8/26/2019
By Charles Payne, CEO & Principal Analyst

Dear Business Roundtable,

Your recent shift in the “purpose of a corporation” sent shockwaves through the business world that was also met with skepticism and outright disbelief.

By shifting from the bedrock position established since 1977, the sole purpose of a business is to make profits, there is a tacit admission that you have let down society in many ways. You now say the commitment is to a free market economy that serves all Americans in the goal of more inclusive prosperity.

These are the new goals beyond fatter bottom lines. 

• Delivering value to our customer
• Investing in our employees - we foster diversity, inclusion, dignity, and respect
• Dealing fairly and ethically with our suppliers
• Supporting the communities in which we work -we respect the people in our communities and protect the environment by embracing sustainable practices across our businesses

If you are serious about these commitments, then why isn’t there a greater effort to push for real fair and free trade with China?  China’s actions counter everything that the new “woke” Business Roundtable says it stands for:

• World’s greatest polluter (not even close)
• War on religious freedom, including putting one million Muslims in reeducation “camps”
• No freedom of the press
• No due process
• Rampant theft of American intellectual property
• Debt diplomacy and militaristic ambitions

I appreciate the goal of moving forward without the constant relitigating of the past holding back further evolution. However, this means action and putting your money where your mouth is.

Millions of American manufacturing jobs were shipped overseas.

Millions of American manufacturing and farming jobs have gone to immigrants seduced into illegally entering America by providing them an income significantly higher than what they can earn in their home nations while paying too little for Americans to move away from financial assistance programs.

If your answer to these issues is to argue for the status quo and suggest any changes would mean higher prices for consumers, you are being disingenuous, and your statement is a farce. The moment is now, and businesses are going to have to do more than get rid of plastic straws. 

Otherwise, it is only about fatter profits, not American dignity or respect.

Charles V. Payne

Charles Payne
Wall Street Strategies

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