Politics

The new face of fascism: 181 CEOs say profits & shareholders no longer their main concerns

This post first appeared at Fellowship of the Minds

In America today, privately-owned businesses are no longer motivated by profit and service. Instead, businesses have become an arm of the Democrat Party by discriminating against conservatives and promoting the Left’s agenda — of abortion, climate change, gun control, illegal “immigration”, LGBTs, etc.

See, for example:

On August 19, 2019, Business Roundtable — a group of 181 chief executive officers (CEOs) from major U.S. corporations — formalized this de facto trend by issuing a statement redefining the “purpose of a corporation”. The signatories include:

  • Mary Barra, 57, chair/CEO of General Motors.
  • Jeff Bezos, 55, founder/president/CEO of Amazon.com; owner of Washington Post.
  • Tim Cook, 58, openly “gay” CEO of Apple Inc.
  • Jamie Dimon, 63, chairman/CEO of JPMorgan Chase & Co. and chairman of Business Roundtable.
  • Brian Moynihan, 59, chairman/CEO of Bank of America.
  • Dennis A. Muilenburg, 55, president/chairman/CEO of Boeing.
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CNBC‘s Maggie Fitzgerald reports that gone is the age-old notion that corporations function first and formest to serve their shareholders and maximize profits. Rather, “investing in employees, delivering value to customers, dealing ethically with suppliers and supporting outside communities are now at the forefront of American business goals.”

Business Roundtable chairman Jamie Dimon piously said in a press release: “The American dream is alive, but fraying. Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.”

Here is Business Roundtable’s Statement on the Purpose of a Corporation:

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Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.

Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth.

While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:

  • Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.
  • Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.
  • Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.
  • Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.
  • Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.

Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.

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