Under CEO Brian Moynihan, the bank has adopted something similar to communist China’s social credit system and blacklist, under which the behavior of its citizens and companies is monitored and assigned a social credit score. In China, punishment for low scores may include revoked travel privileges, higher taxes, or reduced access to financial services.
Adopting it for use in America, Moynihan’s Bank of America uses arbitrary ESG metrics to potentially lock individuals and businesses out of key banking services. Banks “shouldn’t do business with” people who disagree with woke ESG, Moynihan declared at January’s World Economic Forum held in Switzerland. Remember, ESG is “about forcing behaviors,” as Moynihan’s climate action colleague and BlackRock CEO Larry Fink put it.
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