For some reason I decided to subject myself to an inordinate amount of CNBC this week. I don't know how people can tune into it day in and day out without going insane. The spastic nature of Jim Cramer and takes alone is frustrating enough to make me want to throw my remote at the TV. Especially when he starts to talk about Bitcoin. The overall lack of quality content and professionalism on display across the network is a bit jaw dropping. With that being said, I don't want to take too much time in today's rag focusing on these parts of my CNBC observations, but instead on one of the reoccurring themes of the week that I was inundated with every day; ESG (Environmental, Social, Governance).
Exxon Mobil just had an activist investment group acquire three seats on its board that will now be used to ensure the company runs full bore with the ESG narrative. That same activist investment group launched an ETF this week, VOTE, that will invest in the 500 largest companies by market cap and attempt to "instigate positive change for employees, customers, communities, and the environment". Very nice corporate speak.
And, as our friend Parker points out, that's all this ESG BS is; corporate speak with no substance that is used to push an agenda. The particular agenda with ESG is to acquire as much money as possible via the grift. Whether that be via direct investment or via fees from something like a virtue signaling ETF. ESG is the hot chick on Wall Street right now. Everyone and their mother is attempting to work it into as many sentences as possible to sound cool or to raise money. And we're getting dangerously close to the point where you may not be able to raise money unless you bend the knee to the ESG gods.
When enough people have been corralled into the scam it will become extremely easy to begin levying ESG taxes and fees on members to maintain their status within the realm of the corporate woke. Driving more and more money into the pockets of people who couldn't care less about the environment, social betterment or quality governance practices. The VOTE ETF makes this very clear to me. They're literally just investing in the 500 largest stocks in the US without having the ability to sway policy at those companies except for Exxon and banking on people buying the ticker because it signals they are ESG conscious. Wizardry.
Thank God we have Bitcoin to focus on during these times of peak insanity and virtue signaling. It shall lead us away from this madness because this madness will become too costly.
Andrew Sorkin is a dweeb.