s Commerce Department and held a similar role at Ford.

Treasury Department: The team is led by Don Graves, who heads corporate responsibility at KeyBank and previously worked as director of domestic and economic policy for Mr. Biden.

Others include Nicole Isaac of LinkedIn and Marisa Lago, who works at the New York City Department of City Planning and previously oversaw global compliance at Citigroup.

Federal Reserve, Banking and Securities Regulators: The team is led by Gary Gensler, a top Wall Street regulator in the Obama administration who is now a professor at the MIT Sloan School of Management.

The team also includes Dennis Kelleher of Better Markets, long a proponent of tougher rules for banks.”

 Gensler previously worked at Goldman Sachs.

The Wall Street Journal has also reported on persons strongly considered for roles in a would-be Biden cabinet and/or administration:

Roger Ferguson, chief executive of retirement manager TIAA-CREF (a Wall Street annuity and retirement plan firm) is in the mix for a cabinet post, according to people familiar with the matter.

And financial executives like Morgan Stanley executive Tom Nides and former hedge-fund manager and presidential candidate Tom Steyer publicly backed Mr. Biden and could emerge with influence, or jobs, in his administration.

“Some who are active in the party or who held positions in past Democratic administrations— such as finance veteran Jeffrey Zients, co-chairman of Mr. Biden’s transition team, and Goldman Sachs Group Inc.’s Jake Siewert, who served as press secretary in the Clinton White House and in the Treasury Department under President Obama — could join the new administration, Democratic fundraisers say.

“Another Goldman executive who could head to Washington is Margaret Anadu, the 39-year-old head of Goldman Sachs’s urban-investment initiatives, whose name is said to have been floated for an economic policy position.”

President Trump continually slammed Biden on the campaign trail, linking him to Wall Street executives and financiers, and now we see the proof in the pudding, so to speak.

Wall Street donated heavily to Biden’s campaign, while Trump’s donors were mostly working-class people with smaller donations, although with larger numbers of people donating.

The far-left wing of the Democratic Party has pushed back against Wall Street’s involvement in the Biden campaign, but clearly not strongly enough to impact Biden’s donations and sources.

Biden is potentially setting himself up for a grand upheaval when the mega-donors to his campaign, and those on the far left he made promises to, collide ideologically.

_____________

Do you want to join our private family of first responders and supporters?  Get unprecedented access to some of the most powerful stories that the media refuses to show you.  Proceeds get reinvested into having active, retired and wounded officers, their families and supporters tell more of these stories.  Click to check it out.

LET Unity

 

Wall Street appears to back a Biden/Harris administration – and that’s exactly why people are afraid

November 7, 2020

MANHATTAN, NYWall Street backs Joe Biden’s economic plan?  Is that a good thing or a bad thing? 

In the past, politicians have thrown those backed by Wall Street under the proverbial bus, citing the common phrase, “more Americans are interested in Main Street than Wall Street.”

We have all heard that a politician cares more about what goes on in your dining room than in a board room, your checking account instead of some hedge fund.  And your 401K instead of big money stock accounts.

It was downright shocking when Joe Biden abandoned the norm of distancing from Wall Street analysts and brokers and recently announced during a campaign stop that Wall Street backs his economic agenda. 

The economic research firm Moody’s Analytics was used as a source to support Biden’s claim. Biden said that his plan will add 7 million new jobs and pump an additional trillion dollars into the economy.

Biden went on to launch a claim against the current president:

“Folks, Trump sees the world from Park Avenue, from Wall Street. That’s all he can see. Well, I see it from Scranton where I grew up.  I see it from Pennsylvania and Delaware.”

Biden claimed that Trump is the voice of Wall Street, but it should be noted that Biden has had more than $74 million in donations from Wall Street firms and Park Avenue elites – roughly 8 times the money Trump gained from similar sources.

Biden’s donor list shows that 30 executives with ties to Wall Street have contributed huge amounts of cash to his campaign.

Do the math – the words and actions simply do not add up.

Moody’s Analytics advocated for a “blue wave” in the election.  According to their calculations, increasing immigration and granting instant citizenship for 11 million illegals would boost the financial industry’s move toward a higher Gross Domestic Product (GDP). 

It appears that major banks and investment firms are backing Biden’s economic and immigration policies.  Biden raked in donations from Goldman Sachs, JPMorgan Chase, Citigroup, and Morgan Stanley.

In related news, last month the Bureau of Economic Analysis  released this year’s third quarter GDP results which showed an incredible 33.1 percent explosion. 

The second quarter dive the GDP took was a direct result of the Covid-19 lockdowns and business closings or limitations.  During the second quarter the GDP dropped 31.4%.  Third quarter growth shows a recovery from that loss.

Popular conservative voice K. Alexander Adams explained the Wall Street endorsement for Biden well:

“Under Trump, working class net worth increased by almost 50%. Net worth increased only 13% at the top. This explains why Wall Street supports Joe Biden 5-1 over Donald Trump.”

Biden and his running mate, Kamala Harris, have repeatedly dogged Trump about ties to Wall Street.  But it is ironically Biden that pulls the most support from financial giants and the otherwise wealthy and powerful.

There is surmounting evidence that Biden’s claims of Trump being the “golden boy” of Wall Street are patently false.  And in truth, are quite the exact opposite.  A CNBC article explained where the real money flow out of Manhattan is going and which candidate is truly favored:

 

“Biden’s fundraising strength has grown as the election draws closer and his polling lead over President Donald Trump remains consistent.

“The Democratic nominee raised $383 million in September, with $203 million coming from online small-dollar donors. Biden’s campaign had more than $400 million going into October.

“Democrats have largely crushed Republicans in fundraising over the past three months, mirroring the struggles they have in the polls.”

Are the Democrats and Joe Biden specifically using the old tactic of accusing their opponent of what they’re doing?  It would seem so. Joe Biden and Kamala Harris have consistently bashed the Trump tax cuts, saying they are only benefitting the ultra-wealthy and Wall Street elites. 

But it is interesting to see that those very people and businesses are responsible for the large majority of campaign donations to the Biden/Harris ticket.

_____________

Want to make sure you never miss a story from Law Enforcement Today? With so much “stuff” happening in the world on social media, it’s easy for things to get lost.

Make sure you click “following” and then click “see first” so you don’t miss a thing! (See image below.) Thanks for being a part of the LET family!

Facebook Follow First

 

 

Share:
Related Posts