“In response to investor demand, advisers like Goldman Sachs Asset Management are increasingly branding and marketing their funds and strategies as ‘ESG,’” said Sanjay Wadhwa from the SEC’s Enforcement Division. On Nov. 22, the SEC slapped Goldman S with a $4 million penalty.

Making ESG claims without backup is so common now, it has a name: “greenwashing.”

Stefan Hoopes, chief executive of Deutsche Bank AG’s investment unit, which is also under SEC investigation, says it’s time to dial back the “exuberant marketing.”

Amen. But there’s a bigger danger: financial strong-arming. Wall Street asset managers are putting capital in companies with woke policies and choking off capital from companies that don’t bow to their ESG agenda.