Jim Hightower's Lowdown
Jim Hightower's Radio Lowdown
What Is a Banker’s Promise Worth?
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What Is a Banker’s Promise Worth?

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Bruce King, former governor of New Mexico, often baffled people with his convoluted use of words. Like the time he vetoed a loan shark bill he’d previously agreed to sign. “But, Governor,” squealed the lenders’ lobbyists, “we had your commitment!” Unfazed, King said, “Now boys, we all know that a commitment is not a promise.”

In this case, King’s linguistic backflip was virtuous, for it killed a bad bill. But now come banking giants themselves doing a shameful backflip on their widely publicized scout’s honor promise to do the right thing for humanity on a true life-and-death issue: Climate change.

It was only two years ago that Bank of America, JPMorgan Chase, and other Wall Street behemoths loudly proclaimed their conversion to environmental responsibility. In ads, interviews, and speeches, they solemnly vowed they would no longer finance new coal, oil, and other fossil fuel projects which are the major cause of global warming. The bankers promised to protect the “fragile ecosystem and the rights of Indigenous Peoples.” Hooray!

But that was so yesterday – way back in 2022. Today, the prevailing political winds are coming from howling right-wingers denouncing environmental values and “woke capitalism.” So, the pusillanimous bankers are now saying that a promise is not forever (or even two years) – as they default on their enviro responsibility. Instead, they’re refocusing on a messy mix of fossil fuels, and – maybe – they’ll toss in a few clean energy projects. Or not.

Chase Bank weaseled out of its latest climate action commitment with corporate claptrap, declaring that reducing fossil fuel investments “will not successfully achieve the necessary transition of the global energy system.” Yeah, so why bother? Forget what we promised way back when.

Then Wall Streeters wonder why people distrust and despise them!

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Jim Hightower's Lowdown
Jim Hightower's Radio Lowdown
Author, agitator and activist Jim Hightower spreads the good word of true populism, under the simple notion that "everybody does better, when everybody does better."