{"id":1470535,"date":"2022-05-10T16:14:42","date_gmt":"2022-05-10T20:14:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1470535"},"modified":"2022-05-10T16:14:44","modified_gmt":"2022-05-10T20:14:44","slug":"americans-want-companies-to-stay-out-of-politics-ceo-launches-fund-to-take-on-woke-asset-managers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-want-companies-to-stay-out-of-politics-ceo-launches-fund-to-take-on-woke-asset-managers\/","title":{"rendered":"\u2018Americans Want Companies To Stay Out Of Politics\u2019: CEO Launches Fund To Take On \u2018Woke\u2019 Asset Managers"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famericans-want-companies-to-stay-out-of-politics-ceo-launches-fund-to-take-on-woke-asset-managers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1470535&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/04\/F0B243B8-57A3-4E8F-9066-5C32F2F1AB6E.jpeg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>Entrepreneur Vivek Ramaswamy launched a fund to take on woke corporations with an approach called \u201cexcellence capitalism,\u201d <\/span><a href=\"https:\/\/www.wsj.com\/articles\/upstart-money-manager-gets-billionaires-to-back-the-anti-blackrock-11652134919?mod=mhp\"><span>The Wall Street Journal<\/span><\/a><span> reported Tuesday.<\/span><\/p>\n<p><span>Strive \u2014 based in Ramaswamy\u2019s home state of Ohio rather than Wall Street \u2014 will serve as an alternative to asset managers BlackRock, Vanguard, and State Street, which Ramaswamy dubbed an \u201cideological cartel\u201d in an interview with the Journal. Rather than pushing \u201cstakeholder capitalism\u201d and other progressive viewpoints on companies in its portfolio, Strive will encourage firms to pursue maximizing profits for their shareholders.<\/span><\/p>\n<p><span>\u201cWe will tell oil companies to be excellent oil companies and coal companies to be excellent coal companies and solar companies to be excellent solar companies,\u201d Ramaswamy told the Journal.<\/span><\/p>\n<p><span>Ramaswamy said that he has thus far gained $20 million in financial backing. The Journal reported that PayPal co-founder Peter Thiel and Pershing Square Capital Management CEO Bill Ackman are among the financiers.<\/span><\/p>\n<p><span>\u201cA majority of Americans want companies to stay out of politics,\u201d Ramaswamy continued. \u201cThey want to have a separate space for where they shop, where they work, and where they invest from the places where they cast their ballots or engage in their political debates.\u201d<\/span><\/p>\n<p><span>Ramaswamy, the former CEO of biopharmaceutical company Roivant Sciences and author of \u201cWoke, Inc: Inside Corporate America\u2019s Social Justice Scam,\u201d <\/span><a href=\"https:\/\/www.dailywire.com\/news\/the-losers-of-this-game-are-the-american-people-young-medical-entrepreneur-is-defecting-from-leftist-corporate-america\"><span>explained<\/span><\/a><span> in an op-ed last year that both liberals and conservatives are duped by large firms\u2019 tactics. The former by their \u201clove of woke causes,\u201d and the latter by their belief that \u201cthe market can do no wrong.\u201d<\/span><\/p>\n<p><span>\u201cThis new woke-industrial Leviathan gains its power by dividing us as a people. When corporations tell us what social values we\u2019re supposed to adopt, they take America as a whole and divide us into tribes,\u201d Ramaswamy wrote. \u201cThat makes it easier for them to make a buck, but it also coaxes us into adopting new identities based on skin-deep characteristics and flimsy social causes that supplant our deeper shared identity as Americans.\u201d<\/span><\/p>\n<p><span>\u201cCorporations win. Woke activists win. Celebrities win. Even the Chinese Communist Party finds a way to win. But the losers of this game are the American people, including both sincere progressives who are used as pawns and everyday conservatives who are silenced, our hollowed-out institutions, and American democracy itself.\u201d<\/span><\/p>\n<p><span>Indeed, other business leaders have sounded the alarm over stakeholder capitalism and Environmental, Social, and Governance (ESG) standards.<\/span><\/p>\n<p><span>ESG criteria are \u201ca set of standards for a company\u2019s operations that socially conscious investors use to screen potential investments,\u201d according to <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/environmental-social-and-governance-esg-criteria.asp\"><span>Investopedia<\/span><\/a><span>. For instance, a company may emphasize its use of green energy, association with LGBTQ suppliers, or otherwise arrange its operations such that producing shareholder value is inseparable from a leftist agenda.<\/span><\/p>\n<p><span>When software engineer and entrepreneur Marc Andreessen recently <a href=\"https:\/\/www.dailywire.com\/news\/elon-musk-condemns-rising-woke-trend-in-corporate-america\">criticized<\/a> ESG funds\u2019 willingness to \u201cmake the weapons required to fight wars with hostile regimes we buy energy from\u201d and simultaneous refusal to invest in energy companies, Tesla and SpaceX CEO Elon Musk pointed out that \u201cESG rules have been twisted into insanity.\u201d<\/span><\/p>\n<p><span>The Biden administration has often flirted with pressing American companies into embracing ESG. In February 2021, Allison Lee \u2014 who served as acting chairwoman of the Securities and Exchange Commission (SEC) \u2014 <\/span><a href=\"https:\/\/www.sec.gov\/news\/public-statement\/lee-statement-review-climate-related-disclosure\"><span>directed<\/span><\/a><span> the Division of Corporate Finance to \u201cenhance its focus on climate-related disclosure in public company filings.\u201d<\/span><\/p>\n<p><span>\u201cNow more than ever, investors are considering climate-related issues when making their investment decisions,\u201d the official wrote. \u201cIt is our responsibility to ensure that they have access to material information when planning for their financial future. Ensuring compliance with the rules on the books and updating existing guidance are immediate steps the agency can take on the path to developing a more comprehensive framework that produces consistent, comparable, and reliable climate-related disclosures.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Entrepreneur Vivek Ramaswamy launched a fund to take on woke corporations with an approach called \u201cexcellence capitalism,\u201d The Wall Street Journal reported Tuesday.Strive \u2014 based in Ramaswamy\u2019s home state of<\/p>\n","protected":false},"author":99,"featured_media":1482400,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1470535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1470535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1470535"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1470535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1482400"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1470535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1470535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1470535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}