Brian Moynihan is His Own Worst Nightmare – The National Center National Center for Public Policy ResearchBrian Moynihan is His Own Worst Nightmare – The National Center National Center for Public Policy ResearchBrian Moynihan is His Own Worst Nightmare
Impact Investing Forum 2022
London. April 28-29, 2022.
Brian Moynihan is the CEO of Bank of America (BOA). He is a multi-millionarie. He is also one of the chief proponents of environmental, social and governance (ESG) policy – how businesses justify their participation in politics as a muscle for left-wing causes.
In a presentation to the Committee for Economic Development, Moynihan proved that he is – as suggested by Free Enterprise Project (FEP) Director Scott Shepard – “insufferable, delusional [and] fraudulent.” In a Townhall commentary, Scott also declared that “he must be reined in.”
BOA has (un)distinguished itself as one of the key purveyors of ESG activism. Scott noted the company’s most infamous examples include leveraging their North Carolina headquarters to advocate against the state’s law protecting residents’ dignity in public bathrooms, race-conscious training programs they later tried to cover up and a flip-flop on election integrity laws in Georgia and elsewhere.
Scott explained there’s a lot for BOA to lose – for Moynihan, his employees, his customers and his investors:
He and his brain trust may want to pay careful attention to the fact that in BOA’s home state of North Carolina a jury just awarded a hospital-industry executive $10 million for having been discriminated against because he was white. Given the discriminatory lending program at BOA – not to mention the explicitly racist employee training BOA has sponsored, recommended to its employees and then lied about – Moynihan ought to take note.
And, as Moynihan revealed and Scott chronicled, BOA’s c-suite is wholly responsible for any damage wrought by the politicization of its business:
For while Moynihan claims… that his “ESG” interventions are simply encapsulations of the will of BOA stakeholders, he then quickly reveals that they are instead the personal policy preferences of the “top people” with which Moynihan has surrounded himself.
“He didn’t mean to,” Scott remarked, “but he admitted it: stakeholder capitalism is a fraud, a pretense.”
Moynihan also seems to fail to notice he embodies the problem he claims to be fighting. As a millionaire CEO in charge of an environment he claims perpetuates a “racial and social justice crisis,” Scott asserted that “Moynihan is the greatest white supremacist and systemic racist at BOA, and one of the greatest in the world.”
“Is he advancing ‘justice’ by redistributing his massive wealth and power?” Scott asked. “Surely you jest. That’s for us to do so he can remain a master of the universe.”
All in all, Scott concluded that this is a case of the pot is calling the kettle black:
Brian Moynihan is a messianic menace, who has become a billionaire running a too-big-to-fail bank, and who now wants to use that bank and its owners’ and clients’ assets to constrain and diminish the lives of his guarantors (American taxpayers) while he remains a master of the universe.
He must be reined in. Applying neutrality conditions to BOA’s too-big-to-fail status is the tool. The time is long before now, but certainly the sooner the better.
To read all of “Deconstructing Brian Moynihan” at the Townhall website, click here.