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Billionaire Carl Icahn Calls Out Wall Street ESG ‘Hypocrisy’ in McDonald’s Fight

  • Billionaire investor says ‘ESG status quo’ needs to change
  • Icahn is proposing two directors to serve on McDonald’s board
Carl Icahn

Carl Icahn

Photographer: Victor J. Blue/Bloomberg

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Billionaire activist investor Carl Icahn said Wall Street’s ESG efforts may be the “biggest hypocrisy of our time” with firms cashing in on the investing strategy without concern for actual societal impacts.

The world’s largest money managers, their bankers and lawyers “seem to be engaged in a cover-up to downplay their ESG-related economic incentives and promote their purported social impact,” Icahn said Thursday in a letter to McDonald’s Corp. shareholders. “Clearly, the ESG status quo on Wall Street needs to change.”