Wall Street Shrugs Off Biden and Reaffirms Commitment to Saudi Monarchy

This month, President Biden has openly threatened to reconsider the close ties between the United States and Saudi Arabia, but the financial industry appears certain he’s not ready to put his money — or theirs — where his mouth is. Wall Street leaders are visiting Saudi Arabia this week for an investment conference sponsored by the Saudi government, just two weeks after the White House said it would be reexamining the long-standing U.S.-Saudi alliance. Top bankers to attend the gathering in Riyadh included JPMorgan CEO Jamie Dimon, Goldman Sachs CEO David Solomon and Blackstone Group CEO Stephen Schwarzman. The trio,…

Wall Street Lobbyists Admit Big Banks Don’t Plan to Honor Their Climate Pledges

A trade association that lobbies on behalf of the largest banks in the United States told regulators that their members’ pledges to reduce investments in carbon-emitting industries are “aspirational,” implying that they shouldn’t be taken seriously by authorities. The Bank Policy Institute made the remarks in public comments on guidelines proposed earlier this year by federal bank regulators, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), on climate-related risk management. Specifically, the lobbying group rejected the notion floated by the agencies that regulations should ensure banks’ greenhouse gas commitments to the public…