Opinion

SCOTT: 'Woke Wall Street is in for a Reckoning'

Wall Street's ESG is the slippery slope to a Chinese-style social credit system

posted by Hannity Staff - 9.20.22

By Rick Scott (R-FL) | Fox News

There are two reasons socialism will never catch on in this country – Americans aren’t stupid and freedom can’t exist without free-market capitalism.

Freedom means choices, which are the result of ideas competing for money. As people who have both built large, successful companies, we know that consumers reward entrepreneurs by buying their products and services and institutional financing flows to the winners. Business growth is based on equal access to capital markets.

But in recent years, Wall Street elites have tried to replace this system of free-market capitalism with the socialist cult of ‘ESG’ (Environmental, Social and Governance). Now, woke Wall Street money managers think that they should decide who wins and loses, based on politics not profitability.

As businessmen, we find this ridiculous. As conservatives, we find it downright disturbing. Take what happened to one of our companies as an example.

Earlier this year Black Rifle Coffee Company rang the bell at the New York Stock Exchange. It was a victory for a business which exists to serve veterans, first responders and people who love America. But the Wall Street Journal recently exposed how tough it was for Black Rifle to get there. An investigative article showed how banks, law firms and faceless reputational risk committees tried to force Black Rifle Coffee Company into political conformity by withholding capital.

Wall Street tried to make Black Rifle’s veteran founders go woke. They told them to ‘tone down’ their gun-themed branding and delete shooting videos from their YouTube channel because it might offend snowflakes. They even wanted them to change the name of their magazine, ‘Coffee or Die,’ because they said the title is ‘too aggressive’.

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