Goldman Sachs has announced that it will no longer have companies with exclusively white male boards as going-public clients. Unless those clients are in Asia, Latin America, or the Middle East.
Along with that, Goldman Sachs also announced that it will no longer fund oil and gas development in the Arctic region. There goes Alaska.
This from a company that just had its tentacles into IMBD, a Malaysian government investment fund. That finished with charges of money laundering, and Goldman agreeing to a fine for ignoring red flags that were beating it about the head and shoulders. A Goldman employee entered a guilty plea to helping Malaysian government officials embezzle from the funds. Just the sight of the Jho Low character at the heart of IMBD scurrying around with the rich and famous and investing in DiCaprio films should have raised at eyebrow or two at the now highbrow firm. The company’s revenue was down 13% as a result of its legal cost alone on that choice of customers.
Goldman may have made a splash with its announcement at Davos and won the hearts and minds of Greta fans by abandoning the Northern Slope. Hoity-toity is not the same as cautious or scandal-free. Woke does not equal wise.