Closing on May 29, when this scandal would otherwise be long forgotten, is a big mistake. But the response to these things has to be understood not so much as a business decision by the firm as a whole, as the product of internal competition for power within the firm. The result will be more influence, and an established, hard-to-get-rid-of institutional fiefdom, for the woke warriors. That’s what it’s really all about.
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