Wall Street is running away from Day, but its industry groups continue to promote and promote questionable legal employment practices that critics claim to lead to race- and gender-based allocations they have learned money.
The Securities Industry and Financial Markets Association, widely known on Wall Street by the acronym Sifma, is touted as “the voice of the country's securities industry.” He is a deputy of Congressman and Wall Street before the White House, and its central mission is to promote “effective and resilient capital markets.”
Also, according to people close to the organization, part of its mission is to advocate diversity, equity and comprehensive policy.
One member said for money that he attended the group's legal meeting early in the week in Austin, Texas, and shared the agenda with me. Among the highlights were the “Dei Advocate Award” and a party celebrating the intersectionality of participants.
Sifma's website is full of things that members have pointed out Celebration and defence of Dei. In 2023, the organization supported Congressional laws “enhancing gender, race and ethnic diversity in the Corporate Commission.”
It's a little strange given the tenor of the era. This DEI obsession goes against the White House's new color blind employment agenda, dominating Scotts as breaking down the use of race and sex in college admissions. In this oceanic change, members of Shihuma – major banks and securities companies are eschewing the minds of dei and all forms of corporations. When I first reported, Jamie Dimon joined other banks, left DEI and removed “fairness” from his diversity program at JP Morgan.
Of course, equity is the codeword of an allocation or guaranteed result. Dimon and his fellow CEOs know they run businesses that are highly regulated by the president's SEC, DOJ, the Treasury and others. If they violate the law through Day, they could face impact.
That's why I pushed the flapping off at SIFMA and gave a brief explanation of why they advocate for policies that could trouble their members.
A SIFMA spokesperson defended the group's diversity efforts, saying, “We are a member-led organization regarding SIFMA policies, our priorities are determined by our members, SIFMA speaks roughly and is always following federal law at every meeting.”
However, some SIFMA members are critical of these awakening, diversity efforts, and say it comes from the top of the organization. CEO and president Ken Benzen was a liberal Texas lawmaker (his uncle was Lloyd Benten, a longtime Texas Democratic senator and Treasury Secretary of Bill Clinton).
Benzen declined to comment through a spokesperson.
Again, if Jamie Dimon, Goldman Sachs and Morgan Stanley people say that Day is something that needs to go down the path of buggy whip, why are those who are paying for those who are paying for SIFMA (through membership fees) still pushing it on their members and defending it before Congress?
