A leftover from yesterday, but not to be missed. It features some of the most awkward silence you’ll ever (not) hear.
Scott’s a member of the Senate Banking Committee and participated in a hearing yesterday with the heads of Goldman Sachs, Bank of America, and Citibank (among others), wanting to know why those three companies had signed a letter criticizing Georgia’s new election law. Which parts of that law bothered you, Scott asked?
Only Bank of America’s CEO mustered an answer. And his answer, essentially, was “Because our employees were concerned about it.”
Okay, says Scott. What specifically were they concerned about? Those must be some pretty grave concerns for a bank, of all things, to place those concerns over its financial interests.
The truth, which none of them dare utter, is that their employees were either sincerely misinformed about the law (a reasonable possibility given media misinformation about it) or, as members of a well-educated upper class that’s been drifting left, felt obliged to conform to the Democratic posture about the law. Dems don’t have the political muscle in red states to stop election reform laws from being passed. But they do have the financial muscle to potentially make states that are/were considering going further than Georgia did to think twice.
But because none of them dare say that, we’re left with silence. A lot of it. Enjoy.
None of the CEOs of the 6 largest banks in the US were able to share with me why they found Georgia’s election laws to be discriminatory or restrictive.
— Tim Scott (@SenatorTimScott) May 26, 2021