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      in US Politics

      Rightwing war on ‘woke capitalism’ partly driven by fossil fuel interests and allies

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      The American right wing’s widening fight against what it calls “woke capitalism” is partly driven by fossil fuel interests or industry allies, according to a new report published on Thursday.Conservatives often use the term “woke capitalism” to refer to environmental, social and corporate governance – or ESG – criteria used to screen investments based on their environmental and social implications.Just this year, Republican lawmakers in 37 states introduced a stunning 165 pieces of anti-ESG legislation, according to the new report from the strategic research and advisory firm Pleiades Strategy.“The trend has been rampant,” said Connor Gibson, who co-authored the report.The 165 proposals sought to employ a variety of tactics, ranging from imposing limits on public contracts and restricting pension managers to forcing disclosures and combatting federal investment rules.The researchers examined news articles, fiscal notes and statehouse testimony related to each bill. They found that the majority of them bear strong resemblances to model bills crafted or circulated by four influential rightwing thinktanks: the American Legislative Exchange Council, the Heritage Foundation, the Heartland Institute and the Foundation for Government Accountability.Each of the four organizations is affiliated with the far-right thinktank coalition State Policy Network, whose members have also fought to pass punitive anti-pipeline protest laws and which has received funding from groups linked to fossil fuel billionaires Charles and the late David Koch.Advocacy for many of the bills was also led by fossil fuel-tied groups, including the Texas Public Policy Foundation (TPPF), which has accepted at least $8.8m from organizations linked to the Kochs since 2012, and has also received funding from ExxonMobil, ConocoPhillips and Chevron. The TPPF began attacking ESG as far back as 2020 and says it was behind a pioneering anti-ESG bill passed in Texas in 2021.The American Petroleum Institute, the nation’s largest oil and gas lobbying organization, has also worked to shape anti-ESG policies. And representatives from several other fossil fuel interest groups have supported the efforts as well, the researchers say.Despite their well-connected champions, just 22 of the 165 proposed anti-ESG bills progressed through statehouses, the report says.“The dark-money-funded attacks on the freedom to invest responsibly hit deep opposition from business, labor and environmental advocates in statehouses across the country this year,” said Frances Sawyer, founder of Pleiades Strategy and co-author of the report. “Our report shows that the effort to weaponize government funds, contracts and pensions to prevent companies and investors from considering real financial risks is not a winning platform.”Many of the bills that did pass were watered down before they became law, the report says. But that doesn’t mean they won’t have real negative consequences.Opponents of the successful pieces of legislation fear they could cost taxpayers millions, collectively. And the implications for climate policy could be even larger, because the legislation could have a chilling effect on future climate policy.skip past newsletter promotionafter newsletter promotionThe laws could create an environment that discourages support for shareholder resolutions that aim to lower emissions, said Sawyer. It could also make it harder for states to take advantage of the clean energy investments offered by the Inflation Reduction Act, she said, due to fears that those funds would drive competition with the industries the bills favor.“The full extent of those costs, we don’t know,” she said.Anti-ESG legislation has increasingly popped up in statehouses over the past two years. In 2021, North Dakota lawmakers passed a law calling for a study of the implications of state funds making investments “for the purpose of obtaining an effect other than a maximized return to the state”.The same year, Texas lawmakers passed a law prohibiting state funds from contracting with or investing in companies that “boycott” fossil fuel stocks, based on a policy passed four years earlier that aimed to prevent Texas from doing business with entities that support the Boycott, Divestment, Sanctions, or BDS, movement, for Palestine.Similar legislation began to appear in statehouses across the country. Last year, Idaho, New Hampshire, Tennessee, Oklahoma and Kentucky all passed various forms of anti-ESG legislation.The legislation is unpopular, the authors say, but they still expect to see more of it in the coming years as more policymakers take the energy transition more seriously.“We think this is the latest iteration of climate denial and obstruction and delay,” said Gibson. More

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      in Elections

      Vivek Ramaswamy’s Long Shot Run at the Republican Nomination

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      GOOSE LAKE, Iowa — “We’re like a bunch of blind bats. We human beings are, we millennials are, we Americans are,” Vivek Ramaswamy riffed. “We can’t see where we are.”Bats send sonar signals, which bounce off objects and allow the mammal to navigate. “So we do that, we send out our signals, and it bounces off something that is true, something that is real, like family. The two parents who brought me into this world, my mother and father. The two children who I brought into this world,” he went on. “That is real. That is true. That means something to me.”In person, Mr. Ramaswamy’s presentation is a lot more intense; it is also about a bleaker landscape of American life than the bright version of Trumpism he’s trying to project.“We’re hungry for a cause,” he said of millennials when he spoke on a recent Friday night in Iowa, in a navy suit and white dress shirt, not pausing too often for applause and walking the stage. “We’re hungry for purpose and meaning. And identity. At a point in our national history when the things that used to fill that void — things like faith, patriotism, hard work, family — these things have disappeared.” Instead, he said, “poison” and “secular cults” had taken their place.All of this — the bats and the void and the disappearance of our families from the collective American identity — was delivered to a county committee dinner in a friendly ballroom with an open bar, a buffet, patriotic decorations and a fun local musician playing country hits from the past.This is what a pro-capitalism candidate looks like in post-Trump Republican politics, in which the emphasis is on the creation of a national identity in the face of spiritual emptiness and the idea that big business and the customer aren’t always right.The next morning, at campaign events held at one of those cool digital driving ranges and at a pizza place with a beautiful old tin ceiling, the American identity crisis talk continued. “There’s more to life than just the aimless passage of time, going through the motions,” he said standing in front of what looked like a floor-to-ceiling image of a Pebble Beach fairway. “You’re more than the genetic attributes you inherited on the day you were born,” he went on to say. “You are you.”He is technically the business candidate, but not really. This is the elite corporate executive as culture warrior. Mr. Ramaswamy’s pitch in Iowa was not about the application of free-market principles to the federal government, at least not in the way you might expect from a pre-Trump Republican business candidate. Nor was it economic populism, either, not really, because his idea isn’t so much that corporations are ripping you off; it’s that they’re in bad-faith league with one another to advance liberal pieties.Thalassa Raasch for The New York TimesThalassa Raasch for The New York TimesThalassa Raasch for The New York TimesThalassa Raasch for The New York TimesTheoretically, he could be doing a business pitch. Mr. Ramaswamy started a pharmaceutical investment and drug development company that picked up pharmaceutical projects abandoned by other companies and aimed to bring the drugs to market. In 2020, as C.E.O., he refused to support Black Lives Matter and in 2021 was an author of a Wall Street Journal opinion essay arguing that online platforms were censoring people when they blocked accounts in the chaotic aftermath of Jan. 6, 2021. He has published three books critiquing the environmental, social and governance practices of BlackRock and other fund managers and started an anti-E.S.G. asset management firm.As Charles C.W. Cooke of National Review pointed out, Mr. Ramaswamy has chosen to “download and internalize” MAGA moods — shutting down the F.B.I., replacing the A.T.F., raising the voting age to 25 unless you pass a civics test or serve in the military or as an emergency worker. These are the kind of proposals that are drafted to please and anger the right people and never happen. He’s given $10,000 to the defense fund of Daniel Penny, the man accused of second-degree manslaughter in the subway chokehold death of Jordan Neely, and his campaign is selling a coffee mug that reads “truth,” with the words “wokeism,” “climatism” and “transgenderism” crossed out above. He has repeatedly portrayed trans people as mentally ill.As a Ramaswamy campaign memo recently said, “The mistake every other campaign is making is that they see their path to the nomination through Trump, when our path is alongside Trump.” In reality, many Republican politicians have seen their path alongside Mr. Trump as they wait for someone else to break him like a big piñata.Mr. Ramaswamy wants to restore an American identity that, in speeches, involves a lot of concepts but rarely anecdotes. That identity would involve the pursuit of excellence, which he described in an interview along vague, traditional lines — people achieving their maximal potential, free of societal hindrance. He contended this ethic is absent from corporate life. “I think that part of this is psychological, that in the moment people feel compelled to apologize for excellence,” he told me. To “be accepted as cool,” the most successful “have to apologize for the system that got them there by sticking the word ‘stakeholder’ in front of it,” he said, and called “the racial equity agenda” an “example of prioritizing a different value.”Mr. Ramaswamy came up in an elite world where some people employ the idea of charity or progressive impulses to get ahead, first in admissions, then in business, and they sometimes become deluded or self-interested ethical consumers. “Whatever justice is, surely it can’t be attained so incidentally, by just picking the right shirts, the right burgers and the right bankers,” he writes in the book “Woke, Inc.” He’s bothered by that thing many also dislike, which is a hedge fund putting in place a superficial diversity effort intended to disrupt as little as possible to prevent a lawsuit or make money, or a corporation with an aspirational brand made of cotton produced in the Xinjiang region of China.This is the world summarized by Sam Bankman-Fried last year in a DM he later claimed he thought was off the record: “this dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us.”In “Woke, Inc.,” Mr. Ramaswamy’s solution is to separate politics and business. He argues that both stakeholder capitalists and Milton Friedman devotees miss something in the corporate system we have: A sole focus on fiduciary duty and profit maximization keeps corporations from becoming extragovernmental bodies like Dutch colonial trading companies.But it’s also not as if the only time anyone cares about racism in America is to sell Pepsi or to get into Columbia. The practical implications of keeping business and politics separate become complicated quickly for this reason; the economy is made up of millions of individuals who live in the larger world. “This is a business,” as Dolly Parton said of her decision to remove “Dixie,” the nickname for the South often associated with the Confederacy, from the Stampede, two dinner show attractions she owns. She didn’t want to offend prospective customers. What if Chick-fil-A wants to stay closed on Sundays? What if a company wants to market fratty beer to trans people and supporters as customers in and of themselves? What counts as maximizing profit or respecting the employees, and what counts as politics? What is politics?Over the past decade, many presidential candidates — especially the long-shot, unconventional kind in both parties — have talked in secular-spiritual ways about voids in American life and the corruption among elites. There are different theories of the case (technological change, inequality, institutional decline, loneliness), including the omnipresence of corporations and the emptiness of material goods for justice. The vision that markets and capitalism would liberalize the world and accelerate the realization of a pluralistic America, full of choice and privacy and respect, has begun to dim.Mr. Ramaswamy has isolated a problem in that vision (the hollowness of so much of corporate social policy). His national-identity-based explanation for the void is winning with some post-Trump conservative politicians who see the “power, dominion, control and punishment” that Mr. Ramaswamy said he believes are behind climate activism in much of American elite life. It’s a lean time for the sunnier version of a capitalist pitch — in which climate change is a problem but also a business opportunity, just like the valued employees and customers in a pluralistic, ever-changing American society.Katherine Miller is a staff writer and editor in Opinion.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      in Elections

      Vivek Ramaswamy, the Wealthy Republican Who Thinks Trump Didn’t Go Far Enough

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      Vivek Ramaswamy, the Republican wunderkind running for his party’s presidential nomination, would like potential supporters to know he believes in the rule of law and the Constitution’s separation of powers — though his applications of such principles can seem selective.After intense study of the Constitution, Mr. Ramaswamy says he believes that the awesome powers of the presidency would allow him to abolish the Education Department “on Day 1,” part of an assault on the “administrative state” that his 2024 rival, Donald J. Trump, fell short on during Days 1 through 1,461 of his presidency. Never mind that the Constitution confers the power of the purse on Congress, and a subsequent law makes it illegal for the president not to spend that money.Mr. Ramaswamy also wants to eradicate teachers’ unions, though he concedes that they are governed by contracts with state and local governments.And he says he would unleash the military to stamp out the scourge of fentanyl coming across the Southern border, unworried by the Posse Comitatus Act of 1878, which prohibits the use of the military for civil law enforcement.In short, Mr. Ramaswamy, a lavishly wealthy 37-year-old entrepreneur and author pitching himself as a new face of intellectual conservatism, is promising to go farther down the road of ruling by fiat than Mr. Trump would or could.Mr. Ramaswamy has already lent his well-appointed campaign more than $10 million, and he has said he will spend over $100 million if necessary. John Tully for The New York Times“I respect what Donald Trump did, I do, with the America First agenda, but I think he went as far as he was going to go,” Mr. Ramaswamy told a crowd of about 100 on Tuesday night at Murphy’s Tap Room in Bedford, N.H. “I’m in this race to take the America First agenda far further than Donald Trump ever did.”Mr. Ramaswamy, a Cincinnati-born son of Indian immigrants, would seem to be the longest of long shots: He has never held elective office and has vanishingly low name recognition. But he is playing to sizable crowds and exudes a confidence that can be infectious. He has already lent his well-appointed campaign more than $10 million and has said he will spend over $100 million if necessary. Recent polling, both nationally and in New Hampshire, shows him on the rise in the Republican field, though at no more than 5 percent.His overt shots at Gov. Ron DeSantis of Florida, whom he labels a visionless “implementer” without the courage to venture into the hostile territories of college campuses or NBC News, are intended to clear what he sees as an eventual showdown with Mr. Trump. His brashest criticism of the former president is over Mr. Trump’s suggestion that he might skip primary debates, depriving Mr. Ramaswamy of the stage he says he needs to catch his rival.Mr. Ramaswamy sees a simple path to the White House: score respectably in the Iowa caucuses, win New Hampshire, vault to the nomination — and then triumph in a landslide that would exceed Ronald Reagan’s victory over Jimmy Carter in 1980.“Even as a freshman, he had a similar voice, confident, articulate, very sure of himself,” said Anson Frericks, a high school friend of Mr. Ramaswamy’s and a business partner at the asset management firm they founded to give investors financial options untethered to socially conscious corporations. “Confidence builds with success. It’s a virtuous cycle.”And though his promises may be legally problematic, they sound correct to many Republicans — or at least authoritative. Mr. Ramaswamy at Linda’s Breakfast Place in Seabrook, N.H., on Thursday. Recent polling, both nationally and in New Hampshire, shows him on the rise in the Republican field, though at no more than 5 percent.John Tully for The New York Times“He seems like he knows what he’s talking about,” said Bob Willis, a self-described “Ultra-MAGA Trump person” who was waiting for Mr. Ramaswamy to arrive on Wednesday in Keene, N.H.Confidence is Mr. Ramaswamy’s gift. His father, an engineer and a patent lawyer at General Electric, is, the candidate says, far more liberal than his son. His mother is a physician. He attributes his strict vegetarianism to his Indian roots. A piano teacher began Mr. Ramaswamy’s political journey with long asides on the evils of government and the wrongs of Hillary Clinton. At Harvard, he majored in biology and developed a brash libertarianism complete with a political rapper alter ego, “Da Vek.”Between graduation and Yale Law School, he worked in finance, investing in pharmaceutical and biotech companies. Before getting his law degree, he was already worth around $15 million, he said in an interview, during which he worried about wealth inequality.“I think it fuels a social hierarchy in our country that rejects the premise that we’re all coequal citizens,” he said.Mr. Ramaswamy, a Cincinnati-born son of Indian immigrants, has never held elective office and has low name recognition.John Tully for The New York TimesIndeed, Mr. Ramaswamy’s promises have an overarching theme that the nation — especially his generation and younger — has lost its spiritual center, creating what the mathematician Blaise Pascal called “a God-shaped vacuum in the heart.” That hole is being filled, Mr. Ramaswamy says, by “secular cults” — racial “wokeism,” sexual and gender fluidity, and the “climate cult” — which can be “diluted to oblivion” only with the rediscovery of the American ideals of patriotism, meritocracy and sacrifice. Mr. Ramaswamy can say things that stretch credulity or undermine his seriousness. He boasts on the campaign trail of his recent star turn jousting with Don Lemon just before Mr. Lemon was fired by CNN. But his statement in that exchange that Black Americans did not secure their civil rights until they secured their right to bear arms made little historical sense, since the civil rights movement was predicated on nonviolence. Indeed, the arming of the Black Panthers led to a deadly government crackdown.Mr. Ramaswamy accepts the established science that the burning of fossil fuels is warming the planet, but his answer is to “drill, frack, burn coal” and use more fossil fuels. That will supposedly unleash economic growth that will pay for mitigation efforts to shield everyone from climate change.He also says he is the first presidential candidate to promise to end race-based affirmative action, ignoring that this was the centerpiece of Ben Carson’s presidential run in 2016. Mr. Ramaswamy would end affirmative action by executive order, he says.He would not spend another dollar on aid to Ukraine but would use military force to “annihilate” Mexican drug cartels.Gregg Dumont, wearing a T-shirt picturing Mr. Trump in jail as a political prisoner, said Mr. Ramaswamy had his vote over the man on his shirt. John Tully for The New York TimesOn Wednesday night in Windham, N.H., Mr. Ramaswamy suggested he would name Robert F. Kennedy Jr., the Democratic vaccine skeptic challenging President Biden, as his running mate. On Tuesday in Bedford, he was asked by a woman with a Black son-in-law and a mixed-race grandson to clarify the meaning of “anti-woke.”Mr. Ramaswamy — the author of “Woke Inc.: Inside Corporate America’s Social Justice Scam” — answered, “I’ve never used that word to actually describe myself,” as aides handed out stickers reading: “Stop Wokeism. Vote Vivek.”All of this can be somewhat mystifying to prominent people who worked with him. Mr. Ramaswamy’s real fortune comes from the pharmaceutical investment and drug development firm Roivant Sciences, founded after the entrepreneur had a “brilliant” idea, said Donald M. Berwick, a former administrator of the Centers for Medicare and Medicaid Services under President Barack Obama.Pharmaceutical giants often abandon research efforts after concluding that even if they are successful, the medicinal product might not be profitable. Roivant would then pick up such ventures and bring them to market. Roivant’s advisory board eventually included Tom Daschle, the former Democratic senator and Senate majority leader; Dr. Berwick; and Kathleen Sebelius, a health and human services secretary in the Obama administration.Part of the appeal, Mr. Daschle said, was Mr. Ramaswamy’s commitment to bringing prescription drugs to market at affordable prices.“I just assumed that because he was so interested in doing as much as he was to lower costs, social responsibility and corporate responsibility was part of his thinking,” Mr. Daschle said.Then, after George Floyd’s murder in 2020, Mr. Ramaswamy began publicly castigating corporations for speaking out on social issues like Black Lives Matter, voting rights and “E.S.G.” — environmental, social and governance investing. Opinion columns in The Wall Street Journal were followed by appearances on Tucker Carlson’s now-canceled Fox News show.“I was rather shocked,” said Dr. Berwick, who resigned from Roivant on Jan. 12, 2021. Within days, Mr. Daschle and Ms. Sebelius quit. Mr. Ramaswamy soon followed, to write three books, help start the asset management company with Mr. Frericks and run for president.Mr. Ramaswamy says he would not spend another dollar on aid to Ukraine but would use military force to “annihilate” Mexican drug cartels.John Tully for The New York TimesAt this very early stage of the campaign, Mr. Ramaswamy is open about the limits of his appeal. Evangelical Christians who dominate the Republican caucuses in Iowa will need to be brought along to his Hindu faith. His “war with Mexico” may go over well in South Carolina, but faces resistance among more libertarian voters in New Hampshire, he said.And New Hampshire cynics don’t quite know how seriously to take him. Victoria Gulla, 50, of Spofford, N.H., questioned whether he was part of a back-room deal with Mr. Trump to help take out Mr. DeSantis in exchange for a position in the next Trump administration, in the way she thinks Chris Christie, the former New Jersey governor, helped take down Senator Marco Rubio in New Hampshire in 2016.In a statement on Friday afternoon, Mr. Trump fueled that kind of speculation, saying he was “pleased to see that Vivek Ramaswamy is doing so well” in a recent poll and “seems to be on his way to catching Ron DeSanctimonious.”A hundred million dollars in self-funding could keep Mr. Ramaswamy in the race for a long time, and some voters were clearly persuaded by Mr. Ramaswamy’s nearly messianic appeal for a spiritual and social renewal.Gregg Dumont, 45, of Manchester, broke into tears in Windham as he praised the candidate for daring to save his children from moral decay and what he called the “racism” of identity politics.Mr. Dumont, wearing a T-shirt picturing Mr. Trump in jail as a political prisoner, said Mr. Ramaswamy had his vote over the man on his shirt: “All the policies with an upgrade, and none of the personality,” he said. “I’m sick of the narcissism.” More

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      in Elections

      DeSantis’s Efforts to Make Education in Florida Less ‘Woke’

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      More from our inbox:‘The Carnage Must Be Stopped’Trump, Still FormidableThe Danger of Anti-Boycott BillsLiving Without Plastic Marta Lavandier/Associated PressTo the Editor:Re “Under Pressure, Board Revises A.P. African American Course” (front page, Feb. 2):It is, of course, sadly ironic that your article about the stripped-down African American course curriculum ran online on the first day of Black History Month.Either Gov. Ron DeSantis genuinely believes that critical thinking, a foundational understanding of how the United States came to be, and the reading of books that deepen kids’ sympathy for other kids will actually mess kids up, or he’s just pandering to the masses.Whether the governor likes it or not, our country’s history, like that of all empires, isn’t wholly pretty. Is it upsetting to learn that the land you live on was taken brutally from its original occupants and that the house you live in was bought with a loan that was denied to another person because of the color of his skin? I would hope so.But the purpose of teaching kids their country’s history isn’t to make them feel bad about themselves personally. If a kid, any kid, comes away from a classroom feeling lousy about themselves, that’s just poor teaching. They should, though, understand that not everyone has had those advantages, be grateful for their good fortune and work to make sure everyone else’s path is equally opportune.Teachers have a tough enough time helping children become empathetic and engaged citizens with the skills and knowledge necessary to thrive in the global community without becoming shuttlecocks in a soulless game of political and cultural badminton.Kevin BarrBethesda, Md.The writer was an English teacher and administrator for over 40 years at Georgetown Day School in Washington.To the Editor:I’m a current high school junior who has taken a number of Advanced Placement courses. The College Board is absolutely spineless for bending to demands from the likes of Gov. Ron DeSantis. As much as he — or anyone else for that matter — might not like the Black Lives Matter movement, there is no way to neglect it in a course that studies the contemporary history and culture of African American people.And, of course, being presented with information doesn’t mean that it will be “indoctrination.”The blatant erasure of Black, queer and feminist scholars from the course is egregious. Nobody deserves to have their experience or perspective left out.At the center of this debate is the student’s right to learn, and I believe that the student’s right to learn trumps all. History isn’t meant to be watered down.Charles YaleOmahaTo the Editor:Gov. Ron DeSantis revealed one of the reasons for his rejection of the A.P. Black history course. “This course on Black history,” he said during a press conference. “What’s one of the lessons about? Queer theory. Now, who would say that an important part of Black history is queer theory?”Who would say that? How about the lesbian poet Audre Lorde? The author James Baldwin? The trans activist Marsha P. Johnson? Barbara Jordan, Bayard Rustin, Alvin Ailey and countless others?These layers of disenfranchisement have a detrimental effect on health equity, justice and more.Donna L. TapelliniLambertville, N.J.‘The Carnage Must Be Stopped’ Pool photo by Andrew NellesTo the Editor:As a Black man and a retired police officer, I have been crying quite a bit lately. Crying from a deep sense of outrage, grief, shame and fear.Outrage, because yet another unarmed Black man has been brutally killed by police officers. In communities of color throughout the United States, police use of deadly force and acts of misconduct and abuse have seemingly grown to epidemic proportions. People of color may now feel victimized by the very people who are supposed to protect them, worrying that they will become one of the ever-growing statistics.Grief, because of the pain that I know Tyre Nichols’s family and friends must now be going through.Shame, because the officers who killed Tyre looked exactly like me. They swore the same oaths that I did to protect and serve the community. They debased and dishonored the badge that they carried.But most of all, fear, because I worry that my grandsons, great-grandsons and sons-in-law may one day become victims of this insanity. I can only pray that they will remember the things I have taught them about how to survive a police encounter, and that they are able to live to fight another day.I know in my heart that Tyre Nichols will not be the last death of a Black man at the hands of police this year.There must be change. There must be accountability. The carnage must be stopped.Charles P. WilsonBeltsville, Md.The writer is webmaster and immediate past chairman of the National Association of Black Law Enforcement Officers.Trump, Still Formidable Eva Marie Uzcategui/Agence France-Presse — Getty ImagesTo the Editor:Re “Trump in ’24? G.O.P. Leaders Aren’t So Sure” (front page, Jan. 27):Lately there have been many reports of Donald Trump’s imminent political demise, but despite the predictions he remains a dangerous opponent and a formidable campaigner.His power has always come not from politicians but from ordinary people who see him as a bigger, more successful version of themselves. However inarticulate he sounds to the rest of us, the message his base hears is always clear.Many of his handpicked candidates lost in 2022 because of their own failings; his appeal to the MAGA base appears undimmed.He is a fighter, with the constitution and mentality of an alligator, striking back ferociously when attacked. He has no regard for the truth, but he has realized that millions of voters don’t either.Certainly none of the sorry bunch of Republicans mentioned in your article have anything like his power on the campaign trail.Tim ShawCambridge, Mass.The Danger of Anti-Boycott Bills Robert NeubeckerTo the Editor:Re “Politicians Push Back on Having E.S.G. Funds,” by Ron Lieber (“Your Money,” Jan. 30):The fight between red states and the asset manager BlackRock is a symptom of a much larger danger facing American democracy today: the attempt by state legislators to take away the right to boycott as a tool for social and political change.The first anti-boycott bill introduced in 2015 to punish Americans boycotting Israel has since been passed in 28 other states. Starting in 2021, Republicans used it as a template to punish companies engaged in environmental, social and governance investing in several states, leading to the current face-off with BlackRock in Texas.Bills introduced earlier this year in South Carolina, Iowa and Missouri follow the same template as the original anti-boycott law punishing boycotts of Israel, but expand the target to punish state contractors that may be engaged in boycotts of companies that do not offer reproductive health care or gender-affirming care and companies that do not meet workplace diversity criteria.From civil rights leaders to farm workers and anti-apartheid activists, Americans have relied on boycotts throughout the country’s history. We are currently at a crossroads where such a crucial tool may no longer be available for future generations.Julia BachaNew YorkThe writer is a filmmaker and director of “Boycott.”Living Without PlasticMust avoid: All of these items, which are part of the reporter’s everyday life, contain plastic.Photographs by Jonah Rosenberg for The New York TimesTo the Editor:Re “Plastic Surgery: No Phone, No Credit Cards, No Bed” (Sunday Styles, Jan. 15):I enjoyed reading your report about living without plastic for 24 hours after taking out my home-delivered Times from its plastic wrapper.David ElsilaGrosse Pointe Park, Mich. More

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      in Elections

      What Exxon Knew, but Concealed, About Climate Change

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      More from our inbox:The U.S. Embassy in IsraelPaying Off Our DebtsWhy Use Real Guns on Movie Sets?Election Deniers Wasting Taxpayer FundsDarren Woods, ExxonMobil’s C.E.O., appeared before the House Oversight Committee via video link in 2021.Jacquelyn Martin/Associated PressTo the Editor:Re “Exxon Scientists Saw Global Warming, as Oil Giant Cast Doubt, Study Says” (Business, Jan. 13):Exxon knew that its fuels would contribute to overheating the planet, yet it chose to deceive the public. It’s the very definition of fraud. Fossil fuel interests and their political allies are carrying out a fraud on humanity. They enjoy massive profits while their products are causing disease, death and disruption around the world.More than eight million people die annually from fossil fuel pollution. Societies are burdened by billions of dollars in damages from climate-fueled heat waves, wildfires, droughts, floods and sea rise.How can we hold them accountable? Many cities and states have filed lawsuits against fossil fuel companies seeking damages.We citizens can demand congressional action to end fossil fuel subsidies, enact carbon pricing to make the polluters pay, subsidize clean energy, speed electrification, reform the permitting process for renewable energy, and sequester carbon through healthier forests and better agricultural practices.Robert TaylorSanta Barbara, Calif.To the Editor:The revelation that Exxon scientists in the 1970s correctly projected the long-term climate impacts of burning fossil fuels, while publicly claiming ignorance, is both unsurprising and infuriating. Rising profits beat rising sea levels every time.Communities on the front lines of the climate crisis have long felt the environmental, economic and health consequences of burning oil, gas and coal. It stands to reason that scientists employed by big polluters would reach the same conclusions.When lead paint and tobacco companies were found to have known the negative health effects of their products, but spent decades concealing them, a public reckoning — with significant monetary damages — followed. It is long past time for the fossil fuel industry to face the same kind of accountability.Zellnor Y. MyrieBrooklynThe writer is a New York State senator for the 20th District.To the Editor:It is indeed unfortunate that Exxon was not forthcoming about its studies and its scientifically accurate projections of global warming. We can use this information to vilify Exxon Mobil, and certainly it deserves criticism, or we can use the information to acknowledge that a great deal of untapped expertise resides in the private energy industry that can be harnessed to address climate change.It would be highly productive if the federal government worked with energy corporations, where so much energy expertise resides, helping them make the socially beneficial decisions that are required to move toward nonpolluting and climate-friendly sources of energy.The government could help fund research and provide economic assistance to construct new infrastructure, which would ease the monetary challenges in transitions.Make the oil and energy industry part of the solution, as opposed to the problem.Ken LefkowitzMedford, N.J.The writer is a former employee of PECO Energy, an electric and gas utility.To the Editor:Thank you for this article, but this is not news. We have known for some time that the oil companies have been deliberately misrepresenting the facts regarding global warming, when they knew better.The Union of Concerned Scientists published “The Climate Deception Dossiers” in 2015. This document is a compilation of evidence that the oil companies knew what greenhouse gases would do to the Earth.In addition, the magazine Scientific American published an article in 2015 that stated that Exxon knew about global warming in 1977.Joseph MilsteinBrookline, Mass.The U.S. Embassy in IsraelThe lot in Jerusalem that is a candidate for a new U.S. embassy.Ofir Berman for The New York TimesTo the Editor:Re “Don’t Build the Jerusalem Embassy Here,” by Rashid Khalidi (Opinion guest essay, Jan. 17):Dr. Khalidi’s view of international law, history and politics demands a response.When the British withdrew from Palestine in 1948, the Jewish organizations had embraced the 1947 U.N. General Assembly resolution recommending partition into predominantly Jewish and Arab states. Arabs rejected the recommendation and attacked. If there was a “nakba” (catastrophe), it was of their making.Second, Israel did not wake up one day and decide to march into East Jerusalem, the West Bank, the Gaza Strip and the Golan Heights. Egypt, Syria and Jordan engaged in armed aggression in 1967 with the stated objective of pushing the Jews into the sea. Israel exercised its inherent right of self-defense under the U.N. Charter.There is not an international right of return law. That argument is an excuse for destroying Israel as a Jewish state.Moving the U.S. embassy to Jerusalem recognized the location of Israel’s capital and sent an important signal to those who advocate the destruction of Israel. Real peace between Israel and the Palestinians will happen when both sides recognize a need to compromise.Nicholas RostowNew YorkThe writer is a former legal adviser to the National Security Council and general counsel and senior policy adviser to the U.S. ambassador to the United Nations.Paying Off Our DebtsThe Treasury Department is using so-called extraordinary measures to allow the federal government to keep paying its bills.Kenny Holston/The New York TimesTo the Editor:Re “U.S. Hits Debt Cap, Heightening Risk of Economic Pain” (front page, Jan. 20):If the debt limit is not raised, then the U.S. will be unable to make payments to some of its creditors, employees and entitlement programs that it is legally obligated to make.How nifty! My wife and I have a mortgage and a car loan. We have decided that our personal debt level is too high. So, we plan to send our bank a letter today saying that we will no longer make our mortgage or car payments.On second thought, scratch that. I know what our bank would say. And it would be right.If we need to reduce our debt as a nation, then — like my wife and me — let’s do it by reducing future spending commitments, not by failing to make current payments that we have already legally committed ourselves to make.Craig DuncanIthaca, N.Y.Why Use Real Guns on Movie Sets?Alec Baldwin on set of the film “Rust” in near Santa Fe, N.M., after the death of the cinematographer Halyna Hutchins in October 2021.Agence France-Presse, via Santa Fe County Sheriff’s OfficeTo the Editor:Re “Baldwin to Face Pair of Charges in Movie Death” (front page, Jan. 20):Why do actors need to use real guns? They use fake props for everything else!If we can send people to the moon and create self-driving cars, you would think that we could create realistic-looking guns, instead of real ones, that actors could use in movies and theaters.If they had done that on the set of “Rust,” the western that Alec Baldwin was filming, no one would have died. It’s a simple solution to prevent anything like this from happening again.Ellen EttingerNew YorkElection Deniers Wasting Taxpayer FundsA ballot cast for former President Donald J. Trump that was part of the county’s recount.Kriston Jae Bethel for The New York TimesTo the Editor:Re “Despite Recount of 2020 Ballots, County’s Deniers Cling to Doubts” (front page, Jan. 16):Sensible taxpayers have the right to ask why their tax funds and the time of civil servants are spent on a request for an additional recount or audit of a verified and certified vote absent any evidence of fraud or irregularity.Where no reasonable probable cause exists for any such recount or audit, then any re-examination should be completely at the expense and time of the party that initiated it, especially when these beliefs are conjured up by conspiratorial fantasies or motivated by bad faith.Government officials and civil servants need to be free to focus on the needs of all, and not just the aims of a divisive and selfish minority.Jim CochranDallas More

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      Before He Takes On ‘Woke Capitalism,’ Ron DeSantis Should Read His Karl Marx

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      With their new majority, House Republicans are planning to take on “woke capitalism.”“Republicans and their longtime corporate allies are going through a messy breakup as companies’ equality and climate goals run headlong into a G.O.P. movement exploiting social and cultural issues to fire up conservatives,” Bloomberg reports. “Most directly in the G.O.P. cross hairs is the U.S. Chamber of Commerce, which is under pressure from the likely House Speaker Kevin McCarthy to replace its leadership after the nation’s biggest business lobby backed some Democratic candidates.”I wrote last year about this notion of “woke capitalism” and the degree to which I think this “conflict” is little more than a performance meant to sell an illusion of serious disagreement between owners of capital and the Republican Party. As I wrote then, “the entire Republican Party is united in support of an anti-labor politics that puts ordinary workers at the mercy of capital.” Republicans don’t have a problem with corporate speech or corporate prerogatives as a matter of principle; they have a problem with them as a matter of narrow partisan politics.That the governor of Florida, Ron DeSantis, railed this week against the “raw exercise of monopolistic power” by Apple, for example, has much more to do with the cultural politics of Twitter and its new owner, Elon Musk, than any real interest in the power of government to regulate markets and curb abuse. (In fact, DeSantis argued in his book, “Dreams From Our Founding Fathers,” that the Constitution was designed to “prevent the redistribution of wealth through the political process” and stop any popular effort to “undermine the rights of property.”)Nonetheless, there is something of substance behind this facade of conflict. It is true that the largest players in the corporate world, compelled to seek profit by the competitive pressures of the market, have mostly ceased catering to the particular tastes and preferences of the more conservative and reactionary parts of the American public. To borrow from and paraphrase the basketball legend Michael Jordan: Queer families buy shoes, too.Republicans have discovered, to their apparent chagrin, that their total devotion to the interests of concentrated, corporate capital does not buy them support for a cultural agenda that sometimes cuts against those very same interests.Here it’s worth noting, as the sociologist Melinda Cooper has argued, that what we’re seeing in this cultural dispute is something of a conflict between two different segments of capital. What’s at stake in the “growing militancy” of the right wing of the Republican Party, Cooper writes, “is less an alliance of the small against the big than it is an insurrection of one form of capitalism against another: the private, unincorporated, and family-based versus the corporate, publicly traded, and shareholder-owned.” It is the patriarchal and dynastic capitalism of Donald Trump against the more impersonal and managerial capitalism of, for example, Mitt Romney.To the extent that cultural reactionaries within the Republican Party have been caught unaware by the friction between their interests and those of the more powerful part of the capitalist class, they would do well to take a lesson from one of the boogeymen of conservative rhetoric and ideology: Karl Marx.Throughout his work, Marx emphasized the revolutionary character of capitalism in its relation to existing social arrangements. It annihilates the “old social organization” that fetters and keeps down “the new forces and new passions” that spring up in the “bosom of society.” It decomposes the old society from “top to bottom.” It “drives beyond national barriers and prejudices” as well as “all traditional, confined, complacent, encrusted satisfactions of present needs, and reproduction of old ways of life.”Or, as Marx observed in one of his most famous passages, the “bourgeois epoch” is distinguished by the “uninterrupted disturbance of all social conditions.” Under capitalism, “All that is solid melts into air, all that is holy is profaned, and man is at least compelled to face with sober senses his real conditions of life, and his relations with his kind.”In context, Marx is writing about precapitalist social and economic arrangements, like feudalism. But I think you can understand this dynamic as a general tendency under capitalism as well. The interests and demands of capital are sometimes in sync with traditional hierarchies. There are even two competing impulses within the larger system: a drive to dissolve and erode the barriers between wage earners until they form a single, undifferentiated mass and a drive to preserve and reinforce those same barriers to divide workers and stymie the development of class consciousness on their part.But that’s a subject for another day and a different column.For now, I’ll simply say that the problem of “woke capitalism” for social and political conservatives is the problem of capitalism for anyone who hopes to preserve anything in the face of the ceaseless drive of capital to dominate the entire society.You could restrain the power of capital by strengthening the power of labor to act for itself, in its own interests. But as conservatives are well aware, the prerogatives of workers can also undermine received hierarchies and traditional social arrangements. The working class, after all, is not just one thing, and what it seeks to preserve — its autonomy, its independence, its own ways of living — does not often jibe with the interests of reactionaries.Conservatives, if their policy priorities are any indication, want to both unleash the free market and reserve a space for hierarchy and domination. But this will not happen on its own. The state must be brought to bear, not to restrain capital per se but to make it as subordinate as possible to the political right’s preferred social agenda. Play within those restraints, goes the bargain, and you can do whatever you want. Put differently, the right doesn’t have a problem with capitalism; it has a problem with who appears to be in charge of it.There is even a clear strategy at work. If you can stamp out alternative ways of being, if you can weaken labor to the point of desperation, then perhaps you can force people back into traditional families and traditional households. But no matter how hard you try, you cannot stop the dynamic movement of society. It will churn and churn and churn, until eventually the dam breaks.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      Why Wall Street Loves Gridlock in Washington

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      Stocks tend to rally after midterm elections, historical data shows. They perform even better when voters deliver divided government.“Midterm elections are one of the best historic buy signals.”Brendan Mcdermid/ReutersDivided we rise? It’s become a favorite data point among sell-side Wall Street historians: In the year after every midterm election since 1950, the S&P 500 has gone up, regardless of the party in power.“It’s no exaggeration to say that midterm elections are one of the best historic buy signals for equities we have,” Jim Reid, a markets strategist at Deutsche Bank, wrote in a client note this morning.Even better: Stocks tend to outperform when there’s a divided government. According to LPL Financial, since 1950, the S&P 500 has outperformed (on a 52-week basis) whenever voters produce the power scenario of a split or Republican-controlled Congress and a Democratic president. (The benchmark S&P has climbed 17.5 percent in those years versus an overall average annual return of 12.3 percent.) That combination is looking more likely this morning, with the polls suggesting that the Republicans will most likely take control of the House, while the Senate is a tossup.As always, past performance is no indicator for future gains (or losses). Still, it’s worth examining how politics and investor psychology have tended to influence the markets after midterm elections over the past eight decades.There are two central reasons markets rally after the midterms. First, say the LPL markets strategists Barry Gilbert and Jeffrey Buchbinder, “uncertainty associated with the election is behind us, and markets don’t like uncertainty.” More crucially, investors view the midterms as “something of a course correction from presidential elections.” If the opposing party gains ground, it’s more likely businesses and investors will see greater “prospects of a better policy balance ahead, regardless of who is in the Oval Office.”One result: ambitious tax and government spending increases would be off the table, a scenario that could buoy corporate profits, according to Brian Gardner, the chief Washington policy strategist at Stifel, an investment bank and wealth management firm. A potential drawback? It could open the door to a debt-ceiling standoff, higher odds of a government shutdown and partisan paralysis when it comes to trying to get stuff done — i.e., a fiscal spending plan to lift the country out of a looming recession.The way-too-early winners and losers view: The energy and defense sectors would do well, Gardner says. Big Pharma could also benefit, if Republicans succeed in rolling back Medicare’s ability to negotiate on prescription drug prices, a key pillar of the Inflation Reduction Act. A potential loser is Big Tech, which has critics in both parties.HERE’S WHAT’S HAPPENING Donald Trump drops a hint about 2024. The former president stole the spotlight at a rally in Ohio, telling supporters in a speech for J.D. Vance, the Republican Senate candidate, that he would make “a very big announcement on Nov. 15 at Mar-a-Lago.” The comments fueled speculation that he was gearing up for another White House run.FTT, the digital coin tied to the leading crypto exchange FTX, plunges. The token has lost nearly a quarter of its value in the past day. It is also raising fears about more instability in crypto land, causing drops in Bitcoin, Ether and Solana. Alameda Research, the hedge fund operated by the crypto mogul Sam Bankman-Fried, has big holdings in FTT and Solana.The State of the 2022 Midterm ElectionsElection Day is Tuesday, Nov. 8.Final Landscape: As candidates make their closing arguments, Democrats are bracing for potential losses even in traditionally blue corners of the country as Republicans predict a red wave.The Battle for Congress: With so many races on edge, a range of outcomes is still possible. Nate Cohn, The Times’s chief political analyst, breaks down four possible scenarios.Voting Worries: Even as voting goes smoothly, fear and suspicion hang over the process, exposing the toll former President Donald J. Trump’s falsehoods have taken on American democracy.Nvidia starts selling a China-only chip. The U.S. chip-maker is reportedly selling an alternative to a high-end chip banned from sale in China under new American export restrictions. Meanwhile, Apple’s warning that it would not be able to produce enough iPhones for the holiday season because of Covid-19 lockdowns in China highlights how enmeshed the tech giant is there, even as many of its Western peers are shut out.The owners of Liverpool F.C. put the soccer club up for sale. Goldman Sachs and Morgan Stanley have been hired to sell the franchise, one of the most popular worldwide. The club could sell for far more than the $3 billion that Chelsea fetched this year; Forbes values Liverpool at nearly $4.5 billion.Elizabeth Holmes is denied a new trial. A federal judge that the Theranos founder’s arguments for a new one didn’t introduce any new evidence. Holmes is set to be sentenced on Nov. 18 on four counts of criminal fraud.Activists at COP27 in Egypt.Sean Gallup/Getty ImagesMoney matters dominate COP One of the big questions to emerge so far from COP27: Who is paying for efforts to combat global warming, and is it fair? Here’s what’s happening at the gathering in Sharm el Sheikh, Egypt:The Switzerland plan — pay poorer countries to reduce their carbon emissions, then claim credits toward its own carbon footprint — is drawing scrutiny.Egypt may be hosting a conference dedicated to reducing carbon emissions, but it’s eager to sell fossil fuels to Europe to raise money for its debt-ridden economy.Climate activists are protesting Coke’s sponsorship of COP27, pointing to its increasing use of plastics.A new study by Oxfam said that the world’s 125 wealthiest individuals collectively produce 393 million tons in annual carbon emissions — or 3 million tons each on average.Musk, and the power of one Is Elon Musk’s frenetic management style, which is often punctuated by a daily tweet barrage (including a now-deleted one engaging with a quote from a white nationalist), a sign of genius, or an indication that he’s in over his head? Yesterday, the prominent venture capitalist Chris Sacca, an early Twitter investor, spoke on the matter.“One of the biggest risks of wealth/power is no longer having anyone around you who can push back, give candid feedback, suggest alternatives, or just simply let you know you’re wrong,” he wrote.Musk’s management of Twitter has been chaotic. He pushed for a huge round of layoffs, only to ask some of those workers to return. He delayed the rollout of Twitter’s subscription product amid internal pushback. Advertisers have paused their spending. While Musk says Twitter usage is at a record high, others point to potentially troubling data. And just yesterday, he publicly urged independent voters to back Republican candidates in today’s midterm elections.Others are seizing on the moment: The news publisher Axios has promoted its newsletters to potential advertisers as a “well-lit alternative to Twitter,” according to an email to ad buyers obtained by DealBook.Many of his supporters remain in his corner. The investor Ron Baron, an early Tesla investor, told CNBC that the opportunities at Twitter were “gigantic.” Meanwhile, Musk allies in charge at Twitter include his personal lawyer and a crowd nicknamed “Elon’s goons.” Sacca was unimpressed: “I’ve recently watched those around him become increasingly sycophantic and opportunistic.”Sacca sees a corollary in Travis Kalanick, Uber’s co-founder. In 2017, Kalanick resigned from the ride-hailing company after shareholders revolted over a toxic workplace culture. Other tech founders have been similarly humbled: Musk was fired from PayPal in 2000.To be clear, Sacca isn’t calling for Musk to leave Twitter. “I really want this thing to work,” he tweeted. “The only way I see that happening is if anyone around Elon can speak some truth to power and complement his bold and ambitious instincts with desperately needed nuance.”In fashion, green clashes with antitrustFashion brands are under pressure to go green. But an effort by some big houses to collaborate on sustainability initiatives has put them in the cross hairs of antitrust authorities, with European regulators claiming that some attempts may have resembled collusion, write The Times’s Lizzie Paton and Jenny Gross, and DealBook’s Ephrat Livni.The coronavirus pandemic inspired fashion to rethink its practices. During lockdowns, a group of clothing executives and designers spoke on Zoom about limiting waste, and went on to publish ambitious statements in 2020 on making the industry more environmentally friendly. But those declarations set off alarm bells in Brussels: E.U. antitrust regulators raided unnamed fashion houses in May, stating that the targets may have violated rules against price fixing and created a cartel. (People at several of the companies confirmed they had been contacted. The brands declined to comment, and the E.U. has not publicly identified them.)Many sustainability policies would end up raising prices and reducing quantity, said Hill Wellford, a former antitrust official at the Justice Department now at the law firm Vinson & Elkins. “Multiple client consortiums have called me about making agreements for environmental purposes,” he said, “and I have to say to them, ‘Those are dangerous to do.’”The clash between sustainability and competition policy is hot political fodder. “Congress will increasingly use its oversight powers to scrutinize the institutionalized antitrust violations being committed in the name of E.S.G.,” Senator Tom Cotton, Republican of Arkansas, and others wrote in a Nov. 3 letter to 51 major law firms advising clients on environmental practices. With Republicans likely to win back at least one chamber in the midterm elections, conservative lawmakers are gearing up for more of these kinds of fights.“Inside counsel at major companies who really want to be sustainability leaders see antitrust as their biggest hurdle,” Amelia Miazad, an expert in sustainable capitalism and the founder of the Business in Society Institute at Berkeley Law, told The Times. “Companies cannot continue to produce products for consumers in the future unless they’re able to collaborate.”THE SPEED READ DealsThe actor Matthew McConaughey reportedly may join a potential bid by Jeff Bezos and Jay-Z for the N.F.L.’s Washington Commanders. (N.Y. Post)Investment losses at Tiger Global’s flagship hedge fund have grown to nearly 55 percent as the firm’s bets on tech companies and on China suffered. (FT)Foxconn will invest $170 million in the electric truck maker Lordstown Motors. (WSJ)SoftBank’s C.E.O., Masayoshi Son, reportedly plans to put an end to his memorably unusual earnings presentations. (WSJ)PolicyThe Justice Department seized Bitcoin once valued at nearly $3.4 billion from a man who pleaded guilty to stealing from the Silk Road online black-market bazaar. (WSJ)Oil companies have called Britain “fiscally unstable” as its government weighs a windfall tax on the industry. (FT)The Supreme Court’s conservative justices signaled that they were open to further limiting the power of federal regulators like the S.E.C. (NYT)Best of the restJohn Tyson, the C.F.O. of the meat processor Tyson Foods, was arrested after he reportedly became intoxicated and fell asleep in the wrong house. (CNBC)British companies have an “appalling” shortfall of women in executive positions, according to new research. (FT)Inside the messy split — Rolexes and handbags held as hostages and more — of Rome’s soccer legend and his estranged wife. (NYT)John Foley, Peloton’s co-founder and former C.E.O., has found his next act: selling custom rugs directly to consumers. (Insider)Evelyn de Rothschild, who helped unite branches of his family’s banking dynasty and advised the British government and Queen Elizabeth II, has died. He was 91. (Bloomberg)Thanks for reading! We’ll see you tomorrow.We’d like your feedback. Please email thoughts and suggestions to dealbook@nytimes.com. More