ESG Will Soon Target You

 

When we first moved to Florida 15 years ago, we established bank accounts with Chase Bank. We had no mortgage or need for loans, so convenience and no-fee checking made it an easy decision. But over time, we found that the customer service wasn’t stellar. We did most of our banking through the mail, online banking, and direct debits and credits, and frankly, we were lazy. So we didn’t seriously consider changing banks.

Until I learned a couple of years ago that Jamie Dimon, CEO, was boasting of his significant donation to the Southern Poverty Law Center, which is well-known for its targeting of conservative groups, often labeled as white supremacists. I ranted about Chase’s donation on Ricochet and called Dimon’s office, where a polite young man told me he’d pass on my criticism to Mr. Dimon.

Right.

Meanwhile, we’re still at Chase, except that we found it was impossible recently to talk to a real person by telephone in our local office. We even had our complaint “bumped up” to someone in Detroit, who was also polite. Even she couldn’t reach anyone in our local office by phone (with her special, magical telephone numbers). And we can’t just walk in to talk to a staff member; we need an appointment.

So why does this all matter now?

Because, despite the inconvenience of having to change some of our automatic debits and credits, we want to change banks. Not just because of the poor service, but because now we are concerned that we will soon be tangled up in the Environmental, Social, and Governance (ESG) requirements of Chase. Although ESG is not yet being applied to individuals, that change is likely to be tried soon.

We know that Gov. Ron DeSantis, along with other states, is clamping down on corporations who think they can dictate the actions and investments of their clients. DeSantis recently acted in response to Paypal freezing funds that belonged to Moms for Liberty, after providing a presentation to the Moms for Liberty group:

A month prior, when DeSantis spoke at the group’s summit in July, PayPal stopped processing their monthly donors and would not let them transfer out any money already in their account. The action was presumably tied to the organization’s ideological views.

Instances just like this one are why DeSantis is working hand in hand with Republican state policymakers to stop the rise of environmental, social, and governance (ESG) standards. It’s a move that, if successful, would go a long way toward preserving individual liberty and advancing free markets.

ESG metrics are a social credit scoring system designed to transform society by changing the way businesses and, in some cases, their customers are evaluated. Under ESG, companies are awarded or punished with scores based on their commitment to causes favored by elites, not solely traditional business considerations, such as profit, revenue, the quality of goods and services, and employee satisfaction.

DeSantis will present legislation in the 2023 legislative session that would “prohibit big banks, credit card companies, and money transmitters from discriminating against customers based on their religious, political, or social beliefs,” effectively limiting the use of some ESG metrics by financial institutions. It won’t cover every area of potential violation of corporation decision-making, but it’s a start.

Standard & Poors has gotten into the ESG ratings act. Since March, they now issue an ESG Report Card for every state, with a focus that includes climate and social justice activism, and the criteria are arbitrary, according to Utah officials:

‘Russian energy giants Gazprom and Rosneft outscored American energy companies ExxonMobil and Chevron on S&P’s ESG scale,’ they stated. ‘S&P also gave the Chinese state-owned China Petroleum & Chemical Corporation a higher ESG score than ExxonMobil and Chevron, despite human rights violations.’

‘Each ratings company has their own set of metrics,’ Jack McPherrin from the Heartland Institute said. ‘They all have different scoring systems. It’s a complete mess that’s designed to be confusing so that the people who are creating these metrics can manipulate the system however they want. It’s doubtful they really care that much about any specific metrics; they’re just using them to institutionalize a framework of control over the market.’

Although ESG is not being used regularly against individuals, there is a serious potential for its application:

A few different things will determine your personal ESG score, many of which can be discovered via your regular credit report and other public records. Your purchase history and also your sales history will have a dramatic effect on your ESG rating as a person.

The charities that you support will also increase or even decrease your ESG score. The platform will track your personal impact in the environment around you through various means, which will also be used to calculate your individual ESG score.

The purpose behind each person being assigned an individual ESG score is to help reward actions that will help move the world towards sustainability. While there are not currently any downsides to having an ESG score, regardless of how high or how low, there will come a time where too low of a score can result in denials for loans or services similar to the way credit scores currently function.

For now, ESG scores for individuals are used as a tracking tool for companies to monitor behavior. For those who have already started using ESG scores as part of their business model, some people with good scores may notice lucrative offers, easier loan terms, and even targeted packages designed to reward green or sustainable behaviors.

*     *     *     *

Although some states, namely Florida, West Virginia, and Utah, are fighting these infringements on our privacy and personal rights, changes are only being made slowly. West Virginia Treasurer Riley Moore has banned five banks (including Chase) from state banking contracts, due to those institutions refusing financing for the fossil fuel industry. And I hope that other states will see the virtue and financial benefits of stopping these bankers in their tracks.

Meanwhile, I don’t know where we’ll choose to deposit our funds locally. My beliefs and political choices are none of their business.

Is there a bank anywhere that rejects the ESG requirements?

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  1. MarciN Member
    MarciN
    @MarciN

    The banks seem to be just another government department like the universities and hospitals. 

    When we went to our first closing for a house we were buying, the real estate broker went to great lengths to convince us to retain our own lawyer. “The lawyer represents the bank, not you. Don’t ever forget that,” she said. 

    I think bank customers need to understand their relationship with their bank, which is to say, there isn’t one. Customers are not dealing with an independent private-sector bank. They are dealing with the government. 

    • #1
  2. W Bob Member
    W Bob
    @WBob

    I saw Kid Rock recently bragging to Tucker Carlson that he isn’t beholden to anyone, so he can say whatever he wants, and to hell with anyone who doesn’t like it. But what if his bank and brokers told him to take his money elsewhere? And he couldn’t find anywhere else that would take his money? Desantis’ legislation is long overdue, and it shouldn’t be limited only to banks. 

    • #2
  3. Mad Gerald Coolidge
    Mad Gerald
    @Jose

    I would recommend the bank I use, but I see they don’t have any branches in Florida.  Not only is there a local branch with friendly tellers, but they called to notify me the last time I had an overdraft.

    I suggest opening an account with Privacy.com.   They don’t replace a traditional checking or savings account, but they are extremely useful for generating one time use credit cards locked to a single vendor, with a spend limit.  And you can purchase MAGA hats online without using your real name.

    • #3
  4. David Foster Member
    David Foster
    @DavidFoster

    The donation to SPLC was Dimon as an individual, or JP Morgan the corporation?

    • #4
  5. Jerry Giordano (Arizona Patriot) Member
    Jerry Giordano (Arizona Patriot)
    @ArizonaPatriot

    Here’s a weird thought.  What if the ESG scores are the “mark of the Beast” discussed in Revelation?

    I’m not saying that they are.  They do seem to fit the description.

    For those who may not know, the “Beast” refers to one of the people who rules the Earth in the end times prophesied in the Book of Revelation.  There is a reference to a “mark” of the Beast, without which no one is permitted to transact business.  The mark is placed either on the forehead or the right hand.  I don’t know whether this “mark” is symbolic, or literal.

    There are actually two Beasts in Revelation 13, in which this prophecy occurs.  The first Beast is from the sea, and seems to refer to Antichrist.  The second Beast is from the earth, and seems to refer to the False Prophet.  As far as I can tell, Antichrist is principally a political figure, and the False Prophet is principally a religious figure.  The prophecy about the mark of the Beast is in the section about the second Beast, i.e. the Beast from the earth.

    • #5
  6. Raxxalan Member
    Raxxalan
    @Raxxalan

    Always remember what happened in Canada to the people who supported the Truckers.  They are going to use the banking system as a mechanism of oppression.  To the extent possible make sure that you aren’t completely dependent on the bank and that you have cash and commodities on hand.  In case the government decides to freeze your account for doing something they don’t approve of like speaking out against your local school board or failing to affirm gender reassignment for your six year old.

    • #6
  7. Percival Thatcher
    Percival
    @Percival

    ESG. That’s the acronym that I was hunting for last night.

    ‘Complete Collapse’: Here’s How ESG Destroyed One Nation’s Economy

    Inflation in Sri Lanka stood at 54.6% in June, according to Trading Economics, with food prices rising 80.1% and transportation 128% since May, Reuters reported. Half a million people have sunk into poverty as of early 2022, The Guardian reported.

    Someone should ask Jamie if he’s in favor of complete economic collapse. Curious position for a bank CEO to take.

    • #7
  8. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    David Foster (View Comment):

    The donation to SPLC was Dimon as an individual, or JP Morgan the corporation?

    The corporation.

    • #8
  9. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    MarciN (View Comment):
    The banks seem to be just another government department like the universities and hospitals. 

    I think you’re right, Marci. I could see that happening here and there, but now I see that there’s a concerted effort to bring all of it together. That is frightening.

    • #9
  10. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    W Bob (View Comment):

    Desantis’ legislation is long overdue, and it shouldn’t be limited only to banks. 

     

    My hope is that it’s expanded, even before he introduces the legislation next year. These things take so darn long!

    • #10
  11. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Mad Gerald (View Comment):

    I would recommend the bank I use, but I see they don’t have any branches in Florida. Not only is there a local branch with friendly tellers, but they called to notify me the last time I had an overdraft.

    I suggest opening an account with Privacy.com. They don’t replace a traditional checking or savings account, but they are extremely useful for generating one time use credit cards locked to a single vendor, with a spend limit. And you can purchase MAGA hats online without using your real name.

    Very interesting, Gerald. Except for using our ATM card, we almost never go to the bank. I wonder if we could find a bank that doesn’t practice ESG but is part of a no-fee network. Since I’m going to need to do some homework on potential banks, that’s something to check.

    • #11
  12. Doug Kimball Thatcher
    Doug Kimball
    @DougKimball

    There used to be a Chase branch on every corner and in ever supermarket here in Chandler, AZ.  Now they are all Starbucks and that is an improvement!  

    • #12
  13. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    By the way, my husband has spoken to five different people during the interim. I didn’t mention that the purpose of his first call was to inquire about the bank’s now charging $55 for a safe deposit box; originally it was free for veterans. (We may have also qualified due to the amount of our deposits.) So my husband was trying to find out if the bill was an error. Based on the last person who said it had been “escalated” to him, we have no clue. It’s a mystery, I guess.

    • #13
  14. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Doug Kimball (View Comment):

    There used to be a Chase branch on every corner and in ever supermarket here in Chandler, AZ. Now they are all Starbucks and that is an improvement!

    I agree, Doug! So many people seem to hate Starbucks for one reason or another. I still like their coffee, and now certainly prefer their “brand” to Chase!

    • #14
  15. JoelB Member
    JoelB
    @JoelB

    On another thread, there was a question about the meaning of fascism. In my mind, ESG is a symptom of it – not full government control, but a criminal partnership of government and big companies to increase their influence.

    • #15
  16. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    JoelB (View Comment):

    On another thread, there was a question about the meaning of fascism. In my mind, ESG is a symptom of it – not full government control, but a criminal partnership of government and big companies to increase their influence.

    So true, Joel. I keep thinking that even if governors take action, banks and corporations will find ways to get around them. They may stop the formal ESG, but they will act informally and make it extremely difficult for people to avoid their decisions.

    • #16
  17. JoelB Member
    JoelB
    @JoelB

    Meanwhile, I don’t know where we’ll choose to deposit our funds locally. 

    @susanquinn Have you looked into using a credit union? There are some good ones that beat any commercial bank for day-to-day transactions. 

    • #17
  18. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    JoelB (View Comment):

    Meanwhile, I don’t know where we’ll choose to deposit our funds locally.

    @ susanquinn Have you looked into using a credit union? There are some good ones that beat any commercial bank for day-to-day transactions.

    Now that is a thought. Do they have ATM cards, checking accts., etc. I don’t remember seeing any credit unions here, but we must have them.

    • #18
  19. JoelB Member
    JoelB
    @JoelB

    Susan Quinn (View Comment):

    JoelB (View Comment):

    Meanwhile, I don’t know where we’ll choose to deposit our funds locally.

    @ susanquinn Have you looked into using a credit union? There are some good ones that beat any commercial bank for day-to-day transactions.

    Now that is a thought. Do they have ATM cards, checking accts., etc. I don’t remember seeing any credit unions here, but we must have them.

    Yes there are full service credit unions. I have banked almost exclusively with PSECU (Pennsylvania State Employees Credit Union) for years. You must fall into an eligibility category, but they are pretty lenient with that. If you have worked for a covered company or government entity or even live in a particular community, or are even a relative of someone who is a member , you might be eligible for membership.

    • #19
  20. Gary Robbins Member
    Gary Robbins
    @GaryRobbins

    DeSantis is such a great governor!

    I understand that some investment companies have an “ESG” fund, or group of stocks that you can choose.   If Vanguard does that, I will ask them to switch me from the Index Fund that I have to a “Non-ESG” Fund, where all ESG companies are excluded.   

    • #20
  21. Terri Mauro Coolidge
    Terri Mauro
    @TerriMauro

    One possibility to check out might be https://glorifi.com/.

    I know absolutely nothing about it other than that it was advertised on some conservative outlet—maybe the Babylon Bee. Haven’t gone any farther than glancing at the homepage and saving the url, so I can’t vouch for it at all. But I’d be curious to know if anyone has tried it/looked into it.

    • #21
  22. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Here is some very exciting news for the energy industry and ESG:

     

    • #22
  23. WI Con Member
    WI Con
    @WICon

    Susan Quinn (View Comment):

    David Foster (View Comment):

    The donation to SPLC was Dimon as an individual, or JP Morgan the corporation?

    The corporation.

    He controls a donation like that either way, either as private or corporate. That doesn’t happen without his approval.

    • #23
  24. Red Herring Coolidge
    Red Herring
    @EHerring

    I haven’t really cared to investigate conspiracy theories but bought The Great Reset to see what the fuss is about.  I haven’t read it, yet. Two things today will make that book a priority, now. Glenn Beck had a gun store owner on with a chilling interview.  Seems a fed agent come into his store to “audit” his sales records for accuracy.  She took pictures of his entire customer sales list. Then I saw this video on Twitter.  We have reached the push for the end game. I believe they want violence.  That makes people accept their promises to restore peace.  Somehow, we need a nonviolent way to end this Maoist cultural revolution before it turns violent. 
    https://twitter.com/lionhearted76/status/1557553142899908608?s=21&t=C-_f6sTL3rk_FUEw_VxbtQ

    • #24
  25. Mad Gerald Coolidge
    Mad Gerald
    @Jose

    Speaking of the government surveilling our financial affairs, I just saw this, via The Bongino Report.

    Why Are Lawmakers Continuing To Push For A Digital Dollar? Look To China

    Amidst record inflation, global economic instability, and large portions of Americans reporting that they deeply distrust their government, some lawmakers are taking advantage of this opportunity to pounce and seize more control of our day to day lives.

    One particularly insidious idea gaining steam is the completely digital dollar.

    According to an exclusive interview with The Wall Street Journal, a bipartisan group of legislators led by Rep. Maxine Waters (D-CA) (yes, her) are continuing to lobby the Federal Reserve to advocate for the creation of a digital dollar in order to compete with China’s digital yuan, which they claim will threaten the dollar’s standing as the global reserve currency.

    If a CBDC were to be created here in the U.S., don’t expect it to run and operate like cryptocurrencies such as Bitcoin and the many others out there online. A digital dollar would be entirely backed and managed by the Federal Reserve, and would also eliminate third party payment processing services already used by consumers, such as Apple Pay.

    This means a every digital dollar transaction would be completely managed, recorded, and scrutinized, by the government.

     

    • #25
  26. Mark Alexander Coolidge
    Mark Alexander
    @MarkAlexander

    ESG: Just one more corruption in the Totalitarian Program.

    https://ricochet.com/1283958/12-step-totalitarian-program-step-1/

    • #26
  27. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Red Herring (View Comment):
    I haven’t really cared to investigate conspiracy theories but bought The Great Reset to see what the fuss is about.  I haven’t read it, yet. Two things today will make that book a priority, now. Glenn Beck had a gun store owner on with a chilling interview.  Seems a fed agent come into his store to “audit” his sales records for accuracy.  She took pictures of his entire customer sales list. Then I saw this video on Twitter.  We have reached the push for the end game. I believe they want violence.  That makes people accept their promises to restore peace.  Somehow, we need a nonviolent way to end this Maoist cultural revolution before it turns violent. 

    I had the same reaction to Beck’s book before I read it. Then I read it and gave it to my husband; he can’t stop talking about it. What is scary is that we’re only beginning to learn all the actual steps they’ve taken (not just the framework) and they are acting on so many fronts–where to start, Red?

    • #27
  28. Mark Alexander Coolidge
    Mark Alexander
    @MarkAlexander

    Here are all 12 Steps:

    12-Step Totalitarian Program: Step 1: Corrupt Education
    Step 2: Corrupt Language
    Step 3: Corrupt Science and Religion
    Steps 4 & 5: Corrupt History, the U.S. Founding, Natural Law, and the U.S. Constitution
    Steps 6 & 7: Corrupt Journalism, the Arts, and Money
    Steps 8 & 9: Corrupt Separation of Powers, Elections, and Law Enforcement
    Steps 10 & 11: Corrupt Healthcare, and Food and Energy Supplies

    Step 12: Corrupt Individualism

     

    • #28
  29. Mark Alexander Coolidge
    Mark Alexander
    @MarkAlexander

    IRS seeks armed accountants ready for ‘deadly force’

    https://www.washingtonexaminer.com/news/washington-secrets/irs-seeks-armed-accountants-ready-for-deadly-force

    • #29
  30. Susan Quinn Contributor
    Susan Quinn
    @SusanQuinn

    Mark Alexander (View Comment):

    IRS seeks armed accountants ready for ‘deadly force’

    https://www.washingtonexaminer.com/news/washington-secrets/irs-seeks-armed-accountants-ready-for-deadly-force

    Great. [Sigh]

    • #30
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