A couple years ago, the NASDAQ exchange informed its member companies that they have to comply with new diversity and disclosure rules, including a mandate to have at least two "diverse" directors on their board - or explain why they don't.
Banks can't even limit their choice of customers to ones which are worthy of credit. That "loss leader" gets charged to other customers and shareholders.
If I recall, JPMChase and perhaps another large national bank were forced to take government bailout money in 2009/2010. To boot, Chase was told to buy a large troubled regional bank, AND THEN had to cover penalties that acquired bank had incurred for lending practices of the ex-management team had executed.
Awesome Thomas Sowell meme! Good piece - as usual!
Horrible interventions in market investments.
Banks can't even limit their choice of customers to ones which are worthy of credit. That "loss leader" gets charged to other customers and shareholders.
If I recall, JPMChase and perhaps another large national bank were forced to take government bailout money in 2009/2010. To boot, Chase was told to buy a large troubled regional bank, AND THEN had to cover penalties that acquired bank had incurred for lending practices of the ex-management team had executed.
That's its own mess. But, I'd argue that's hard coercion, i.e. overt government mandates.