The Stock Market Has Become a Very Liberal Place
Left-leaning behavior by publicly traded companies is being rewarded by investors.
Wall Street has changed.
Photographer: Chris Hondros/Hulton ArchiveWall Street was a very conservative place politically when I started working in the capital markets in 1999, but it seems to have lurched to the left lately. It’s not only that many of the people who work there have become more liberal, but more importantly, left-leaning behavior by publicly traded companies is being rewarded by the stock market.
The decision by the Business Roundtable, which is an organization led by JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, to explicitly state that the purpose of a publicly traded company is social responsibility and not creating value for shareholders is just the latest example of this lurch to the left.