WSJ:
https://www.wsj.com/articles/sec-fines-bny-mellon-over-esg-claims-11653323966
Paywall Removed:
https://archive.ph/fRvDk
14 replies (most recent on top)
Guess you have to check your ethics at the door when you’re in a leadership role.
Sad how people lose their moral compasses for dollars.
@aprx, the scandal is us getting into such woke things as ESG which has no clear rules or definitions. Of course we're going to market things aggressively. And if the SEC was in charge of radio stations they'd fine them for saying they're the rockingest station around when there are stations that rock just as hard or harder.
Thanks for the link. Sickening… it’s another year, another scandal, new ethics educational training and no way to reform the top of the house where the schemes originate.
Looks like we're not alone.
https://fortune.com/2022/05/31/deutsche-bank-dws-esg-greenwashing-raid-evidence-seized-whistleblower-fixler/
Yes, absolutely right… credibility on Wall Street, and you only need to lose it once. We’ve done it 5 times now. Perhaps unfair, but can anybody even listen to our head of Private Wealth without thinking of the Keating Five? I mean they’re family.
Hint… neither can our customers.
Credibility on Wall Street???
We’ve been the bad bank ever since we accepted management of the TARP toxic assets during B.O. administration which came along with being forced to hire some truly toxic people which came with them. Disgusting affair and once you lose credibility on Wall Street it’s over.
I guess that ‘clean coal’ investment wasn’t so clean and green.
Sounds like a pretty light fine actually.
Yet Exon has a higher ESG rating than Tesla. The whole thing is a woke joke and nobody cares except the thugs in charge or your pensions who will violate their fiduciary responsibilities to invest in wokeness.
Will they put this on the intranet site like their ESG score?
Another year another scandal.
But.....we're the greenest corporation on the planet....or so they keep telling me.
If you encountered serious misconduct it would be addressed.
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What makes you feel that way?