I think it’s safe to say by now that the Democrat’s little “equity” project has failed miserably since Biden tyrannically forced the federal government to put race over skillset.
You’d think that Biden and the Dems would have learned from their failures by now, but far-left Senators Elizabeth Warren (D-MA) and Bob Menendez (D-NJ) decided to double down on the insanity this week by going after the entire financial services sector.
Warren and Menendez released a letter demanding more “women and people of color” be represented in “asset management” and “global financial firms.”
“Women and people of color are dramatically underrepresented in the field of asset management,” stated Senators. Bob Menéndez (N.J.), Elizabeth Warren (Mass.), Alex Padilla (Calif.), Tim Kaine (Va.) and John Hickenlooper (Colo.).
What’s interesting about this story is that, at least the last time I checked, people of color and woman were allowed to apply for any asset management job they wanted. I had no idea the entire financial services industry denied job opportunities to those two demographics. I would love to know what the likes of JP Morgan, Fedelity and the other MILLION asset management firms think about the ridiculous accusations made against them.
“Less than 1% of the $70 trillion in global financial assets under management are managed by woman or minority-owned firms. Women and people of color are also extremely underrepresented at the board and senior management levels at asset management firms,” the senators explained.
“This is a serious problem for the industry, investors, and the country as there is a wealth of data showing that greater diversity leads to greater profitability,” wrote the senators.
Regardless of the fact that less than 1% of assets under management are managed by woman or people of color, it still doesn’t negate the fact that perhaps these demographics simply weren’t interested in holding these positions.
Not to mention, the stats are actually meaninglingless unless you ask the asset management firms themselves what percentage of applications they’ve received from the demographics in question, and more importantly how many were actually qualified for the position?
Until we have those answers, woke Senators like Warren and Menendez are just running their mouths once again with senseless demands in an attempt to support a talking point built on baseless claims.