Army tanks rolling through the streets sent a message that the country’s transition to democracy was incomplete, and at risk of collapse. Protesters carried placards printed with the face of Victor Jara, a folk singer murdered in the early days of the Pinochet regime, drawing a direct connection between the modern protests and the tanks that brought General Pinochet to power.

Just a year after the protests exploded, Chileans voted to scrap the constitution drafted during the Pinochet years and replace it with a new one.

In Colombia, the violence against protesters, and the heavy militarization of the streets in cities like Bogotá, has likewise sent a message that the country’s democratic project is not just unfinished, but is perhaps in jeopardy.

The 2016 peace agreement was supposed to end the armed conflict between the government and the FARC. But the actions of the state security forces over the past two weeks have many questioning whether peacetime democracy ever began at all.

“I think that the story of this country is about the armed conflict,” said Erika Rodríguez Gómez, 30, a lawyer and feminist activist from Bogotá. “We signed a peace agreement in 2016. And maybe at that moment we felt like, OK, we are going to move on.”

“But actually we have all of the military forces on the streets. And we have these attacks against us, the civil society,” she said. “So we think now that actually, they were never gone.”

It is too soon to say whether the protests will lead to lasting change. The attacks on protesters have made state violence visible to more people, said Dr. González, the Harvard researcher, but she believes that they are still considering it through the lens of “their usual scripts about understanding society, and understanding the police, and understanding everything. So it hasn’t quite come to the point of people converging.”

But Leydy Diossa-Jimenez, a Colombian researcher and Ph.D. candidate in sociology at the University of California, Los Angeles, said that she sees this moment as a turning point for change across generations. “Gen Z, they are now rethinking their country, and thinking about what has been left by prior generations,” she said in an interview. “They are saying ‘No, this is not what we want.’ ”

“And I think for the first time now, the older generations in Colombia are allying with that idea, that this is not the country we want,” she said.

“I don’t know if the politicians are up to the challenge, and up to the historical moment,” she added. “I just hope they are.”

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The History of Banks and Social Movements

Wilkins also stressed the economic risk of holding debt like Mississippi’s. The racial subordination of nearly half the state’s population constituted “an endless economic dead weight which is bound to reduce the fiscal attractiveness of the state’s securities quite apart from the moral issue,” he wrote. Wilkins implied that, by excluding Black Mississippians from economic opportunities, the state would have to devote greater expenditures toward welfare, policing and other areas that might otherwise be used to promote economic growth that would safeguard bondholders’ investments.

Behind these statements was a strategy to shift large capital holders that played key roles in the municipal bond market, nudging investment and commercial banks, pension funds and insurers to assist a campaign that sought to cut off capital investment from the Jim Crow South.

Thus, before Donald Barnes, an executive vice president of Childs Securities, wrote a letter in 1965 to Gov. George Wallace questioning Alabama’s creditworthiness, civil rights activists sought to harness the power of finance in aid of the movement. Childs Securities’ decision to boycott Alabama came after the Rev. Dr. Martin Luther King Jr.’s call to boycott the state, and after dockworkers along the West Coast refused to handle Alabama-made products.

The lessons are twofold. First, it took social movements to push banks to divest from the South. Business was not the central agent of change in the fight for racial, economic and social justice, but in some cases it was an effective tool.

The second lesson is that businesses that joined the cause worked against industry peers, such as the analyst at Moody’s who said in 1965 that it was “not sympathetic with the civil rights movement.” The financiers at Childs Securities decided to stand with the N.A.A.C.P. and against Alabama, but also against their syndicate partners, many of whom did not agree with what one Boston banker called the “ill-conceived and immature” decision to publicly declare and act on their opposition to Alabama’s actions. Childs Securities battled on multiple fronts, including within a sector that put profits ahead of social issues.

These efforts have threads in common with contemporary social movements. In April, more than 140 racial justice leaders published an open letter that asked large asset managers to use their shareholder voting power to advance racial equity, including by opposing all-white boards and supporting more visibility into corporate political spending.

“You share unique power to shape corporate behavior and to change the business-as-usual practices that uphold white supremacy at the foundation of our economy,” they wrote.

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More Companies Are Standing Up for Civil Rights

Andrew here. Yesterday’s guilty verdict against George Floyd’s murderer, a former Minneapolis police officer, was a symbol of something profound: a demonstrable shift in the way this country, increasingly supported by business, has strived for civil rights.

As we ponder the meaning of this decision, it is worth recalling a moment in 1965, in the middle of that era’s civil rights movement.

A Wall Street bond firm, C.F. Securities, told Alabama that it would “no longer buy or sell bonds issued by the state or any of its political subdivisions.” Gov. George C. Wallace, who objected to desegregation, had said the state shouldn’t pay for the National Guard to protect Martin Luther King Jr. and protesters in the Selma-to-Montgomery march.

The investment firm’s executive vice president, Donald E. Barnes, wrote to the governor that his failure “to protect the citizens of Alabama in their exercise of constitutional rights” amounted to “discouragements to Alabama’s economic future.” He insisted that the move was based on economic risk, but the letter made clear it was about more than that.

paid time off on Juneteenth; the N.B.A. emblazoned the words “Black Lives Matter” on courts; Netflix steered its cash into local banks that serve Black communities; Wall Street banks announced programs worth billions to support Black communities; and just last week, in perhaps the greatest demonstration of the new responsibility business is feeling, 700 companies and executives signed a letter opposing laws that make it harder for people to vote.

“The murder of George Floyd last Memorial Day felt like a turning point for our country. The solidarity and stand against racism since then have been unlike anything I’ve experienced,” Brian Cornell, the C.E.O. of Target, wrote in a note to employees of the Minneapolis-based retailer yesterday. “Like outraged people everywhere, I had an overwhelming hope that today’s verdict would provide real accountability. Anything short of that would have shaken my faith that our country had truly turned a corner.”

You know what? Justice is good for business.

The European Super League has collapsed. Plans to create a closed competition of top soccer clubs fell apart yesterday when six English teams withdrew, bowing to outrage from fans and threats by lawmakers. Shortly after, an official at the Super League said the project had been suspended, ending an effort to upend soccer’s multibillion-dollar economics.

outweigh a small risk of blood clots, but wants a warning added. U.S. regulators will decide whether to end a pause on the vaccine in the coming days.

Goldman Sachs releases worker diversity data. The Wall Street bank disclosed for the first time how many of its senior U.S. executives are Black: 49 out of more than 1,500. Banks agreed last year to publish more information about their work forces; Morgan Stanley has an even smaller share of Black executives than Goldman.

Apple’s new products raise competition concerns. The tech giant unveiled new iPads and iMacs, and a revamped podcast app. But its new AirTags, which attach to items to help find them, was criticized by the C.E.O. of Tile, which makes a similar product. Apple also said it would roll out new iOS privacy features — criticized by Facebook and other app makers — next week.

Lina Khan’s nomination to the Federal Trade Commission is one of the clearest signs of progressive influence in the Biden administration. A Columbia University scholar who worked on a major congressional report about Big Tech and antitrust last year, Ms. Khan is a star in the constellation of competition law experts known as “antimonopolists.” Her confirmation hearing with the Senate Commerce Committee is today.

power of internet giants, which could win her some conservative support. Having a “strong” perspective probably isn’t an obstacle to confirmation, Mr. Hoffman said.

  • “Antimonopoly is more than antitrust,” Ms. Khan wrote in 2018. It shifts away from a “consumer” take on mergers managed by antitrust agencies to a broader approach using “policy levers” across the government and keeps workers, voters, the environment and more in mind.

Big Tech will be a likely focus at the hearing. But this would be a “disservice” to Ms. Khan, according to Mr. Hoffman. “At the F.T.C., a lot of the agenda is reactive,” he said. Companies file merger paperwork and regulators respond, whatever the industry. Ms. Khan has a broad perspective on competition law, Mr. Hoffman said, and today would be “a fair time” to ask what “objective standards” she’d apply.


— Ari Emanuel, the outspoken C.E.O. of the entertainment conglomerate Endeavor, speaking in a New Yorker profile about returning an investment from Saudi Arabia after the killing of Jamal Khashoggi. Separately, Endeavor disclosed yesterday that it hopes to be valued at more than $10 billion in an I.P.O.


Canadian National Railway yesterday offered to buy Kansas City Southern for $33.7 billion, topping a $29 billion bid last month by its rival Canadian Pacific. They’re jockeying over the chance to create the first railroad connecting major ports from Canada to Mexico. The bidding war reflects bullishness about an industry poised for growth if a post-pandemic boom ushers in this generation’s “Roaring Twenties.”

antitrust concerns made the counterbid “illusory and inferior.” Kansas City Southern said it would evaluate the new bid in accordance with its agreement with its original suitor.

mixed reception from freight shippers, who suffered in the last round of consolidation. And we haven’t yet heard from Senator Amy Klobuchar, who heads the antitrust subcommittee and represents key industrial interests in Minnesota.


The public listing of Coinbase, the largest crypto exchange in the U.S., generated a wave of excitement that competitors aim to ride. Among them is Binance.US, the third-ranked domestic crypto exchange, which yesterday named Brian Brooks — formerly Coinbase’s chief counsel and most recently acting U.S. comptroller of the currency — as C.E.O., beginning in May. “There’s a lot of buzz about my former employer, which is well-deserved,” Mr. Brooks told DealBook about Coinbase. “But it’s in everybody’s best interest if there’s more competition.”

Mr. Brooks’ first task is building trust with regulators. He says “managing reputation” is his biggest concern. Binance has shifted its operations throughout Asia since it was founded in 2017, and some say it played fast and loose with rules. The C.F.T.C. was reportedly investigating the company for allowing U.S.-based customers to trade crypto derivatives, which is banned (the agency declined to comment). Mr. Brooks insists he did “a lot” of due diligence on his new employer and dismisses “loose talk” about the exchange flouting regulations.

Binance.US sees potential to lead in undeveloped areas of the American crypto landscape, like derivatives and lending. Mr. Brooks said the company can learn from competitors like Coinbase and Kraken — and challenge them. That is, if he can convince regulators to bless its efforts to bring crypto into the financial mainstream, a preoccupation of players across the industry.


Yesterday, JPMorgan Chase’s co-heads of investment banking, Jim Casey and Viswas Raghavan, announced policies aimed at improving working conditions amid record deal volume and banker burnout. The company has attempted similar things before. DealBook spoke with Mr. Casey about the latest plan — and whether this one will stick.

JPMorgan has recently hired 65 analysts and 22 associates, and plans to add another 100 junior bankers and support staff, Mr. Casey said. It’s targeting bankers at rival firms, as well as lawyers and accountants interested in a career switch.

similar efforts to protect junior bankers’ hours in 2016, but “it wasn’t stringently enforced,” Mr. Casey said. Why not? “Laziness.” This time, junior bankers’ hours and feedback will figure in senior manager performance evaluation and compensation.

“It’s not a money problem,” Mr. Casey said, so there won’t be one-time checks or free Pelotons after a rush. Junior bankers will get their share of the record $3 billion in fees JPMorgan earned in the first quarter.

Some things won’t change. Because banking is a client-service job, managers sometimes have limited control over workloads and hours. “You might do 100 deals a year, but that client only does one deal every three years,” Mr. Casey said.

How the bank will measure success: “Ask me what our turnover ratio has gone to and I will tell you,” Mr. Casey said. The goal, he said, is “lower.”

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Georgia Faith Leaders Urge Boycott of Home Depot Over Voting Law

A major coalition of Black faith leaders in Georgia, representing more than 1,000 churches in the state, called on Tuesday for a boycott of Home Depot, arguing that the company had abdicated its responsibility as a good corporate citizen by not pushing back on the state’s new voting law.

The call for a boycott, led by Bishop Reginald T. Jackson, who oversees all 534 African Methodist Episcopal churches in Georgia, represents one of the first major steps to put significant economic pressure on businesses to be more vocal in opposing Republican efforts in Georgia and around the country to enact new restrictions on voting.

“We don’t believe this is simply a political matter,” Bishop Jackson said in an interview. “This is a matter that deals with securing the future of this democracy, and the greatest right in this democracy is the right to vote.”

Home Depot, Mr. Jackson said, “demonstrated an indifference, a lack of response to the call, not only from clergy, but a call from other groups to speak out in opposition to this legislation.”

Coca-Cola and Delta have spoken out against the state’s new voting law, Home Depot has not, offering only a statement this month that “the most appropriate approach for us to take is to continue to underscore our belief that all elections should be accessible, fair and secure.”

While not publicly wading into the fray, one of the company’s founders, Arthur Blank, said in a call with other business executives this month that he supported voting rights. Another founder, Ken Langone, is a vocal supporter of former President Donald J. Trump.

Mr. Jackson said that the faith leaders were calling for four specific actions from Home Depot: speaking out against the Georgia voting law, publicly opposing similar bills in other states, offering support for the John Lewis Voting Rights Act in Congress, and backing litigation against the Georgia law.

Not all voting rights groups are on board with a boycott.

“I can’t fully support a boycott within Georgia,” said Aunna Dennis, the executive director of the Georgia chapter of Common Cause. “The boycott hurts the working-class person. But corporations do need to be held accountable on where they put their dollars.”

Faith leaders acknowledged concerns from state leaders, both Democratic and Republican, about the impact of boycotts, but felt the stakes were high enough.

“It is unfortunate for those who will be impacted by this, but how many more million will be impacted if they don’t have the right to vote?” said Jamal H. Bryant, the senior pastor of the New Birth Missionary Baptist Church in Lithonia, Ga.

“And so in weighing it out, we understand, tongue in cheek, that this is a necessary evil,” Dr. Bryant said. “But it has to happen in order for the good to happen.”

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