Corporate America’s Strategy Of Mob Appeasement Will Destroy it, Just As It Always Has

Twenty-six years ago, Morgan Stanley hired Marilyn Booker as their first diversity director, charged with overseeing corporate efforts from the firm’s New York City headquarters, a 685-foot, glass, Times Square skyscraper. Ten years ago, Booker left that post to work in their financial wealth management division. Seven months ago, Booker was fired.

But that was before video aired of George Floyd’s death, and spreading, national protests escalated into riots, violence, church burning, monument defacing, and occupations. How quickly things change. Now Booker is leading a group of black women in suing the company that employed her for a quarter-century, charging that the firm systematically discriminates against black employees.

The suit comes after a notably active week for the investment bank’s activism. Since Black Lives Matter blasted back into our Alzheimer’s-addled news cycle, Morgan Stanley’s chief executive, James Gorman, committed $25 million to a new internal “diversity” effort, sent $5 million to the NAACP, promoted two black women, and sent an email about it all to staff. For his efforts, he was personally named in Booker’s lawsuit.

But Morgan Stanley is not uniquely stupid for empowering an activist whose sole job was to call them racists. For decades, corporate America has launched similar efforts in the vain hope that money, press releases, and choice divestments could virtue-signal them out of the mob’s cross-hairs and even hurt their competitors. None of it saves them. On the contrary, moves to embrace the mob have placed corporations more clearly in their sights than they were before.